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Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the Dynamic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Dividend Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in abrdn Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these and other discounts is available from your financial advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and in the “Reduction and Waiver of Class A and Class A1 Sales Charges” and “Broker-Defined Sales Charge Waiver </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Policies” sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">112 and 152</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s prospectus, respectively, and in the “Additional Information on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Purchases and Sales — Waiver of Class A and Class A1 Sales Charges” and “Reduction of Sales Charges” sections on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">104 and 105</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s Statement of Additional Information, respectively. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>You may pay other fees, such as </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in abrdn Funds. 50000 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:75%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shareholder Fees (fees paid directly from your investment)</b></span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Class A</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Institutional</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Class </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Sales Charge (Load) imposed upon purchases (as a percentage of offering price)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">less)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽¹⁾</span> </div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Small Account Fee</span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽²⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> </tr> </table></div> Shareholder Fees (fees paid directly from your investment) 0.0575 0 0.01 0 20 20 <div> <table cellpadding="0" 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:75%"></td> <td style="height:1px;width:13.000000000000002%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="3" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.41</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.41</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.66</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.41</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.15</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.15</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.51</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.26</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.01 0.01 0.0025 0 0.0041 0.0041 0.0166 0.0141 0.0015 0.0015 0.0151 0.0126 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid.</span> February 28, 2027 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">This Example is intended to help you compare the cost of investing in the Dynamic Dividend Fund with the cost of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">investing in other funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. It assumes a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:54%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$720</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,055</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,412</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,416</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class Shares</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$128</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$431</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$757</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,678</span></div> </td> </tr> </table></div> 720 1055 1412 2416 128 431 757 1678 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Dynamic Dividend Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">36</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div> 0.36 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As a non-fundamental policy, under normal circumstances, the Dynamic Dividend Fund invests at least 80% of its net </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets in the equity securities of certain domestic and foreign corporations that pay dividend income. Net assets include </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the amounts of any borrowings for investment purposes. Corporations that pay dividend income may also include </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies that have announced a special dividend or announced that they will pay dividends within six months. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities in which the Fund invests primarily common stocks, but the Fund may also invest in other equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, including, but not limited to, preferred stock and depositary receipts. The Fund aims to invest in securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies that it believes are undervalued relative to the market and to the securities’ historical valuations. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may invest in companies of any market capitalization. The Fund may invest in securities of any market sector and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">hold a significant amount of securities of companies, from time to time, within a single sector. The Fund currently </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">anticipates that it will have significant exposure to the information technology sector.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest without limitation in the securities of foreign issuers that are publicly traded in the United States or on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign exchanges, provided that no more than 25% of its net assets are invested in emerging markets. An emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market country is any country included in the MSCI Emerging Markets Index, or determined by the Adviser or Sub-adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to have similar emerging market characteristics.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, the Fund seeks high current dividend income, more than 50% of which qualifies for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduced U.S. federal income tax rates for “qualified dividend income” created by the Jobs and Growth Tax Relief </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Reconciliation Act of 2003 and is defined in the Internal Revenue Code of 1986, as amended, as dividends received during </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the taxable year from domestic and qualified foreign corporations. A qualified foreign corporation is defined as any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">corporation that is incorporated in a possession of the United States or is eligible for the benefits of a comprehensive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">income tax treaty with the United States.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In the event that the Adviser determines that a particular company’s dividends qualify for favorable U.S. federal tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">treatment, the Adviser intends to invest in the equity securities of the company prior to the ex-dividend date (i.e. the date </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">when shareholders no longer are eligible for dividends) and intends to hold the security for at least 61 days during a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">121-day period which begins on the date that is 60 days before the ex-dividend date to enable Fund shareholders to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">take advantage of the reduced U.S. federal tax rates. During this period, the Fund will not hedge its risk of loss with respect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to these securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In order to achieve its dividend, the Fund may participate in a number of dividend capture strategies. These strategies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may include the Fund engaging in active and frequent trading which may result in higher turnover and associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transaction costs for the Fund. There is the potential for market loss on the shares that are held for a short period, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">although the Adviser seeks to use these strategies to generate additional income with limited impact on the construction </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the core portfolio.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In managing the assets of the Fund, the Adviser generally pursues a value-oriented approach. The Adviser seeks to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">identify investment opportunities in equity securities of dividend paying companies, including companies that it believes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are undervalued relative to the market and to the securities’ historic valuations. Factors that the Adviser considers include </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fundamental factors such as earnings growth, cash flow, and historical payment of dividends.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser considers and evaluates ESG factors as part of the investment analysis process for long-term investments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser considers the most material potential ESG risks and opportunities impacting issuers, alongside other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">non-ESG factors. The relevance of ESG factors to the investment process varies across issuers and strategies. For </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instance, ESG factors may not be considered for securities that the Adviser intends to hold solely as part of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dividend recapture strategy. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. When ESG factors are considered, ESG information is just </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">one investment consideration and ESG considerations generally are not solely determinative in any investment decision </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">made by the Adviser.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s investment strategies may result in a portfolio turnover rate in excess of 100% on an annual basis.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Issuer Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of a security may decline for reasons directly related to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stock or other security of a company may not perform as well as expected, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decrease in value, because of factors related to the company (such as poorer than expected earnings or certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management decisions), to the industry in which the company is engaged (such as a reduction in the demand for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or general and prolonged periods of economic decline).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund is subject to the risk that the Adviser or Sub-adviser may make poor security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">selections. The Adviser or Sub-adviser and their portfolio managers apply their own investment techniques and risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the desired results for the Fund. In addition, the Adviser or the Sub-adviser may select securities that underperform the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant market or other funds with similar investment objectives and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Dividend Strategy Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future or that, if dividends are declared, they will remain at their current levels or increase over time. The Fund’s emphasis </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on dividend paying stocks could cause the Fund to underperform similar funds that invest without consideration of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company’s track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">participate in a broad market advance to the same degree as other stocks, and a sharp rise in interest rates or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">downturn could cause a company to unexpectedly reduce or eliminate its dividend.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign countries in which the Fund may invest may have markets that are less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region, economic, political, regulatory or other conditions affecting such country or region may have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater impact on Fund performance relative to a more geographically diversified fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Exposure Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unsuccessful.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Qualified Dividend Tax Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Favorable U.S. federal tax treatment of Fund distributions may be adversely affected, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changed or repealed by future changes in tax laws.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Portfolio Turnover Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund may engage in active and frequent trading of portfolio securities to achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment objective. High portfolio turnover may result in greater transaction costs which may reduce Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance. The sale of Fund portfolio securities may also result in greater realization and/or distribution to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shareholders of gains or losses as compared to a fund with less active trading, which may include short-term gains </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable at ordinary income tax rates.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Emerging markets are countries generally considered to be relatively less developed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industrialized, and investments in emerging markets countries are subject to a magnification of the risks that apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investments. These risks are greater for securities of companies in emerging market countries because the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries may have less stable governments, more volatile currencies and less established markets (see “Foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Securities Risk” above).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect the Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG  factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Mid-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of medium-sized companies tend to be more volatile and less liquid than securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund has a significant portion of its assets invested in securities of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conducting business in a broadly related group of industries within an economic sector, the Fund may be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Information Technology Sector Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the information technology sector represents a significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portion of the Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">factors impacting this sector. Information technology companies face intense competition, both domestically and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">internationally, which may have an adverse effect on their profit margins. Like other technology companies, information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology companies may have limited product lines, markets, financial resources or personnel. The products of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information technology companies may face obsolescence due to rapid technological developments, frequent new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss or impairment of these rights may adversely affect the profitability of these companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of smaller companies are usually less stable in price and less liquid than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. Therefore, they generally involve greater risk. Small-cap companies may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited product lines or markets, be less financially secure than larger companies, or depend on a small number of key </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">personnel. If adverse developments occur, such as due to management changes or product failure, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in a small-cap company may lose substantial value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span> Performance <div><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below can help you evaluate potential risks of the Dynamic Dividend Fund.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">bar chart shows </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">how the Fund’s annual total returns for Institutional Class shares have varied from year to year. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">table following the bar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">chart compares the Fund’s performance over time with those of a broad measure of market performance. The table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">compares the Fund’s average annual total returns to the returns of the MSCI All Country World Index (Net TR)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;vertical-align:top;;-sec-ix-redline:true;">*</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">broad-based securities index. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Remember, however, that past performance (before and after taxes) is not necessarily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indicative of how the Fund will perform in the future.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> For updated performance information, please visit </span><span style="-sec-ix-redline:true;"></span><a href="DUMMY_2253_0_1"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">866-667-9231</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns presented for the Fund for periods prior to May 7, 2018 reflect the performance of a Predecessor Fund (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“Predecessor Fund”), which was a registered investment company. The Fund adopted the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Predecessor Fund as the result of a reorganization that occurred as of the close of business on May 4, 2018, in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The Fund and the Predecessor Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have substantially similar investment objectives and strategies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">abrdn Inc. and abrdn Investments Limited began advising and sub-advising, respectively, the Fund immediately following </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the closing of the reorganization. Performance prior to this date reflects the performance of an unaffiliated investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adviser.</span></div><div></div> The bar chart and table below can help you evaluate potential risks of the Dynamic Dividend Fund. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds 866-667-9231 Annual Total Returns – Institutional Class Shares(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2253img002.jpg"/></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">19.11%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2nd quarter 2020</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-23.77%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1st quarter 2020</span></div> Highest Return: 19.11% - 2nd quarter 2020 0.1911 2020-06-30 Lowest Return: -23.77% - 1st quarter 2020 -0.2377 2020-03-31 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are shown in the following table for Institutional Class shares only and will vary for other classes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Your actual after-tax return depends on your personal tax situation and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span></div> After-tax returns are shown in the following table for Institutional Class shares only and will vary for other classes. After–tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.02</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.67</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.99</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">14.57</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.16</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.88</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">13.54</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.22</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.71</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – After Taxes on Distributions and Sales of Shares</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">9.35</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.78</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.13</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">MSCI All Country World Index (Net TR)</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects no deductions for fees or </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">expenses)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">22.34</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">11.19</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">11.72</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> 0.0802 0.0567 0.0799 0.1457 0.0716 0.0888 0.1354 0.0522 0.0671 0.0935 0.0478 0.0613 (reflects no deductions for fees or expenses) 0.2234 0.1119 0.1172 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn Emerging Markets ex-China Fund (the “Emerging Markets ex-China Fund” or the “Fund”) seeks long-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capital growth.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the Emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Markets ex-China Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in abrdn Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these and other discounts is available from your financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">advisor and in the “Reduction and Waiver of Class A and Class A1 Sales Charges” and “Broker-Defined Sales Charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Waiver Policies” sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">112 and 152</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s prospectus, respectively, and in the “Additional Information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on Purchases and Sales — Waiver of Class A and Class A1 Sales Charges” and “Reduction of Sales Charges” sections on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">104 and 105</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s Statement of Additional Information, respectively. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>You may pay other fees, such as </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in abrdn Funds. 50000 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:51%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Shareholder Fees (fees paid directly from your investment)</b></span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>Class A</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>Class R</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>Institutional</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Class </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>Institutional</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Service </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Class</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Shares</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Maximum Sales Charge (Load) imposed upon purchases (as a </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">percentage of offering price)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Maximum Deferred Sales Charge (Load) (as a percentage of </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">offering or sale price, whichever is less)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span> </div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Small Account Fee</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$20</span></div> </td> </tr> </table></div> Shareholder Fees (fees paid directly from your investment) 0.0575 0 0 0 0.01 0 0 0 20 0 20 20 <div> <table cellpadding="0" 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:51%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="5" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.50</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.60</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.68</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.58</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.54</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.60</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.93</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.33</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.29</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽⁴⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.33</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.33</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.43</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.33</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽⁵⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.27</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.60</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.90</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.96</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0.0075 0.0025 0.005 0 0 0.006 0.0068 0.0058 0.0054 0.016 0.0193 0.0133 0.0129 0.0033 0.0033 0.0043 0.0033 0.0127 0.016 0.009 0.0096 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid.</span> February 28, 2027 The Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements do not correlate to the Fund’s Ratio of Expenses to Average Net Assets included in the Fund’s Financial Highlights in the Fund’s prospectus as they have been restated to reflect the current expense limitation agreement effective February 28, 2025. Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">This Example is intended to help you compare the cost of investing in the Emerging Markets ex-China Fund with the cost </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">of investing in other funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund for the time periods indicated and then sell all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. It assumes a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:54%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$697</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,021</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,366</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,340</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class R Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$163</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$574</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,011</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,227</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$92</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$379</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$688</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,564</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Service Class Shares</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$98</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$376</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$676</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,528</span></div> </td> </tr> </table></div> 697 1021 1366 2340 163 574 1011 2227 92 379 688 1564 98 376 676 1528 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Emerging Markets ex-China Fund pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">turnover rate was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">27</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div> 0.27 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Emerging Markets ex-China Fund will invest primarily in common stocks, but may also invest in other types of equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, including, but not limited to, preferred stock and depositary receipts. As a non-fundamental policy, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purposes, in equity securities of emerging market (excluding China) companies. A company is considered to be an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">emerging market company if Fund management determines that the company meets one or more of the following </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">criteria:</span></div><div> <table cellspacing="0" style="padding-top:6pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company is organized under the laws of an emerging market country (excluding China);</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal office in, or management is located in, an emerging market country (excluding China); </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal securities trading market in an emerging market country (excluding China).</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An emerging market (excluding China) country is any country included in the MSCI Emerging Markets ex-China Index, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">determined by the Adviser or abrdn Investments Limited (the “Sub-adviser”) to have similar emerging market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics. At times, the Fund may have a significant amount of its assets invested in a country or geographic region. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund currently anticipates that it will invest a significant amount of its assets in securities economically tied to India </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and Taiwan. The Fund may invest in securities denominated in U.S. Dollars and currencies of emerging market countries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in which it is permitted to invest. The Fund typically has full currency exposure to those markets in which it invests.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in equity securities of companies of any market capitalization, including small- and mid-cap </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in securities of any market sector and may hold a significant amount of securities of companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from time to time, within a single sector. The Fund currently anticipates that it will have significant exposure to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information technology and financials sectors.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In seeking to achieve the Fund’s investment objective, the Adviser and Sub-adviser invest in quality companies and are an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">active, engaged owners. The Adviser and Sub-adviser evaluate every company against quality criteria and build </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conviction using a team-based approach and peer review process. The quality assessment covers five key factors: 1) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">durability of the business model, 2) the attractiveness of the industry, 3) the strength of financials, 4) the capability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management, and 5) the most material environmental, social and governance (“ESG”) factors impacting a company. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considered and, as a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">high ESG ratings. As ESG information is just one investment consideration, ESG considerations generally are not solely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">determinative in any investment decision made by the Adviser and Sub-adviser. Through fundamental research, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">supported by a global research presence, the Adviser and Sub-adviser seek to identify companies whose quality and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future prospects are not yet fully recognized by the market.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Issuer Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of a security may decline for reasons directly related to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stock or other security of a company may not perform as well as expected, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decrease in value, because of factors related to the company (such as poorer than expected earnings or certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management decisions), to the industry in which the company is engaged (such as a reduction in the demand for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or general and prolonged periods of economic decline).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund is subject to the risk that the Adviser or Sub-adviser may make poor security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">selections. The Adviser or Sub-adviser and their portfolio managers apply their own investment techniques and risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the desired results for the Fund. In addition, the Adviser or the Sub-adviser may select securities that underperform the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant market or other funds with similar investment objectives and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Emerging markets are countries generally considered to be relatively less developed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industrialized, and investments in emerging markets countries are subject to a magnification of the risks that apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investments. These risks are greater for securities of companies in emerging market countries because the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries may have less stable governments, more volatile currencies and less established markets (see “Foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Securities Risk” below).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>India Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The value of the Fund’s assets may be adversely affected by political, economic, social and religious </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">factors, changes in Indian law or regulations and the status of India’s relations with other countries. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy of India may differ favorably or unfavorably from the U.S. economy in such respects as the rate of growth of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">gross domestic product, the rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">position. The Indian government has exercised and continues to exercise significant influence over many aspects of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, and the number of public sector enterprises in India is substantial. Accordingly, Indian government actions in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the future could have a significant effect on the Indian economy, which could affect private sector companies and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund, market conditions, and prices and yields of securities in the Fund’s portfolio.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Taiwan Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Including risks associated with investing in emerging markets, the Fund’s investment in or exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Taiwan is also subject to risks associated with, among other things, currency fluctuations, commodity shortages, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">effects on the economy and securities markets of Taiwan. In addition, investments in Taiwan could be adversely affected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by political and economic relationship with China.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Exposure Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unsuccessful.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect the Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG  factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign countries in which the Fund may invest may have markets that are less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region, economic, political, regulatory or other conditions affecting such country or region may have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater impact on Fund performance relative to a more geographically diversified fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Mid-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of medium-sized companies tend to be more volatile and less liquid than securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund has a significant portion of its assets invested in securities of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conducting business in a broadly related group of industries within an economic sector, the Fund may be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Information Technology Sector Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the information technology sector represents a significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portion of the Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">factors impacting this sector. Information technology companies face intense competition, both domestically and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">internationally, which may have an adverse effect on their profit margins. Like other technology companies, information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology companies may have limited product lines, markets, financial resources or personnel. The products of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information technology companies may face obsolescence due to rapid technological developments, frequent new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss or impairment of these rights may adversely affect the profitability of these companies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Financials Sector Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. To the extent that the financials sector represents a significant portion of the Fund’s portfolio, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Performance of companies in the financials sector may be adversely impacted by many factors, including, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decreased liquidity in credit markets as well as cyber-attacks.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of smaller companies are usually less stable in price and less liquid than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. Therefore, they generally involve greater risk. Small-cap companies may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited product lines or markets, be less financially secure than larger companies, or depend on a small number of key </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">personnel. If adverse developments occur, such as due to management changes or product failure, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in a small-cap company may lose substantial value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span> Performance <div><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below can help you evaluate potential risks of the Emerging Markets ex-China Fund.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The bar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">chart shows how the Fund’s annual total returns for Class A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have varied from year to year. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns in the bar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">chart do not reflect the impact of sales charges, if any. If the applicable sales charges were included, the annual total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns would be lower than those shown.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The table following the bar chart compares the Fund’s performance over time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with those of a broad measure of market performance. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Unlike the bar chart, the returns in the table reflect the maximum </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">applicable sales charges.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The table compares the Fund’s average annual total returns to the returns of the MSCI </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Emerging Markets ex-China Index (Net TR)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;vertical-align:top;;-sec-ix-redline:true;">*</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, a broad-based securities index. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Remember, however, that past </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> For updated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance information, please visit </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">866-667-9231</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund changed its investment strategy effective February 28, 2022 from a global equity strategy to an emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets ex-China strategy. In connection with the change in investment strategy, the Fund changed its name from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Aberdeen Global Equity Fund to abrdn Emerging Markets ex-China Fund. Performance information for periods prior to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">February 28, 2022 does not reflect the Fund’s current investment strategy.</span></div><div></div> The bar chart and table below can help you evaluate potential risks of the Emerging Markets ex-China Fund. The returns in the bar chart do not reflect the impact of sales charges, if any. If the applicable sales charges were included, the annual total returns would be lower than those shown. Unlike the bar chart, the returns in the table reflect the maximum applicable sales charges. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds 866-667-9231 Annual Total Returns – Class A Shares(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2253img003.jpg"/></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">17.54%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2nd quarter 2020</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-20.39%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1st quarter 2020</span></div> Highest Return: 17.54% - 2nd quarter 2020 0.1754 2020-06-30 Lowest Return: -20.39% - 1st quarter 2020 -0.2039 2020-03-31 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">After-tax returns are shown in the following table for Class A shares only and will vary for other classes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">After–tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Your actual after-tax return depends on your personal tax situation and may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span></div> After-tax returns are shown in the following table for Class A shares only and will vary for other classes. After–tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">26.72</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.24</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">9.05</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">26.22</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.39</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.49</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – After Taxes on Distributions and Sales of Shares</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">16.28</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.24</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.90</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class R shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">33.96</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.13</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">9.31</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">34.87</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.90</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">10.06</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Service Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">34.81</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.79</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">9.99</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">MSCI Emerging Markets ex-China Index (Net TR)</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">(reflects no deduction for fees </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or expenses)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">34.61</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">9.90</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> 0.2672 0.0724 0.0905 0.2622 0.0539 0.0749 0.1628 0.0524 0.069 0.3396 0.0813 0.0931 0.3487 0.089 0.1006 0.3481 0.0879 0.0999 (reflects no deduction for fees or expenses) 0.3461 0.0825 0.099 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn Emerging Markets Fund (the “Emerging Markets Fund” or the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the Emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Markets Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in abrdn Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these and other discounts is available from your financial advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and in the “Reduction and Waiver of Class A and Class A1 Sales Charges” and “Broker-Defined Sales Charge Waiver </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Policies” sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">112 and 152</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s prospectus, respectively, and in the “Additional Information on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Purchases and Sales — Waiver of Class A and Class A1 Sales Charges” and “Reduction of Sales Charges” sections on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">104 and 105</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s Statement of Additional Information, respectively. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>You may pay other fees, such as </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in abrdn Funds. 50000 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:39%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shareholder Fees (fees paid directly from your investment)</b></span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Class A </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Class C </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Class R </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Institutional</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Class </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Institutional</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Service </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Class</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Sales Charge (Load) imposed upon </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Deferred Sales Charge (Load) (as a </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of offering or sale price, whichever is </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">less)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽¹⁾</span> </div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽²⁾</span> </div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Small Account Fee</span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽³⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> </tr> </table></div> Shareholder Fees (fees paid directly from your investment) 0.0575 0 0 0 0 0.01 0.01 0 0 0 20 20 0 20 20 <div> <table cellpadding="0" 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:39%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="6" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.90</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.90</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.90</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.90</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.90</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.50</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.28</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.37</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.43</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.30</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.40</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.43</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.27</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.83</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.20</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.30</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽⁴⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.05</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.17</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.05</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.10</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.05</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Limitations/Expense Reimbursements</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.38</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.10</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.78</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.10</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.009 0.009 0.009 0.009 0.009 0.0025 0.01 0.005 0 0 0.0028 0.0037 0.0043 0.003 0.004 0.0143 0.0227 0.0183 0.012 0.013 0.0005 0.0017 0.0005 0.001 0.0005 0.0138 0.021 0.0178 0.011 0.0125 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid.</span> February 28, 2027 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">This Example is intended to help you compare the cost of investing in the Emerging Markets Fund with the cost of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">investing in other funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund for the time periods indicated and then sell all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. It assumes a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:54%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$707</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$997</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,307</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,186</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class C Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$313</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$693</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,200</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,592</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class R Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$181</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$571</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$986</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,144</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$112</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$371</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$650</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,446</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Service Class Shares</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$127</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$407</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$708</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,563</span></div> </td> </tr> </table></div> 707 997 1307 2186 313 693 1200 2592 181 571 986 2144 112 371 650 1446 127 407 708 1563 You would pay the following expenses on the same investment if you did not sell your shares: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:54%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class C Shares</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$213</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$693</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,200</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,592</span></div> </td> </tr> </table></div> 213 693 1200 2592 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Emerging Markets Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">35</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div> 0.35 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Emerging Markets Fund will invest primarily in common stocks, but may also invest in other types of equity securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including, but not limited to, preferred stock and depositary receipts. As a non-fundamental policy, under normal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities of emerging market companies. A company is considered to be an emerging market company if Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management determines that the company meets one or more of the following criteria:</span></div><div> <table cellspacing="0" style="padding-top:6pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company is organized under the laws of an emerging market country;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal office in, or management is located in, an emerging market country; and/or</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal securities trading market in an emerging market country.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An emerging market country is any country included in the MSCI Emerging Markets Index, or determined by the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or Sub-adviser to have similar emerging market characteristics. At times, the Fund may have a significant amount of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets invested in a country or geographic region. The Fund currently anticipates that it will invest a significant amount of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its assets in securities economically tied to Mainland China, including through the Shanghai-Hong Kong and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shenzhen-Hong Kong Stock Connect program or by any other available means</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">, and Taiwan</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The Fund may invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities denominated in U.S. Dollars and currencies of emerging market countries in which it is permitted to invest. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund typically has full currency exposure to those markets in which it invests.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in equity securities of companies of any market capitalization, including small</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and mid-cap </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in securities of any market sector and may hold a significant amount of securities of companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from time to time, within a single sector. The Fund currently anticipates that it will have significant exposure to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financials and information technology sectors.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In seeking to achieve the Fund’s investment objective, the Adviser and Sub-advisers invest in quality companies and are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">an active, engaged owners. The Adviser and Sub-advisers evaluate every company against quality criteria and build </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conviction using a team-based approach and peer review process. The quality assessment covers five key factors: 1) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">durability of the business model, 2) the attractiveness of the industry, 3) the strength of financials, 4) the capability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management, and 5) the most material environmental, social and governance (“ESG”) factors impacting a company. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considered and, as a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">high ESG ratings. As ESG information is just one investment consideration, ESG considerations generally are not solely </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">determinative in any investment decision made by the Adviser and Sub-advisers. Through fundamental research, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">supported by a global research presence, the Adviser and Sub-advisers seek to identify companies whose quality and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future prospects are not yet fully recognized by the market.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Issuer Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of a security may decline for reasons directly related to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stock or other security of a company may not perform as well as expected, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decrease in value, because of factors related to the company (such as poorer than expected earnings or certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management decisions), to the industry in which the company is engaged (such as a reduction in the demand for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or general and prolonged periods of economic decline).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund is subject to the risk that the Adviser or Sub-advisers may make poor security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">selections. The Adviser or Sub-advisers and their portfolio managers apply their own investment techniques and risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the desired results for the Fund. In addition, the Adviser or the Sub-advisers may select securities that underperform the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant market or other funds with similar investment objectives and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Emerging markets are countries generally considered to be relatively less developed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industrialized, and investments in emerging markets countries are subject to a magnification of the risks that apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investments. These risks are greater for securities of companies in emerging market countries because the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries may have less stable governments, more volatile currencies and less established markets (see “Foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Securities Risk” below).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>China Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Significant exposure to China and Hong Kong securities subjects the Fund to additional risks, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">make it significantly more volatile than more geographically diverse mutual funds. Additional risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in China and Hong Kong include exposure to currency fluctuations, less liquidity, expropriation, confiscatory </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limitations on repatriation and differing legal standards. Any spread of an infectious illness, public health threat or similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and generally have a significant impact on the Chinese economy, which in turn could adversely affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investing in China A shares through Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Connect involves various considerations and risks, including, but not limited to, illiquidity risk; currency risk; greater price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatility; legal and regulatory uncertainty risk; execution risk; operational risk; tax risk; credit risk; and economic, social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and political instability of the stock market in the People’s Republic of China.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;-sec-ix-redline:true;"><i>Taiwan Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> Including risks associated with investing in emerging markets, the Fund’s investment in or exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Taiwan is also subject to risks associated with, among other things, currency fluctuations, commodity shortages, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">effects on the economy and securities markets of Taiwan. In addition, investments in Taiwan could be adversely affected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">by political and economic relationship with China.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Exposure Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unsuccessful.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect the Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG  factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign countries in which the Fund may invest may have markets that are less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region, economic, political, regulatory or other conditions affecting such country or region may have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater impact on Fund performance relative to a more geographically diversified fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>Impact of Large Redemptions and Purchases of Fund Shares –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> Occasionally, shareholders may make large redemptions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">purchases of Fund shares, which may cause the Fund to have to sell securities or invest additional cash. These </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">transactions may adversely affect the Fund’s performance and increase transaction costs. In addition, large redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">requests may exceed the cash balance of the Fund and result in credit line borrowing fees and/or overdraft charges to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the Fund until the sales of portfolio securities necessary to cover the redemption request settle.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Mid-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of medium-sized companies tend to be more volatile and less liquid than securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund has a significant portion of its assets invested in securities of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conducting business in a broadly related group of industries within an economic sector, the Fund may be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Financials Sector Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. To the extent that the financials sector represents a significant portion of the Fund’s portfolio, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Performance of companies in the financials sector may be adversely impacted by many factors, including, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decreased liquidity in credit markets as well as cyber-attacks.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Information Technology Sector Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the information technology sector represents a significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portion of the Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">factors impacting this sector. Information technology companies face intense competition, both domestically and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">internationally, which may have an adverse effect on their profit margins. Like other technology companies, information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology companies may have limited product lines, markets, financial resources or personnel. The products of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information technology companies may face obsolescence due to rapid technological developments, frequent new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss or impairment of these rights may adversely affect the profitability of these companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of smaller companies are usually less stable in price and less liquid than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. Therefore, they generally involve greater risk. Small-cap companies may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited product lines or markets, be less financially secure than larger companies, or depend on a small number of key </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">personnel. If adverse developments occur, such as due to management changes or product failure, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in a small-cap company may lose substantial value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span> Performance <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">The bar chart and table below can help you evaluate potential risks of the Emerging Markets Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> The bar chart shows </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">how the Fund’s annual total returns for the Institutional Class have varied from year to year. The table following the bar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">chart compares the Fund’s performance over time with those of a broad measure of market performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Returns in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">table reflect the maximum applicable sales charges.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> The table compares the Fund’s average annual total returns to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">returns of the MSCI Emerging Markets Index (Net TR)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;vertical-align:top;;-sec-ix-redline:true;">*</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">, a broad-based securities index. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Remember, however, that past </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;-sec-ix-redline:true;">*</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;-sec-ix-redline:true;">Net Total Return</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> For updated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">performance information, please visit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">866-667-9231</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Class A, Class C and Class R returns prior to the commencement of operations of Class A, Class C and Class R (inception </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">date: May 21, 2012) are based on the previous performance of the Fund’s Institutional Class shares. Excluding the effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">of any fee waivers or reimbursements, this performance is substantially similar to what each individual class would have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">produced because all classes invest in the same portfolio of securities. Returns would only differ to the extent of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">differences in expenses between the two classes.</span> The bar chart and table below can help you evaluate potential risks of the Emerging Markets Fund. Returns in the table reflect the maximum applicable sales charges. Remember, however, that past *Net Total Returnperformance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds 866-667-9231 Annual Total Returns – Institutional Class Shares(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2253img004.jpg"/></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">25.95%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">4th quarter 2020</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-26.14%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1st quarter 2020</span></div> Highest Return: 25.95% - 4th quarter 2020 0.2595 2020-12-31 Lowest Return: -26.14% - 1st quarter 2020 -0.2614 2020-03-31 <div><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are shown in the following table for the Institutional Class shares only and will vary for other classes. </span></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">not reflect the impact of state and local taxes. </span></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Your actual after-tax return depends on your personal tax situation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span></span></div> After-tax returns are shown in the following table for the Institutional Class shares only and will vary for other classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">24.42</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-0.96</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.96</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class C shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">30.03</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-0.45</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.95</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class R shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">31.46</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-0.09</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.33</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">32.39</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.56</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.02</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">31.42</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-0.32</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.26</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – After Taxes on Distributions and Sales of Shares</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">21.32</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.46</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.55</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Service Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">32.16</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.42</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.87</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">MSCI Emerging Markets Index (Net TR)</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">(reflects no deduction for fee or </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">expenses)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">33.57</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.20</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.42</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> 0.2442 -0.0096 0.0596 0.3003 -0.0045 0.0595 0.3146 -0.0009 0.0633 0.3239 0.0056 0.0702 0.3142 -0.0032 0.0626 0.2132 0.0046 0.0555 0.3216 0.0042 0.0687 (reflects no deduction for fee or expenses) 0.3357 0.042 0.0842 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn Global Infrastructure Fund (the “Global Infrastructure Fund” or the “Fund”) seeks capital appreciation. Current </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">income is a secondary objective.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the Global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Infrastructure Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in abrdn Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these and other discounts is available from your financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">advisor and in the “Reduction and Waiver of Class A and Class A1 Sales Charges” and “Broker-Defined Sales Charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Waiver Policies” sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">112 and 152</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s prospectus, respectively, and in the “Additional Information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on Purchases and Sales — Waiver of Class A and Class A1 Sales Charges” and “Reduction of Sales Charges” sections on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">104 and 105</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s Statement of Additional Information, respectively. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>You may pay other fees, such as </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in abrdn Funds. 50000 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:75%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shareholder Fees (fees paid directly from your investment)</b></span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Class A </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Institutional</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Class </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Sales Charge (Load) imposed upon purchases (as a percentage of offering price)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">less)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽¹⁾</span> </div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Small Account Fee</span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽²⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> </tr> </table></div> Shareholder Fees (fees paid directly from your investment) 0.0575 0 0.01 0 20 20 <div> <table cellpadding="0" 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:75%"></td> <td style="height:1px;width:13.000000000000002%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="3" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.61</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.60</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.61</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.35</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.37</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.36</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽⁴⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.24</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.99</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0025 0 0.0061 0.006 0.0161 0.0135 0.0037 0.0036 0.0124 0.0099 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid.</span> February 28, 2027 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">This Example is intended to help you compare the cost of investing in the Global Infrastructure Fund with the cost of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">investing in other funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. It assumes a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:54%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$694</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,020</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,368</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,347</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class Shares</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$101</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$392</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$705</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,593</span></div> </td> </tr> </table></div> 694 1020 1368 2347 101 392 705 1593 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Global Infrastructure Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">25</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div> 0.25 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As a non-fundamental policy, under normal circumstances, the Infrastructure Fund invests at least 80% of its net assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(plus the amount of any borrowings for investment purposes) in the equity securities of U.S. and non-U.S. infrastructure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related issuers. An “infrastructure-related” issuer has (i) at least 50% of its assets consisting of infrastructure assets or (ii) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">50% of its gross income or net profits attributable to or derived, directly or indirectly, from the ownership, management, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">construction, development, operation, utilization or financing of infrastructure assets. Infrastructure assets are the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">physical structures and networks that provide necessary services to society. Examples of infrastructure assets include, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">but are not limited to, transportation assets (e.g., toll roads, bridges, tunnels, parking facilities, railroads, rapid transit links, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">airports, refueling facilities and seaports), utility assets (e.g., electric transmission and distribution lines, power generation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">facilities, gas and water distribution facilities, waste collection, broadcast and wireless towers, and cable and satellite </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">networks) and social assets (e.g., courthouses, hospitals, schools, correctional facilities, stadiums and subsidized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">housing). The Fund concentrates its investments in infrastructure-related issuers. Infrastructure-related issuers fall into </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">multiple market sectors. The Fund currently anticipates that it will have significant exposure to the industrials and utilities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sectors.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest without limitation in the securities of foreign issuers that are publicly traded in the United States or on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign exchanges, including securities of emerging market issuers, and in depositary receipts (such as American </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Depositary Receipts (“ADRs”)) that represent indirect interests in securities of foreign issuers. The Fund is permitted to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invest in unlisted foreign securities, but currently does not intend to do so as a principal strategy.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in companies of any market capitalization.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Fund maintains no less than 40% of its net assets (plus the amount of any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">borrowings for investment purposes) in the securities of issuers located outside of the United States and will allocate its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets among issuers located in no fewer than three different countries, one of which may be the United States. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">company is considered to be a company of</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> a country if </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Fund management determines that the company meets one or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">more of the following criteria:</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">● the company is organized under the laws of the country;</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">● the company has its principal office in, or management is located in, the country; and/or</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">● the company has its principal securities trading market in the country.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In seeking to achieve the Fund’s investment objective, the Adviser and Sub-adviser invest in quality companies and are an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">active, engaged owners. The Adviser and Sub-adviser evaluate every company against quality criteria and build </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conviction using a team-based approach and peer review process. The quality assessment covers five key factors: 1) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">durability of the business model, 2) the attractiveness of the industry, 3) the strength of financials, 4) the capability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management, and 5) the most material environmental, social and governance (“ESG”) factors impacting a company. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considered and, as a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">high ESG ratings. As ESG information is just one investment consideration, ESG considerations generally are not solely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">determinative in any investment decision made by the Adviser and Sub-adviser. Through fundamental research, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">supported by a global research presence, the Adviser and Sub-adviser seek to identify companies whose quality and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future prospects are not yet fully recognized by the market.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Issuer Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of a security may decline for reasons directly related to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stock or other security of a company may not perform as well as expected, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decrease in value, because of factors related to the company (such as poorer than expected earnings or certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management decisions), to the industry in which the company is engaged (such as a reduction in the demand for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or general and prolonged periods of economic decline).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund is subject to the risk that the Adviser or Sub-adviser may make poor security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">selections. The Adviser or Sub-adviser and their portfolio managers apply their own investment techniques and risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the desired results for the Fund. In addition, the Adviser or the Sub-adviser may select securities that underperform the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant market or other funds with similar investment objectives and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Infrastructure-Related Investments Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Because the Fund concentrates its investments in infrastructure-related entities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund has greater exposure to the potential adverse economic, regulatory, political and other changes affecting such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities. Infrastructure related entities are subject to a variety of factors that may adversely affect their business or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations, including high interest costs in connection with capital construction programs, costs associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">environmental and other regulations, the effects of economic slowdown and surplus capacity, increased competition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">energy conservation policies and other factors. Additionally, infrastructure-related entities may be subject to regulation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by various governmental authorities and may also be affected by governmental regulation of rates charged to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">customers, service interruption due to environmental, operational or other mishaps, the imposition of special tariffs and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in tax laws, regulatory policies and accounting standards.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign countries in which the Fund may invest may have markets that are less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region, economic, political, regulatory or other conditions affecting such country or region may have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater impact on Fund performance relative to a more geographically diversified fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Exposure Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unsuccessful.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Emerging markets are countries generally considered to be relatively less developed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industrialized, and investments in emerging markets countries are subject to a magnification of the risks that apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investments. These risks are greater for securities of companies in emerging market countries because the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries may have less stable governments, more volatile currencies and less established markets (see “Foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Securities Risk” above).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Concentration Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund’s strategy of concentrating in companies in a specific industry or sector, or closely related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">group of industries or sectors, means that its performance will be closely tied to the performance of a particular market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">segment. The Fund’s concentration in these companies may present more risks than if it were broadly diversified over </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies will lag the performance of other industries or the broader market as a whole.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect the Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG  factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>Impact of Large Redemptions and Purchases of Fund Shares –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> Occasionally, shareholders may make large redemptions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">purchases of Fund shares, which may cause the Fund to have to sell securities or invest additional cash. These </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">transactions may adversely affect the Fund’s performance and increase transaction costs. In addition, large redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">requests may exceed the cash balance of the Fund and result in credit line borrowing fees and/or overdraft charges to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the Fund until the sales of portfolio securities necessary to cover the redemption request settle.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Mid-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of medium-sized companies tend to be more volatile and less liquid than securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>REIT and Real Estate Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment in REITs and real estate involves the risks that are associated with direct ownership </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of real estate and with the real estate industry in general. These risks include: declines in the value of real estate; risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to local economic conditions, overbuilding and increased competition; increases in property taxes and operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses; changes in zoning laws; casualty or condemnation losses; variations in rental income, neighborhood values or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the appeal of properties to tenants; changes in interest rates and changes in general economic and market conditions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">REITs’ share prices may decline because of adverse developments affecting the real estate industry including changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates. The returns from REITs may trail returns from the overall market. Additionally, there is always a risk that a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">given REIT will fail to qualify for favorable tax treatment. REITs may be leveraged, which increases risk. REITs may also be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">non-traditional, such as those that focus on towers, which could subject the Fund to additional risk based on the REIT’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">area of focus. Certain REITs charge management fees, which may result in layering the management fee paid by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund has a significant portion of its assets invested in securities of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conducting business in a broadly related group of industries within an economic sector, the Fund may be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Industrials Sector Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The value of securities issued by companies in the industrials sector may be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by supply and demand related to their specific products or services and industrials sector products in general. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The products of manufacturing companies may face obsolescence due to rapid technological developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequent new product introduction. Government regulations, world events, economic conditions and exchange rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be adversely affected by liability for environmental damage and product liability claims. The industrials sector may also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government spending policies because companies involved in this sector rely to a significant extent on government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demand for their products and services.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Utilities Sector Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. To the extent that the utilities sector represents a significant portion of the Fund’s portfolio, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector. Performance of companies in the utilities sector may be adversely impacted by many factors, including, among </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">others, general economic conditions, supply and demand, financing and operating costs, rate caps, interest rates, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liabilities arising from governmental or civil actions, consumer confidence and spending, competition, resource </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conservation and depletion, man-made or natural disasters, geopolitical events, and environmental, and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government regulations.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of smaller companies are usually less stable in price and less liquid than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. Therefore, they generally involve greater risk. Small-cap companies may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited product lines or markets, be less financially secure than larger companies, or depend on a small number of key </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">personnel. If adverse developments occur, such as due to management changes or product failure, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in a small-cap company may lose substantial value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span></span></div> <span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span></span> Performance <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">The bar chart and table below can help you evaluate potential risks of the Global Infrastructure Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> The bar chart </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">shows how the Fund’s annual total returns for Institutional Class shares have varied from year to year.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">The table following the bar chart compares the Fund’s performance over time with those of a broad measure of market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">performance and an additional index that more closely reflects the investment strategy of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Returns in the table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">reflect the maximum applicable sales charges.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> The table compares the Fund’s average annual total returns to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">returns of the MSCI All Country World Index (Net TR)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;vertical-align:top;;-sec-ix-redline:true;">*</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">, a broad-based securities index, and the S&amp;P Global Infrastructure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;-sec-ix-redline:true;">*</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;-sec-ix-redline:true;">Net Total Return</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Index (Net TR)). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Remember, however, that past performance (before and after taxes) is not necessarily indicative of how </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> For updated performance information, please visit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> or call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">866-667-9231</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">The returns presented for the Fund for periods prior to May 7, 2018 reflect the performance of a predecessor fund (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">“Predecessor Fund”), which was a registered investment company. The Fund adopted the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Predecessor Fund as the result of a reorganization that occurred as of the close of business on May 4, 2018, in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The Fund and the Predecessor Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">have substantially similar investment objectives and strategies.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">abrdn Inc. and abrdn Investments Limited (“aIL”) began advising and sub-advising, respectively, the Fund immediately </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">following the closing of the reorganization. Performance prior to this date reflects the performance of an unaffiliated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">investment adviser.</span> The bar chart and table below can help you evaluate potential risks of the Global Infrastructure Fund. Returns in the table reflect the maximum applicable sales charges. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds 866-667-9231 Annual Total Returns – Institutional Class Shares(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2253img005.jpg"/></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">17.31%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2nd quarter 2020</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-25.55%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1st quarter 2020</span></div> Highest Return: 17.31% - 2nd quarter 2020 0.1731 2020-06-30 Lowest Return: -25.55% - 1st quarter 2020 -0.2555 2020-03-31 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are shown in the following table for Institutional Class shares only and will vary for other classes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Your actual after-tax return depends on your personal tax situation and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span></div> After-tax returns are shown in the following table for Institutional Class shares only and will vary for other classes. After–tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">16.83</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.21</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.62</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">24.09</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.71</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">9.52</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">22.50</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.10</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.91</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – After Taxes on Distributions and Sales of Shares</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">15.36</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.38</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.09</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">MSCI All Country World Index (Net TR)</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">(reflects no deduction for fees or </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">expenses)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">22.34</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">11.19</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">11.72</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">S&amp;P Global Infrastructure Index (Net TR)</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects no deduction for fees or </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">expenses)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">21.54</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">10.02</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.47</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> 0.1683 0.0721 0.0862 0.2409 0.0871 0.0952 0.225 0.071 0.0791 0.1536 0.0638 0.0709 (reflects no deduction for fees or expenses) 0.2234 0.1119 0.1172 0.2154 0.1002 0.0847 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn High Income Opportunities Fund (the “High Income Opportunities Fund” or the “Fund”) seeks to maximize total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">return, principally through a high level of current income, and secondarily through capital appreciation.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the High Income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Opportunities Fund. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future, at least </span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$100,000</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in abrdn Funds.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these and other discounts is available from your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial advisor and in the “Reduction and Waiver of Class A and Class A1 Sales Charges</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">” and “Broker-Defined Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charge Waiver Policies” sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">112 and 152</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s prospectus, respectively, and in the “Additional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Information on Purchases and Sales — Waiver of Class A and Class A1 Sales Charges” and “Reduction of Sales Charges” </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">104 and 105</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s Statement of Additional Information, respectively. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>You may pay other fees, </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>below.</b></span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in abrdn Funds. 100000 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:75%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shareholder Fees (fees paid directly from your investment)</b></span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Class A</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Institutional</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Class </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Sales Charge (Load) imposed upon purchases (as a percentage of offering price)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">less)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽¹⁾</span> </div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Small Account Fee</span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽²⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> </tr> </table></div> Shareholder Fees (fees paid directly from your investment) 0.03 0 0.01 0 20 20 <div> <table cellpadding="0" 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:75%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="3" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.55</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.55</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.58</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.50</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Acquired Fund Fees and Expenses</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.01</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.01</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽⁴⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.39</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.06</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽⁵⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.43</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.35</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽⁴⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.96</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.71</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0.0025 0 0.0058 0.005 0.0001 0.0001 0.0139 0.0106 0.0043 0.0035 0.0096 0.0071 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid.</span> February 28, 2027 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">This Example is intended to help you compare the cost of investing in the High Income Opportunities Fund with the cost of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">investing in other funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund for the time periods indicated and then sell all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. It assumes a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:54%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$395</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$686</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$998</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,882</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class Shares</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$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:right;text-align:right;padding-right:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$302</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$551</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,263</span></div> </td> </tr> </table></div> 395 686 998 1882 73 302 551 1263 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The High Income Opportunities Fund pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">turnover rate was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">90</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div> 0.90 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As a non-fundamental policy, the High Income Opportunities Fund invests at least 80% of its assets in high income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">producing instruments. High income producing instruments include those rated at the time of purchase below “BBB–” by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Standard &amp; Poor’s Rating Service (“S&amp;P”), or below “Baa3” by Moody’s Investors Service, Inc. (“Moody’s”), or below a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">comparable rating by another nationally recognized statistical rating organization</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> (“NRSRO”)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, or unrated bonds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">determined by the Adviser to be of comparable quality. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">In the event that a security receives different ratings from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">different NRSROs, the Adviser will treat the security as being rated in the lowest rating category received from an NRSRO. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in securities rated in the lowest ratings category or in default (i.e., “junk bonds”, which are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">speculative). Although the Fund typically invests in high income debt securities, the Fund may invest up to 20% of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets in investment grade debt. The Fund has the flexibility to invest in a broad-range of debt instruments, including, but </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">not limited to, corporate and sovereign debt from U.S. and non-U.S. issuers, including those in emerging markets. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may invest in debt securities of any maturity.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">strategy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is primarily directed toward U.S. Dollar denominated debt rated below investment grade (i.e., “junk bonds”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the Fund ordinarily invests at least 60% of its net assets in U.S. Dollar denominated securities. However, the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purchase securities denominated in foreign currencies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may also invest in restricted securities and private placements including securities issued under Rule 144A and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or Regulation S (“Regulation S Securities”).</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in debt-like instruments (for example, structured notes and equity baskets) that provide exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity markets or indices. The Fund may invest in preferred stocks, asset-backed securities, debt instruments convertible </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">into common stock, income trusts, and swaps. The Fund may invest in bank loans, which include floating and fixed–rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">debt securities generally acquired as a participation interest in, or assignment of, a loan originated by a lender or financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">institution. The Fund may invest in, enter into, or acquire participation in, delayed funding loans and revolving credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">facilities.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may also invest up to 20% of its net assets in equity securities. The Fund may invest in equity warrants, index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">warrants, covered warrants, interest rate warrants and long-term options of, or relating to, international issuers that trade </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on an exchange or over-the-counter (“OTC”).</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">To achieve its investment objective, the Fund uses derivatives under certain market conditions. The Fund may use </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivatives as a substitute for taking a position or reducing exposure to underlying assets or for hedging currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exposure. The Fund expects that derivative instruments will include the purchase and sale of futures contracts, forward </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign exchange contracts, non-deliverable forwards, swaps, options (including options on futures and options on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">swaps), warrants, and structured notes. In complying with the minimum and maximum investment limitations set forth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">above, the Fund may include investments in derivatives with an underlying asset with economic characteristics similar to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the investments included in such limitation.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">The Adviser examines the material risks of an investment across a spectrum of considerations including financial metrics, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">regional and national conditions and industry specific factors. The Adviser may also consider the most material potential </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Environmental, Social and Governance (“ESG”) risks and opportunities impacting issuers, where relevant. Not every ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">as a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">As ESG information is just one investment consideration, ESG considerations generally are not solely determinative in any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">investment decision made by the Adviser. The relevance of ESG factors to the investment process varies across issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">and instrument types. The Fund seeks to invest in securities of issuers that are expected to exhibit stable to improving </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">credit characteristics based on industry trends, company positioning, and management strategy, taking into account the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">potential positive impact of any restructurings or other corporate reorganizations.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Issuer Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of a security may decline for reasons directly related to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Fixed Income Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fixed income securities fluctuate in price based on changes in an issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and overall market and economic conditions. The value of a fixed income security may also fall due to specific conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that affect a particular sector of the securities market or a particular issuer. Fixed income securities are subject to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among other risks, credit risk, extension risk, issuer risk, interest rate risk, market risk and prepayment risk.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is subject to the risk that the Adviser may make poor security selections. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and its portfolio managers apply their own investment techniques and risk analyses in making investment decisions for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser may select securities that underperform the relevant market or other funds with similar investment objectives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>High-Yield Bonds and Other Lower-Rated Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments in high-yield bonds (commonly referred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to as “junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. Investments in high–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield bonds are speculative and issuers of these securities are generally considered to be less financially secure and less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield bonds tend to be very </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price or sell, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly in times of negative sentiment toward high-yield securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign countries in which the Fund may invest may have markets that are less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government actions, reduction of government or central bank support and political or financial instability. Lack of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information may also affect the value of these securities. To the extent the Fund focuses its investments in a single </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affecting such country or region may have a greater impact on Fund performance relative to a more geographically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversified fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Exposure Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. If the Fund incurs losses from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign currencies or foreign currency hedge positions, the Fund’s distributions could constitute a return of capital to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shareholders for federal income tax purposes.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Emerging markets are countries generally considered to be relatively less developed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industrialized, and investments in emerging markets countries are subject to a magnification of the risks that apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investments. These risks are greater for securities of companies in emerging market countries because the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries may have less stable governments, more volatile currencies and less established markets (see “Foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Securities Risk” above).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Impact of Large Redemptions and Purchases of Fund Shares –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Occasionally, shareholders may make large redemptions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purchases of Fund shares, which may cause the Fund to have to sell securities or invest additional cash. These </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions may adversely affect the Fund’s performance and increase transaction costs. In addition, large redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requests may exceed the cash balance of the Fund and result in credit line borrowing fees and/or overdraft charges to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund until the sales of portfolio securities necessary to cover the redemption request settle.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Bank Loan Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> There are a number of risks associated with an investment in bank loans including credit risk, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">risk, illiquid securities risk, and prepayment risk. There is also the possibility that the collateral securing a loan, if any, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be difficult to liquidate or be insufficient to cover the amount owed under the loan. Bank loans have significantly longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">settlement periods (e.g., longer than seven days) than more traditional investments resulting in the proceeds from the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sale of such loans not being readily available to make additional investments or to meet a Fund’s redemption obligations. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">protection against improper practices than investors in registered securities. These risks could cause the Fund to lose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">income or principal on a particular investment, which in turn could affect the Fund’s returns.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives Risk (including Options, Futures and Swaps) –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Derivatives are speculative and may hurt the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance. The potential benefits to be derived from the Fund’s options, futures and derivatives strategy are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dependent upon the portfolio managers’ ability to discern pricing inefficiencies and predict trends in these markets, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which decisions could prove to be inaccurate.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Speculative Exposure Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – To the extent that a derivative or practice is not used as a hedge, the Fund is directly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exposed to its risks. Gains or losses from speculative positions in a derivative may be much greater than the derivative’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">original cost. For example, potential losses from writing uncovered call options and from speculative short sales are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unlimited.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Hedged Exposure Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Losses generated by a derivative or practice used by the Fund for hedging purposes should </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be substantially offset by gains on the hedged investment. However, while hedging can reduce or eliminate losses, it can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">also reduce or eliminate gains.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Correlation Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund is exposed to the risk that changes in the value of a hedging instrument will not match </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of the investment being hedged.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Counterparty Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Derivative transactions depend on the creditworthiness of the counterparty and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">counterparty’s ability to fulfill its contractual obligations.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Other Derivatives Risks</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Fixed income derivatives are subject to interest rate risk. In addition, certain derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be subject to illiquid securities risk, mispricing or valuation complexity, market risk and management risk. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may need to sell portfolio securities at inopportune times to satisfy margin or payment obligations under derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments. Changes in regulation relating to the Fund’s use of derivatives and related instruments could potentially limit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or adversely affect the value of derivatives and the Fund’s performance.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect the Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG  factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Interest Rate Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s fixed income investments are subject to interest rate risk, which generally causes the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of a fixed income portfolio to decrease when interest rates rise resulting in a decrease in the Fund’s net assets. Interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rate fluctuations tend to have a greater impact on fixed income-securities with a greater time to maturity and/or lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">coupon. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with a shorter average portfolio duration. In periods of market volatility, the market values of fixed income securities may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be more sensitive to changes in interest rates.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Investment-Grade Debt Securities –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment-grade debt securities are debt securities rated within the highest grades </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(AAA/Aaa through BBB-/Baa) by S&amp;P or Moody’s rating services, and unrated securities of comparable quality. If a Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests, at the time of purchase, in a security that is investment-grade, it is possible that such security may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">downgraded after its purchase so that it is no longer investment-grade.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Portfolio Turnover Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund may engage in active and frequent trading of portfolio securities to achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment objective. High portfolio turnover may result in greater transaction costs which may reduce Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance. The sale of Fund portfolio securities may also result in greater realization and/or distribution to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shareholders of gains or losses as compared to a fund with less active trading, which may include short-term gains </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable at ordinary income tax rates.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Private Placements and Other Restricted Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in private placements and other restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, including Regulation S Securities and Rule 144A Securities, could have the effect of increasing the Fund’s level </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of illiquidity. Private placements and restricted securities may be less liquid than other investments because such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities may not always be readily sold in broad public markets and the Fund might be unable to dispose of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities promptly or at prices reflecting their true value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund has a significant portion of its assets invested in securities of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conducting business in a broadly related group of industries within an economic sector, the Fund may be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sovereign Debt Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Periods of economic and political uncertainty may result in the illiquidity and increased price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatility of a foreign government’s debt securities held by the Fund and impact an issuer’s ability and willingness to pay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest or repay principal when due. The Fund may have limited recourse to compel payment in the event of a default. A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign government’s default on its debt securities may cause the value of securities held by the Fund to decline </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly. Sovereign debt risk is increased for emerging market issuers. The Fund may also invest in obligations issued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or guaranteed by supranational entities, such as the World Bank. Supranational entities have no taxing authority and are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dependent on their members for payments of interest and principal. If one or more members of a supranational entity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fails to make necessary contributions, the entity may be unable to pay interest or repay principal on its debt securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Political changes in principal donor nations may unexpectedly disrupt the finances of supranational entities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Variable and Floating Rate Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> For floating and variable rate obligations, there may be a lag between an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Variable rate demand obligations (“VRDOs”) are floating rate securities that combine an interest in a long term municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">institution is unable to pay, the Fund may lose money.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund is not a bank deposit or obligation of any bank and is not endorsed or guaranteed by any bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and is not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Board or any other governmental agency.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Yield Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The amount of income received by the Fund will go up or down depending on day-to-day variations in short–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">term interest rates, and when interest rates are very low the Fund’s expenses could absorb all or a significant portion of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s income. If interest rates increase, the Fund’s yield may not increase proportionately. For example, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may discontinue any temporary voluntary fee limitation or recoup amounts previously waived and/or reimbursed.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span> Performance <div><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below can help you evaluate potential risks of the High Income Opportunities Fund.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The bar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">chart shows how the Fund’s annual total returns for Class A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have varied from year to year. </span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns in the bar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">chart do not reflect the impact of sales charges, if any. If the applicable sales charges were included, the annual total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns would be lower than those shown.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">table following the bar chart compares the Fund’s performance over time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with those of a broad measure of market performance and an additional index that more closely reflects the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment strategy. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Unlike the bar chart, the returns in the table reflect the maximum applicable sales charges.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">table compares the Fund’s average annual total returns to the returns of the Bloomberg Global Aggregate Bond Index, a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">broad-based securities index, and the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Custom abrdn High Income Opportunities Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index (the “</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Custom </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Index”). </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Custom</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index reflects the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">returns</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the ICE BofA </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">US High Yield Constrained Index from August 21, 2023 and the ICE BofA </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Global High Yield Constrained Index (</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">USD Hedged) for periods prior to August 21, 2023. The indices and time periods for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">perform in the future.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> For updated performance information, please visit </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">https://www.aberdeeninvestments.com/en-us/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investor/funds/view-all-funds</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">866-667-9231</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund changed its investment strategy effective August 18, 2023, which introduced increased flexibility to invest in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers. Performance prior to August 18, 2023 does not reflect the current investment strategy. In connection with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment strategy change, the Fund changed its name from the abrdn Global High Income Fund to the abrdn High </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Income Opportunities Fund. The returns presented for the Fund for periods prior to December 3, 2021 reflect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance of a predecessor fund (the “Predecessor Fund”), a registered investment company. The Fund adopted the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance of the Predecessor Fund as the result of a reorganization on December 3, 2021, in which the Fund acquired </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">all of the assets, subject to the liabilities, of the Predecessor Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Returns of the Predecessor Fund have been adjusted to reflect applicable sales charges but not the differences in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses applicable to the respective classes of the Fund.</span></div> The bar chart and table below can help you evaluate potential risks of the High Income Opportunities Fund. The returns in the bar chart do not reflect the impact of sales charges, if any. If the applicable sales charges were included, the annual total returns would be lower than those shown. Unlike the bar chart, the returns in the table reflect the maximum applicable sales charges. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds 866-667-9231 Annual Total Returns – Class A Shares(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2253img006.jpg"/></div> <div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;-sec-ix-redline:true;">12.44%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">2nd quarter 2020</span></div><div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;-sec-ix-redline:true;">-15.45%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">1st quarter 2020</span></div> Highest Return: 12.44% - 2nd quarter 2020 0.1244 2020-06-30 Lowest Return: -15.45% - 1st quarter 2020 -0.1545 2020-03-31 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">After-tax returns are shown in the following table for Class A shares only and will vary for other classes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">After–tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Your actual after-tax return depends on your personal tax situation and may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span></div> After-tax returns are shown in the following table for Class A shares only and will vary for other classes. After–tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.54</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.53</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.10</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.11</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.17</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – After Taxes on Distributions and Sales of Shares</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.17</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.84</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.41</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.29</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.43</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.12</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Bloomberg Global Aggregate Bond Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects no deductions for fees, </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">expenses or taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.17</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-2.15</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.26</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Custom abrdn High Income Opportunities Fund Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects no deduction for </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">fees, expenses or taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.50</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.92</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.17</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> 0.0375 0.0254 0.0453 0.011 0.0011 0.0217 0.0217 0.0084 0.0241 0.0729 0.0343 0.0512 (reflects no deductions for fees, expenses or taxes) 0.0817 -0.0215 0.0126 0.085 0.0392 0.0617 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn Infrastructure Debt Fund (the “Infrastructure Debt Fund” or the “Fund”) seeks a high level of current income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with a secondary objective of capital appreciation.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Infrastructure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$100,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in abrdn Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these and other discounts is available from your financial advisor and in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the “Reduction and Waiver of Class A and Class A1 Sales Charges” and “Broker-Defined Sales Charge Waiver Policies” </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">112 and 152</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s prospectus, respectively, and in the “Additional Information on Purchases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and Sales — Waiver of Class A and Class A1 Sales Charges” and “Reduction of Sales Charges” sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">104 and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">105</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s Statement of Additional Information, respectively. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in abrdn Funds. 100000 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:63%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shareholder Fees (fees paid directly from your investment)</b></span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Class A</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Institutional</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Class </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Institutional</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Service </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Class</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Sales Charge (Load) imposed upon purchases (as a percentage of </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">offering price)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price, whichever is less)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽¹⁾</span> </div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Small Account Fee</span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽²⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> </tr> </table></div> Shareholder Fees (fees paid directly from your investment) 0.03 0 0 0.01 0 0 20 20 20 <div> <table cellpadding="0" 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:63%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="4" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.50</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.50</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.50</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.10</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.08</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.10</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.85</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.58</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.60</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.81</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.92</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.81</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Limitations/Expense </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Reimbursements</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.04</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.66</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.79</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.005 0.005 0.005 0.0025 0 0 0.011 0.0108 0.011 0.0185 0.0158 0.016 0.0081 0.0092 0.0081 0.0104 0.0066 0.0079 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid.</span> February 28, 2027 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">This Example is intended to help you compare the cost of investing in the Infrastructure Debt Fund with the cost of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">investing in other funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. It assumes a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:54%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$403</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$788</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,197</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,340</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$67</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$409</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$773</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,800</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Service Class Shares</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$81</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$426</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$794</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,832</span></div> </td> </tr> </table></div> 403 788 1197 2340 67 409 773 1800 81 426 794 1832 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Infrastructure Debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">17</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> 0.17 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purposes) will be invested in U.S. and non-U.S. infrastructure-related debt issuers and/or securities intended primarily to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">finance infrastructure-related activities. Infrastructure-related securities include securities issued to finance any assets or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">projects that support the operation, function, growth or development of a community or economy.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The infrastructure investments in which the Fund may invest include, without limitation, fixed or floating-rate debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instruments, loans or other income-producing instruments issued:</span></div><div> <table cellspacing="0" style="padding-top:6pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">by companies or other issuers to finance (or re-finance) the ownership, development, construction, maintenance, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">renovation, enhancement, or operation of infrastructure assets;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">by companies or other issuers that invest in, own, lease or hold infrastructure assets; and</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">by companies or other issuers that operate infrastructure assets or provide services, products or raw materials related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the development, construction, maintenance, renovation, enhancement or operation of infrastructure assets.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may hold instruments issued by a wide range of entities including, among others, operating companies, holding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies, special purpose vehicles, including vehicles created to hold or finance infrastructure assets, municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers, and governments and government agencies, authorities or instrumentalities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The infrastructure assets to which the Fund may have exposure through its investments include, without limitation, assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to:</span></div><div> <table cellspacing="0" style="padding-top:6pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">transportation (e.g., airports, metro systems, subways, railroads, ports, toll roads);</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">transportation equipment (e.g., shipping, aircraft, railcars, containers);</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">electric utilities and power (e.g., power generation, transmission and distribution);</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">energy (e.g., exploration and production, pipeline, storage, refining and distribution of energy), including renewable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">energies (e.g., wind, solar, hydro, geothermal);</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">communication networks and equipment;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">water and sewage treatment;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">social infrastructure (e.g., health care facilities, government buildings and other public service facilities);</span><span style="-sec-ix-redline:true;"></span> </div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">metals, mining, and other resources and services related to infrastructure assets (e.g., cement, chemical companies)</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">; </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">and</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;-sec-ix-redline:true;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;-sec-ix-redline:true;">auto parts manufacturing.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest up to 20% of its assets on non-infrastructure-related securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purposes of the Fund’s 80% policy, debt securities include fixed income securities of any type; however, the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intends to invest primarily in municipal debt and corporate debt, with municipal debt comprising no less than 50% of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets, and typically approximately 60% of its assets.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Generally, the Fund intends to invest in bonds issued by both domestic and foreign issuers, including foreign issuers from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">emerging market countries. While the Fund’s investments will generally be denominated in U.S. dollars, the Fund may also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invest in non-dollar denominated instruments.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may also invest in securities having a variable or floating interest rate. The Fund may invest in fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities of any maturity or duration.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Fund will maintain a weighted average credit rating of “BBB–” or above by Standard </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">&amp; Poor’s Rating Service (“S&amp;P”), or “Baa3” or above by Moody’s Investors Service, Inc. (“Moody’s”), or a comparable rating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by another nationally recognized statistical rating organization. Although the Fund typically invests in investment grade </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">debt, the Fund may also invest in high income producing instruments, rated at the time of purchase below “BBB–” by S&amp;P, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or below “Baa3” by Moody’s, or below a comparable rating by another nationally recognized statistical rating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">organization, or unrated bonds determined by the Adviser to be of comparable quality. Split rate bonds will be considered </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to have the higher credit rating. The Fund may invest in securities rated in the lowest ratings category or in default (i.e., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“junk bonds”, which are speculative).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s investments may include bonds that are labeled as social, sustainability or green.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting investments for the Fund, the Adviser and Sub-adviser examine the material risks of an investment across a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">spectrum of considerations including financial metrics, regional and national conditions and industry specific factors. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser and Sub-adviser will also consider the most material potential ESG (Environmental, Social and Governance) risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and opportunities impacting issuers, where relevant. Not every ESG factor may be identified or evaluated for every </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may not be issuers with favorable ESG characteristics or high ESG ratings. As ESG information is just one investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consideration, ESG considerations generally are not solely determinative in any investment decision made by the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and Sub-adviser. The materiality of ESG factors to the investment process varies across issuers and instrument types.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting the Fund’s municipal debt securities, the Adviser and Sub-adviser generally look for a wide range of U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers and securities that provide high current income, including unrated bonds and securities of smaller issuers that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">offer high current income and might be overlooked by other investors and funds. The Adviser and Sub-adviser also focus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on securities with coupon interest or accretion rates, current market interest rates, callability and call prices that might </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">change the effective maturity of particular securities. The Adviser and Sub-adviser may consider selling a security if any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of these factors no longer applies to a security purchased for the Fund, but is not required to do so.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting the Fund’s corporate debt securities, the Adviser and Sub-adviser seek to invest in securities of issuers that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are expected to exhibit stable to improving credit characteristics based on industry trends, company positioning, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management strategy, taking into account the potential positive impact of any restructurings or other corporate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reorganizations.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may use derivatives under certain market conditions to manage duration and to hedge currency exposure. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund expects that derivative instruments will include the purchase and sale of U.S. treasury futures contracts and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forward foreign exchange contracts.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">All distributions by the Fund, including any distributions derived from tax-exempt municipal obligations, may be includible </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in taxable income for purposes of the federal alternative minimum tax. The Fund does not seek to provide income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exempt from federal income tax.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Issuer Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of a security may decline for reasons directly related to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Fixed Income Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fixed income securities fluctuate in price based on changes in an issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and overall market and economic conditions. The value of a fixed income security may also fall due to specific conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that affect a particular sector of the securities market or a particular issuer. Fixed income securities are subject to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among other risks, credit risk, extension risk, issuer risk, interest rate risk, market risk and prepayment risk.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund is subject to the risk that the Adviser or Sub-adviser may make poor security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">selections. The Adviser or Sub-adviser and their portfolio managers apply their own investment techniques and risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the desired results for the Fund. In addition, the Adviser or the Sub-adviser may select securities that underperform the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant market or other funds with similar investment objectives and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Infrastructure-Related Investments Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Because the Fund concentrates its investments in infrastructure-related entities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund has greater exposure to the potential adverse economic, regulatory, political and other changes affecting such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities. Infrastructure related entities are subject to a variety of factors that may adversely affect their business or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations, including high interest costs in connection with capital construction programs, costs associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">environmental and other regulations, the effects of economic slowdown and surplus capacity, increased competition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">energy conservation policies and other factors. Additionally, infrastructure-related entities may be subject to regulation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by various governmental authorities and may also be affected by governmental regulation of rates charged to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">customers, service interruption due to environmental, operational or other mishaps, the imposition of special tariffs and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in tax laws, regulatory policies and accounting standards.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Municipal Securities Risk -</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Municipal bonds can be significantly affected by political and economic changes, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security holders. Municipal bonds have varying levels of sensitivity to changes in interest rates. Interest rate risk is generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lower for shorter-term Municipal bonds and higher for long term Municipal bonds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Municipal Bond Tax Risk -</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> A municipal bond that is issued as tax-exempt may later be declared to be taxable. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">addition, if the federal income tax rate is reduced, the value of the tax exemption may be less valuable, causing the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of a municipal bond to decline.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Municipal Market Volatility and Illiquidity Risk -</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The municipal bond market can be susceptible to unusual volatility, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions or credit tightening. During times of reduced market liquidity, the Fund may not be able to readily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sell bonds without the sale significantly changing the market value of the bond. If the Fund needed to sell large blocks of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds’ prices.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Municipal Sector Risk -</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> From time to time the Fund may invest a substantial amount of its assets in municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities whose interest is paid solely from revenues of similar projects. If the Fund concentrates its investments in this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">manner, it assumes the economic risks relating to such projects and this may have a significant impact on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment performance.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>High-Yield Bonds and Other Lower-Rated Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments in high-yield bonds (commonly referred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to as “junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. Investments in high–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield bonds are speculative and issuers of these securities are generally considered to be less financially secure and less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield bonds tend to be very </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price or sell, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly in times of negative sentiment toward high-yield securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Green, Social and Sustainability Bond Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s performance may differ from the performance of other funds that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">do not invest green, social and sustainability bonds because the Fund’s investment strategy may select or exclude </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities of certain issuers for reasons in addition to performance. Investing in green, social and sustainability bonds is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">qualitative and subjective by nature, and there is no guarantee that the factors utilized by the Adviser or any judgment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exercised by the Adviser will reflect the opinions of any particular investor.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Bank Loan Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> There are a number of risks associated with an investment in bank loans including credit risk, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">risk, illiquid securities risk, and prepayment risk. There is also the possibility that the collateral securing a loan, if any, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be difficult to liquidate or be insufficient to cover the amount owed under the loan. Bank loans have significantly longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">settlement periods (e.g., longer than seven days) than more traditional investments resulting in the proceeds from the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sale of such loans not being readily available to make additional investments or to meet a Fund’s redemption obligations. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">protection against improper practices than investors in registered securities. These risks could cause the Fund to lose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">income or principal on a particular investment, which in turn could affect the Fund’s returns.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives Risk (including Options, Futures and Swaps) –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Derivatives are speculative and may hurt the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance. The potential benefits to be derived from the Fund’s options, futures and derivatives strategy are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dependent upon the portfolio managers’ ability to discern pricing inefficiencies and predict trends in these markets, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which decisions could prove to be inaccurate.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Speculative Exposure Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – To the extent that a derivative or practice is not used as a hedge, the Fund is directly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exposed to its risks. Gains or losses from speculative positions in a derivative may be much greater than the derivative’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">original cost. For example, potential losses from writing uncovered call options and from speculative short sales are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unlimited.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Hedged Exposure Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Losses generated by a derivative or practice used by the Fund for hedging purposes should </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be substantially offset by gains on the hedged investment. However, while hedging can reduce or eliminate losses, it can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">also reduce or eliminate gains.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Correlation Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund is exposed to the risk that changes in the value of a hedging instrument will not match </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of the investment being hedged.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Counterparty Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Derivative transactions depend on the creditworthiness of the counterparty and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">counterparty’s ability to fulfill its contractual obligations.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Other Derivatives Risks</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Fixed income derivatives are subject to interest rate risk. In addition, certain derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be subject to illiquid securities risk, mispricing or valuation complexity, market risk and management risk. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may need to sell portfolio securities at inopportune times to satisfy margin or payment obligations under derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments. Changes in regulation relating to the Fund’s use of derivatives and related instruments could potentially limit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or adversely affect the value of derivatives and the Fund’s performance.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Emerging markets are countries generally considered to be relatively less developed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industrialized, and investments in emerging markets countries are subject to a magnification of the risks that apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investments. These risks are greater for securities of companies in emerging market countries because the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries may have less stable governments, more volatile currencies and less established markets (see “Foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Securities Risk” below).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect the Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG  factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Exposure Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unsuccessful.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign countries in which the Fund may invest may have markets that are less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region, economic, political, regulatory or other conditions affecting such country or region may have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater impact on Fund performance relative to a more geographically diversified fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Interest Rate Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s fixed income investments are subject to interest rate risk, which generally causes the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of a fixed income portfolio to decrease when interest rates rise resulting in a decrease in the Fund’s net assets. Interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rate fluctuations tend to have a greater impact on fixed income-securities with a greater time to maturity and/or lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">coupon. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with a shorter average portfolio duration. In periods of market volatility, the market values of fixed income securities may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be more sensitive to changes in interest rates.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Investment-Grade Debt Securities –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment-grade debt securities are debt securities rated within the highest grades </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(AAA/Aaa through BBB-/Baa) by S&amp;P or Moody’s rating services, and unrated securities of comparable quality. If a Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests, at the time of purchase, in a security that is investment-grade, it is possible that such security may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">downgraded after its purchase so that it is no longer investment-grade.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund has a significant portion of its assets invested in securities of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conducting business in a broadly related group of industries within an economic sector, the Fund may be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Variable and Floating Rate Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> For floating and variable rate obligations, there may be a lag between an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Variable rate demand obligations (“VRDOs”) are floating rate securities that combine an interest in a long term municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">institution is unable to pay, the Fund may lose money.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span> Performance <div><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below can help you evaluate potential risks of the Infrastructure Debt Fund.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The bar chart shows </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">how the Fund’s annual total returns for Institutional Service Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have varied from year to year. The table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">following the bar chart compares the Fund’s performance over time with those of a broad measure of market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Returns in the table reflect the maximum applicable sales charges.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The table compares the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">average annual total returns to the returns of the Bloomberg U.S. Aggregate Bond Index, a broad-based securities index. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">perform in the future.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> For updated performance information, please visit </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">https://www.aberdeeninvestments.com/en-us/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investor/funds/view-all-funds</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">866-667-9231</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund changed its investment objective and strategies effective August 18, 2023, November 15, 2019 and August 15, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2016. In connection with the changes effective August 18, 2023, the Fund transitioned from an “absolute return” strategy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with a global focus to a focus on U.S. and non-U.S. infrastructure-related debt. Performance information for periods prior </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to August 18, 2023, November 15, 2019 and August 15, 2016 reflect different investment strategies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In connection with the change in investment objective and strategy on August 18, 2023, the Fund changed its name from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">abrdn Global Absolute Return Strategies Fund to abrdn Infrastructure Debt Fund. In connection with the change in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment objective and strategy on November 15, 2019, the Fund changed its name from Aberdeen Global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Unconstrained Fixed Income Fund to Aberdeen Global Absolute Return Strategies Fund. In connection with the change in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment objective and strategy on August 15, 2016, the Fund changed its name from Aberdeen Global Fixed Income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund to Aberdeen Global Unconstrained Fixed Income Fund.</span></div> The bar chart and table below can help you evaluate potential risks of the Infrastructure Debt Fund. Returns in the table reflect the maximum applicable sales charges. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds 866-667-9231 Annual Total Returns – Institutional Service Class Shares(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2253img007.jpg"/></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">6.93%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">4th quarter 2023</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-5.24%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1st quarter 2022</span></div> Highest Return: 6.93% - 4th quarter 2023 0.0693 2023-12-31 Lowest Return: -5.24% - 1st quarter 2022 -0.0524 2022-03-31 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are shown in the following table for Institutional Service Class shares only and will vary for other classes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Your actual after-tax return depends on your personal tax situation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span></div> After-tax returns are shown in the following table for Institutional Service Class shares only and will vary for other classes. After–tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.41</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-1.68</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.67</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.09</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-0.68</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.33</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Service Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.93</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-0.81</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.20</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Service Class shares – After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.10</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-2.29</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.01</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Service Class shares – After Taxes on Distributions and Sales of </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Shares</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.05</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-1.22</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.20</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Bloomberg U.S. Aggregate Bond Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects no deduction for fees, expenses </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.30</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-0.36</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.01</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> 0.0341 -0.0168 0.0167 0.0709 -0.0068 0.0233 0.0693 -0.0081 0.022 0.041 -0.0229 0.0101 0.0405 -0.0122 0.012 (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn Real Estate Fund (</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the “Real Estate Fund” or the “Fund”) seeks a high level of current income. Capital </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">appreciation is a secondary objective.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the Real Estate Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">abrdn Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these and other discounts is available from your financial advisor and in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“Reduction and Waiver of Class A and Class A1 Sales Charges” and “Broker-Defined Sales Charge Waiver Policies” </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">112 and 152</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s prospectus, respectively, and in the “Additional Information on Purchases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and Sales — Waiver of Class A and Class A1 Sales Charges” and “Reduction of Sales Charges” sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">104 and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">105</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s Statement of Additional Information, respectively. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in abrdn Funds. 50000 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:75%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shareholder Fees (fees paid directly from your investment)</b></span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Class A </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Institutional </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Class </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Sales Charge (Load) imposed upon purchases (as a percentage of offering price)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">less)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽¹⁾</span> </div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Small Account Fee</span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽²⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> </tr> </table></div> Shareholder Fees (fees paid directly from your investment) 0.0575 0 0.01 0 20 20 <div> <table cellpadding="0" 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:75%"></td> <td style="height:1px;width:13.000000000000002%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="3" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.80</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.80</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.59</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.58</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.64</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.38</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.40</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.39</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.24</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.99</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.008 0.008 0.0025 0 0.0059 0.0058 0.0164 0.0138 0.004 0.0039 0.0124 0.0099 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid.</span> February 28, 2027 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This Example is intended to help you compare the cost of investing in the Real Estate Fund with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. It assumes a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:54%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$694</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,026</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,380</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,375</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class Shares</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$101</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$399</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$718</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,624</span></div> </td> </tr> </table></div> 694 1026 1380 2375 101 399 718 1624 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Real Estate Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">41</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div> 0.41 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As a non-fundamental policy, under normal circumstances, the Real Estate Fund invests 80% of its net assets (plus the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amount of any borrowings for investment purposes) in the securities of issuers which (i) are principally engaged in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">real estate industry, (ii) are principally engaged in real estate financing or (iii) control real estate assets with an aggregate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">estimated value equal to no less than 50% of such issuer’s assets. These companies include, but are not limited to, real </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">estate investment trusts (“REITs”), real estate operating companies and homebuilders, and companies with a majority of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">real estate holdings, such as hotel and entertainment companies. “Principally engaged” in the real estate industry or in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">real estate financing means that a majority of a company’s revenues are derived from the real estate industry or from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">real estate financing, respectively, or that the company is classified as a “real estate” company under the Standard &amp; </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Poor’s Global Industry Classification System (GICS). To “control” real estate assets means to own such assets.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund concentrates its investments in the securities of companies engaged principally in the real estate industry and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may invest all of its assets in such securities; however, the Fund may temporarily invest less than 25% of its net assets in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such securities during periods of adverse economic conditions in the real estate industry.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition to common stocks and REITs, securities in which the Fund may invest include preferred stocks and rights and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">warrants.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest up to 35% of its net assets in foreign securities. The Fund may invest in companies of any market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capitalization.</span><span style="-sec-ix-redline:true;"></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes investments in the equity securities of companies which it believes have the potential to grow </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">their earnings at faster than normal rates and thus offer the potential for higher dividends and capital growth in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In managing the assets of the Fund, the Adviser invests primarily in the equity securities of companies offering high </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dividend yields and which the Adviser believes offer strong prospects for capital growth. In selecting investments, a focus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Adviser is to identify investment opportunities where dividends are well supported by the underlying assets and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">earnings of a company.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser considers and evaluates ESG (Environmental, Social and Governance) factors as part of the investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">analysis process. The Adviser considers the most material potential ESG risks and opportunities impacting issuers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">alongside other non-ESG factors. The relevance of ESG factors to the investment process varies across issuers. Not every </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and, as a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or high ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ratings. As ESG information is just one investment consideration, ESG considerations generally are not solely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">determinative in any investment decision made by the Adviser.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is “non-diversified.” This means that, as compared to mutual funds which are diversified, the Fund may invest a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater percentage of its total assets in the securities of a single issuer. As a result, the Fund may hold larger positions in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relatively small number of stocks as compared to many other mutual funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Issuer Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of a security may decline for reasons directly related to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stock or other security of a company may not perform as well as expected, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decrease in value, because of factors related to the company (such as poorer than expected earnings or certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management decisions), to the industry in which the company is engaged (such as a reduction in the demand for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or general and prolonged periods of economic decline).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund is subject to the risk that the Adviser or Sub-adviser may make poor security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">selections. The Adviser or Sub-adviser and their portfolio managers apply their own investment techniques and risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the desired results for the Fund. In addition, the Adviser or the Sub-adviser may select securities that underperform the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant market or other funds with similar investment objectives and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>REIT and Real Estate Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment in REITs and real estate involves the risks that are associated with direct ownership </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of real estate and with the real estate industry in general. These risks include: declines in the value of real estate; risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to local economic conditions, overbuilding and increased competition; increases in property taxes and operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses; changes in zoning laws; casualty or condemnation losses; variations in rental income, neighborhood values or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the appeal of properties to tenants; changes in interest rates and changes in general economic and market conditions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">REITs’ share prices may decline because of adverse developments affecting the real estate industry including changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates. The returns from REITs may trail returns from the overall market. Additionally, there is always a risk that a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">given REIT will fail to qualify for favorable tax treatment. REITs may be leveraged, which increases risk. Certain REITs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">charge management fees, which may result in layering the management fee paid by the fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Concentration Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund’s strategy of concentrating in companies in a specific industry or sector, or closely related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">group of industries or sectors, means that its performance will be closely tied to the performance of a particular market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">segment. The Fund’s concentration in these companies may present more risks than if it were broadly diversified over </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies will lag the performance of other industries or the broader market as a whole.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Dividend Strategy Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future or that, if dividends are declared, they will remain at their current levels or increase over time. The Fund’s emphasis </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on dividend paying stocks could cause the Fund to underperform similar funds that invest without consideration of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company’s track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">participate in a broad market advance to the same degree as other stocks, and a sharp rise in interest rates or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">downturn could cause a company to unexpectedly reduce or eliminate its dividend.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect the Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG  factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Exposure Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unsuccessful.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign countries in which the Fund may invest may have markets that are less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region, economic, political, regulatory or other conditions affecting such country or region may have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater impact on Fund performance relative to a more geographically diversified Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Mid-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of medium-sized companies tend to be more volatile and less liquid than securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of smaller companies are usually less stable in price and less liquid than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. Therefore, they generally involve greater risk. Small-cap companies may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited product lines or markets, be less financially secure than larger companies, or depend on a small number of key </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">personnel. If adverse developments occur, such as due to management changes or product failure, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in a small-cap company may lose substantial value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span> Performance <div><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below can help you evaluate potential risks of the Real Estate Fund.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The bar chart shows how the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s annual total returns for Institutional Class shares have varied from year to year.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table following the bar chart compares the Fund’s performance over time with those of a broad measure of market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance and an additional index that more closely reflects the Fund’s investment strategy. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Returns in the table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the maximum applicable sales charges.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table compares the Fund’s average annual total returns to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns of the S&amp;P 500</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">®</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index, a broad-based securities index, and the MSCI US REIT Index. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Remember, however, that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> For </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">updated performance information, please visit </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">866-667-9231</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns presented for the Fund for periods prior to May 7, 2018 reflect the performance of a predecessor fund (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“Predecessor Fund”), which was a registered investment company. The Fund adopted the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Predecessor Fund as the result of a reorganization that occurred as of the close of business on May 4, 2018, in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The Fund and the Predecessor Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have substantially similar investment objectives and strategies.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">abrdn Inc. and abrdn Investments Limited began advising and sub-advising, respectively, the Fund immediately following </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the closing of the reorganization. Performance prior to this date reflects the performance of an unaffiliated investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adviser.</span></div> The bar chart and table below can help you evaluate potential risks of the Real Estate Fund. Returns in the table reflect the maximum applicable sales charges. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds 866-667-9231 Annual Total Returns – Institutional Class Shares(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2253img008.jpg"/></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">17.03%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1st quarter 2019</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-25.28%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1st quarter 2020</span></div> Highest Return: 17.03% - 1st quarter 2019 0.1703 2019-03-31 Lowest Return: -25.28% - 1st quarter 2020 -0.2528 2020-03-31 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are shown in the following table for Institutional Class shares only and will vary for other classes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Your actual after-tax return depends on your personal tax situation and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span></div> After-tax returns are shown in the following table for Institutional Class shares only and will vary for other classes. After–tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-4.10</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.24</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.73</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.89</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.74</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.61</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.49</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.27</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.17</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – After Taxes on Distributions and Sales of Shares</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.11</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.08</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.56</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">S&amp;P 500® Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects no deduction for fees, expenses or taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">17.88</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">14.42</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">14.82</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">MSCI US REIT Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects no deduction for fees, expenses or taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.95</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.58</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.71</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> -0.041 0.0424 0.0473 0.0189 0.0574 0.0561 0.0049 0.0327 0.0217 0.0211 0.0408 0.0356 (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.0295 0.0658 0.0571 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn Short Duration High Yield Municipal Fund (the “Short Duration High Yield Municipal Fund” or the “Fund”) seeks a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">high level of current income exempt from federal income tax.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the Short Duration </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">High Yield Municipal Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$100,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in abrdn Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these and other discounts is available from your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial advisor and in the “Reduction and Waiver of Class A and Class A1 Sales Charges</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">” and “Broker-Defined Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charge Waiver Policies” sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">112 and 152</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s prospectus, respectively, and in the “Additional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Information on Purchases and Sales — Waiver of Class A and Class A1 Sales Charges” and “Reduction of Sales Charges” </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">104 and 105</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s Statement of Additional Information, respectively. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>You may pay other fees, </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>below.</b></span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in abrdn Funds. 100000 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:63%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shareholder Fees (fees paid directly from your investment)</b></span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Class A </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Class C </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Institutional </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Class </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Sales Charge (Load) imposed upon purchases (as a percentage of </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">offering price)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.50</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price, whichever is less)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽¹⁾</span> </div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽²⁾</span> </div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Small Account Fee</span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽³⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> </tr> </table></div> Shareholder Fees (fees paid directly from your investment) 0.025 0 0 0.0075 0.01 0 20 20 20 <div> <table cellpadding="0" 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:63%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="4" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.55</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.55</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.55</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.47</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.37</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.46</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.27</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.92</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.01</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽⁴⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.35</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.34</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Limitations/Expense </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Reimbursements</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.92</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.67</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.67</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0.0055 0.0025 0.01 0 0.0047 0.0037 0.0046 0.0127 0.0192 0.0101 0.0035 0.0025 0.0034 0.0092 0.0167 0.0067 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">If you redeem your Class C shares within the first year after you purchase them you must pay a CDSC of 1.00%; however, the CDSC shall not apply to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">purchases of Class C shares where the selling broker-dealer was not paid a commission at the time of purchase.</span> February 28, 2027 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">This Example is intended to help you compare the cost of investing in the Short Duration High Yield Municipal Fund with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the cost of investing in other funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. It assumes a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:54%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$342</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$609</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$897</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,716</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class C Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$270</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$579</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,014</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,223</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class Shares</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$68</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$288</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$525</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,205</span></div> </td> </tr> </table></div> 342 609 897 1716 270 579 1014 2223 68 288 525 1205 You would pay the following expenses on the same investment if you did not sell your shares: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:54%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class C Shares</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$170</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$579</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,014</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,223</span></div> </td> </tr> </table></div> 170 579 1014 2223 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Short Duration High Yield Municipal Fund pays transaction costs, such as commissions, when it buys and sells </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">97</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div> 0.97 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As a fundamental policy, under normal circumstances, the Short Duration High Yield Municipal Fund invests at least 80% </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of its net assets (plus borrowings for investment purposes) in municipal obligations that are exempt from federal income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tax (including securities subject to the federal alternative minimum tax (“AMT”)). Tax-exempt municipal obligations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">include municipal obligations that pay interest that is free from U.S. federal income tax </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">but may be subject to the federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">alternative minimum tax (“AMT”</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest, without limitation, in municipal obligations whose interest income is a tax-preference item </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">(i.e., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">income that may trigger the alternative minimum tax) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for purposes of the AMT. If this is the case, the Fund’s net return to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those investors may be lower than to investors not subject to the AMT. The interest income distributed by the Fund that is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derived from certain tax-exempt municipal obligations may be subject to the federal AMT for individuals. There is no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limitation on the portion of the Fund’s assets that may be invested in municipal obligations subject to the AMT. An investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">should consult his or her tax adviser for more information.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Fund will maintain an investment portfolio with a weighted average effective </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">duration of less than 4.5 years. However, the Fund can buy securities of any maturity. The Adviser expects to increase or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decrease the portfolio’s effective duration based on its outlook for the market and interest rates. Duration measures the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sensitivity of bond prices to changes in interest rates</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> (for example, if interest rates were to rise 1%, a bond or bond fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">with a duration of four and a half years would be expected to lose approximately 4.5% of its value)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The longer the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">duration of a bond, the longer it will take to repay the principal and interest obligations and the more sensitive it will be to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in interest rates. Because of events affecting the bond markets and interest rate changes, the duration of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may not meet the target at all times.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in obligations of any credit quality. Under normal circumstances, the Fund invests at least 50% of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets in municipal bonds rated BBB+ or lower by S&amp;P Global Ratings or Baa or lower by Moody’s Investors Service, Inc., at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the time of investment, or the equivalent by another independent rating agency or the unrated equivalent as determined </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by the Adviser. Split rate bonds will be considered to have the higher credit rating. Municipal bonds rated below </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment grade (BB+/Ba1 or lower) are commonly known as “high yield” or “junk” bonds.</span></div><div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">The</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund may invest </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">in specific types of municipal obligations including, but</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> not limited to, general obligation bonds, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">auction rate securities, revenue bonds, private activity bonds, moral obligation bonds, municipal notes, municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commercial paper, municipal lease obligations and tender option bonds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Revenue obligations may include, but are not limited to, general obligation bonds, revenue bonds, private activity bonds, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">moral obligation bonds, municipal notes, municipal commercial paper, municipal lease obligations and tender option </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bonds. Revenue obligations may include, but are not limited to, industrial development, pollution control, public utility, </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">housing, and health care issues. Tender option bonds are created when a holder deposits tax-exempt or other bonds into </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a special purpose trust (“TOB trust”). The TOB trust issues two types of securities: floating rate notes (“floaters” or “TOBs”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and a residual security junior to the floaters (“inverse floaters”). The Fund may invest in floaters issued by TOB trusts.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund can invest up to 25% of its total assets in tobacco-related bonds without an appropriation pledge that makes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">payments only from a state’s interest in the tobacco Master Settlement Agreement (“MSA”). The MSA is an agreement, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reached out of court in 1998, between the largest U.S. tobacco manufacturers and 46 states and other U.S. jurisdictions to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">settle claims against the tobacco manufacturers.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in municipal obligations of any state, city, county or other governmental entity, including Puerto Rico </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and U.S. territories. The Fund currently anticipates that it will have significant exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Florida, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">New York </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">and Wisconsin </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">municipal securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting investments for the Fund, the Adviser generally looks for a wide range of U.S. issuers and securities that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">provide high current income, including unrated bonds and securities of smaller issuers that offer high current income and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">might be overlooked by other investors and funds. The Adviser also focuses on securities with coupon interest or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">accretion rates, current market interest rates, callability and call prices that might change the effective maturity of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particular securities. The Adviser may consider selling a security if any of these factors no longer applies to a security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purchased for the Fund, but are not required to do so. The Adviser also examines the material risks of an investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">across a spectrum of considerations including financial metrics, regional and national conditions and industry specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">factors. The Adviser may also consider the most material potential ESG (Environmental, Social and Governance) risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and opportunities impacting issuers, where relevant. Not every ESG factor may be identified or evaluated for every </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may not be issuers with favorable ESG characteristics or high ESG ratings. As ESG information is just one investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consideration, ESG considerations generally are not solely determinative in any investment decision made by the Adviser. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The relevance of ESG factors to the investment process varies across issuers and instrument types.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Fixed Income Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fixed income securities fluctuate in price based on changes in an issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and overall market and economic conditions. The value of a fixed income security may also fall due to specific conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that affect a particular sector of the securities market or a particular issuer. Fixed income securities are subject to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among other risks, credit risk, extension risk, issuer risk, interest rate risk, market risk and prepayment risk.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is subject to the risk that the Adviser may make poor security selections. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and its portfolio managers apply their own investment techniques and risk analyses in making investment decisions for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser may select securities that underperform the relevant market or other funds with similar investment objectives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Municipal Securities Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Municipal bonds can be significantly affected by political and economic changes, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security holders. Municipal bonds have varying levels of sensitivity to changes in interest rates. Interest rate risk is generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lower for shorter-term Municipal bonds and higher for long term Municipal bonds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Municipal Bond Tax Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – A municipal bond that is issued as tax-exempt may later be declared to be taxable. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">addition, if the federal income tax rate is reduced, the value of the tax exemption may be less valuable, causing the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of a municipal bond to decline.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Municipal Market Volatility and Illiquidity Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The municipal bond market can be susceptible to unusual volatility, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions or credit tightening. During times of reduced market liquidity, the Fund may not be able to readily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sell bonds without the sale significantly changing the market value of the bond. If the Fund needed to sell large blocks of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds’ prices.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Municipal Sector Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – From time to time the Fund may invest a substantial amount of its assets in municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities whose interest is paid solely from revenues of similar projects. If the Fund concentrates its investments in this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">manner, it assumes the economic risks relating to such projects and this may have a significant impact on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment performance.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;-sec-ix-redline:true;"><i>State-Specific Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> -  A Fund may from time to time invest a substantial amount of its total assets in municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">securities of issuers in one or more states and, therefore, is subject to the risk that the economies of the states in which it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">invests, and the revenues supporting the municipal securities, may decline. Investing a substantial amount of its total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">assets in one or more states means that a Fund is more susceptible to the economic, market, political, regulatory or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">occurrences that affect the issuers in those states. The particular states in which a Fund may focus its investments may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">change over time and the Fund may alter its focus at inopportune times.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;-sec-ix-redline:true;"><i>Florida State-Specific Risk –</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> To the extent the Fund invests a substantial amount of its assets in Florida municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">securities, the Fund may be affected by economic, regulatory or political developments affecting the ability of Florida </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">issuers to pay interest or repay principal.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;-sec-ix-redline:true;"><i>New </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;-sec-ix-redline:true;"><i>York State-Specific Risk –</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> To the extent the Fund invests a substantial amount of its assets in New York </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">municipal securities, the Fund may be affected by economic, regulatory or political developments affecting the ability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">New York issuers to pay interest or repay principal.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;-sec-ix-redline:true;"><i>Wisconsin State-Specific Risk –</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> To the extent the Fund invests a substantial amount of its assets in Wisconsin </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">municipal securities, the Fund may be affected by economic, regulatory or political developments affecting the ability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Wisconsin issuers to pay interest or repay principal.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>High-Yield Bonds and Other Lower-Rated Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments in high-yield bonds (commonly referred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to as “junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. Investments in high–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield bonds are speculative and issuers of these securities are generally considered to be less financially secure and less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield bonds tend to be very </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price or sell, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly in times of negative sentiment toward high-yield securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Impact of Large Redemptions and Purchases of Fund Shares –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Occasionally, shareholders may make large redemptions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purchases of Fund shares, which may cause the Fund to have to sell securities or invest additional cash. These </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions may adversely affect the Fund’s performance and increase transaction costs. In addition, large redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requests may exceed the cash balance of the Fund and result in credit line borrowing fees and/or overdraft charges to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund until the sales of portfolio securities necessary to cover the redemption request settle.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Illiquid Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Illiquid securities are assets that the Fund reasonably expects cannot be sold or disposed of in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">current market conditions in seven calendar days or less without the sale or disposition significantly changing the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value of the asset. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">being able to take advantage of other investment opportunities. Illiquid and relatively less liquid securities may also be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">difficult to value. Over recent years, the capacity of dealers to make markets in fixed income securities has been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outpaced by the growth in the size of the fixed income markets. Illiquid securities risk may be magnified in a rising interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rate environment or when investor redemptions from fixed income funds may be higher than normal, due to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increased supply in the market that would result from selling activity.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser employs procedures and tests using third-party and internal data inputs that seek to assess and manage the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of the Fund’s portfolio holdings. These procedures and tests take into account the Fund’s investment strategy and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of portfolio investments during both normal and foreseeable stressed conditions, cash-flow projections during </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">both normal and reasonably foreseeable stressed conditions, relevant market, trading and other factors, and monitor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">whether liquidity should be adjusted based on changed market conditions. These procedures and tests are designed to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assist the Fund in determining its ability to meet redemption requests in various market conditions. In light of the dynamic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">nature of markets, there can be no assurance that these procedures and tests will enable the Fund to ensure that it has </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sufficient liquidity to meet redemption requests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Auction Rate Securities Risk -</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Auction rate securities are variable rate bonds whose interest rates are reset at specified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intervals through a “Dutch” auction process. A “Dutch” auction is a competitive bidding process designed to determine a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">single uniform clearing rate that enables purchases and sales of the auction rate securities to take place at par. All </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">accepted bids and holders of the auction rate securities receive the same rate. Auction rate securities holders rely on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity generated by the auction. There is a risk that an auction will fail due to insufficient demand for the securities. If an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">auction fails, an auction rate security may become illiquid until a subsequent successful auction is conducted, the issuer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">redeems the issue, or a secondary market develops.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect the Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG  factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Interest Rate Risk -</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s fixed income investments are subject to interest rate risk, which generally causes the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of a fixed income portfolio to decrease when interest rates rise resulting in a decrease in the Fund’s net assets.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For example, if interest rates increase by 1%, assuming a current portfolio duration of 4.5 years, and all other factors being </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equal, the value of the Fund’s investments would be expected to decrease by 4.5%.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Interest rate fluctuations tend to have a greater impact on fixed income-securities with a greater time to maturity and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lower coupon. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fund with a shorter average portfolio duration. In periods of market volatility, the market values of fixed income securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be more sensitive to changes in interest rates.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Investment-Grade Debt Securities –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment-grade debt securities are debt securities rated within the highest grades </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(AAA/Aaa through BBB-/Baa) by S&amp;P or Moody’s rating services, and unrated securities of comparable quality. If a Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests, at the time of purchase, in a security that is investment-grade, it is possible that such security may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">downgraded after its purchase so that it is no longer investment-grade.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Portfolio Turnover Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund may engage in active and frequent trading of portfolio securities to achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment objective. High portfolio turnover may result in greater transaction costs which may reduce Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance. The sale of Fund portfolio securities may also result in greater realization and/or distribution to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shareholders of gains or losses as compared to a fund with less active trading, which may include short-term gains </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable at ordinary income tax rates.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Private Placements and Other Restricted Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in private placements and other restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, including Regulation S Securities and Rule 144A Securities, could have the effect of increasing the Fund’s level </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of illiquidity. Private placements and restricted securities may be less liquid than other investments because such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities may not always be readily sold in broad public markets and the Fund might be unable to dispose of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities promptly or at prices reflecting their true value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Tender Option Bonds Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Tender option bonds are synthetic floating-rate or variable-rate securities issued when long–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">term bonds are purchased in the primary or secondary market and then deposited into a trust. Tender option bonds may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be considered derivatives, and may expose the Fund to the same risks as investments in derivatives, as well as risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with leverage, especially the risk of increased volatility.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Tobacco Related Bonds Risk -</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In 1998, the largest U.S. tobacco manufacturers reached an out of court agreement, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">MSA, to settle claims against them by 46 states and six other U.S. jurisdictions. The tobacco manufacturers agreed to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">make annual payments to the government entities in exchange for the release of all litigation claims. A number of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">states have sold bonds that are backed by those future payments. The Fund may invest in two types of those bonds: (i) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bonds that make payments only from a state’s interest in the MSA and (ii) bonds that make payments from both the MSA </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">revenue and from an “appropriation pledge” by the state. An “appropriation pledge” requires the state to pass a specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">periodic appropriation to make the payments and is generally not an unconditional guarantee of payment by a state. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The settlement payments are based on factors, including, but not limited to, annual domestic cigarette shipments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cigarette consumption, inflation and the financial capability of participating tobacco companies. Payments could be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduced if consumption decreases, if market share is lost to non-MSA manufacturers, or if there is a negative outcome in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">litigation regarding the MSA.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span> Performance <div><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below can help you evaluate potential risks of the Short Duration High Yield Municipal Fund.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bar chart shows how the Fund’s annual total returns for Institutional Class shares have varied from year to year. The table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">following the bar chart compares the Fund’s performance over time with those of a broad measure of market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance and an additional index that more closely reflects the Fund’s investment strategy. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Returns in the table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the maximum applicable sales charges, if any.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The table compares the Fund’s performance over time with those </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Bloomberg Municipal Bond Index, a broad based securities index, and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Custom abrdn Short Duration High Yield </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Municipal Fund Index (the “Custom Index”). The Custom Index reflects the returns of the Bloomberg Municipal Bond </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Inter-Short (1-10 Y) Index from March 31, 2025 and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">S&amp;P Municipal Bond Short Intermediate Index</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> for periods prior to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">March 31, 2025. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the Fund during the same time periods.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Remember, however, that past performance (before and after taxes) is not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">necessarily indicative of how the Fund will perform in the future.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> For updated performance information, please visit </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">866-667-9231</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund changed its investment strategy effective February 28, 2019 to adopt a target weighted average effective </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">duration. Performance information for periods prior to February 28, 2019 does not reflect such investment policy. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">connection with the change in investment policy, the Fund changed its name from Aberdeen High Yield Managed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Duration Municipal Fund to Aberdeen Short Duration High Yield Municipal Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns presented for the Fund for periods prior to May 7, 2018 reflect the performance of a predecessor fund (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“Predecessor Fund”), which was a registered investment company. The Fund adopted the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Predecessor Fund as the result of a reorganization that occurred as of the close of business on May 4, 2018, in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The Fund and the Predecessor Fund had </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">substantially similar investment objectives and strategies prior to the Fund’s adoption of its current investment strategies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on February 28, 2019.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">abrdn Inc. began advising the Fund immediately following the closing of the reorganization. Performance prior to this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">date reflects the performance of an unaffiliated investment adviser.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C returns prior to the commencement of operations of Class C (inception date: 12/18/2020) are based on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">previous performance of the Fund’s Class A shares (inception date 5/31/2013). Excluding the effect of any fee waivers or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reimbursements, this performance is substantially similar to what each individual class would have produced because all </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes invest in the same portfolio of securities. Returns would only differ to the extent of the differences in expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between the two classes.</span></div> The bar chart and table below can help you evaluate potential risks of the Short Duration High Yield Municipal Fund. Returns in the table reflect the maximum applicable sales charges, if any. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds 866-667-9231 Annual Total Returns – Institutional Class Shares(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2253img009.jpg"/></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.97%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">4th quarter 2023</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-4.88%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1st quarter 2022</span></div> Highest Return: 2.97% - 4th quarter 2023 0.0297 2023-12-31 Lowest Return: -4.88% - 1st quarter 2022 -0.0488 2022-03-31 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are shown in the following table for Institutional Class shares only and will vary for other classes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Your actual after-tax return depends on your personal tax situation and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span></div> After-tax returns are shown in the following table for Institutional Class shares only and will vary for other classes. After–tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-0.34</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.02</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.39</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class C shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.52</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-0.21</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.27</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.51</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.78</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.90</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.45</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.76</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.88</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – After Taxes on Distributions and Sales of Shares</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.12</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.29</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.17</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Bloomberg Municipal Bond Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects no deduction for fees, expenses or </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.80</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.34</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Custom abrdn Short Duration High Yield Municipal Fund Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects no </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">deduction for fees, expenses or taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.95</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.40</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.95</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> -0.0034 0.0002 0.0139 0.0052 -0.0021 0.0127 0.0251 0.0078 0.019 0.0245 0.0076 0.0188 0.0312 0.0129 0.0217 (reflects no deduction for fees, expenses or taxes) 0.0425 0.008 0.0234 0.0495 0.014 0.0195 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn U.S. Small Cap Equity Fund (the “U.S. Small Cap Equity Fund” or the “Fund”) seeks long-term capital </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">appreciation.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the U.S. Small Cap </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Equity Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in abrdn Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these and other discounts is available from your financial advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and in the “Reduction and Waiver of Class A and Class A1 Sales Charges” and “Broker-Defined Sales Charge Waiver </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Policies” sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">112 and 152</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s prospectus, respectively, and in the “Additional Information on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Purchases and Sales — Waiver of Class A and Class A1 Sales Charges” and “Reduction of Sales Charges” sections on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">104 and 105</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s Statement of Additional Information, respectively. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>You may pay other fees, such as </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in abrdn Funds. 50000 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:39%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Shareholder Fees (fees paid directly from your investment)</b></span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>Class A </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>Class C </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>Class R </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>Institutional </b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Class </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>Institutional</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Service </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Class</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Shares</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Maximum Sales Charge (Load) imposed upon </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">purchases (as a percentage of offering price)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Maximum Deferred Sales Charge (Load) (as a </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">percentage of offering or sale price, whichever is </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">less)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span> </div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span> </div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Small Account Fee</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$20</span></div> </td> </tr> </table></div> Shareholder Fees (fees paid directly from your investment) 0.0575 0 0 0 0 0.01 0.01 0 0 0 20 20 0 20 20 <div> <table cellpadding="0" 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:39%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="6" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.84</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.84</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.84</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.84</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.84</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.50</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.40</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.37</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.40</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.34</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.41</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Acquired Fund Fees and Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:NaNpt;"></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:NaNpt;"></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:NaNpt;"></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:NaNpt;"></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:NaNpt;"></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.49</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.21</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.74</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.18</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽⁴⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.14</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.26</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.14</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.23</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.14</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽⁵⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.35</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.95</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.60</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.95</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.11</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0084 0.0084 0.0084 0.0084 0.0084 0.0025 0.01 0.005 0 0 0.004 0.0037 0.004 0.0034 0.0041 0.0149 0.0221 0.0174 0.0118 0.0125 0.0014 0.0026 0.0014 0.0023 0.0014 0.0135 0.0195 0.016 0.0095 0.0111 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">If you redeem your Class C shares within the first year after you purchase them you must pay a CDSC of 1.00%; however, the CDSC shall not apply to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">purchases of Class C shares where the selling broker-dealer was not paid a commission at the time of purchase.</span> February 28, 2027 The Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements do not correlate to the Fund’s Ratio of Expenses to Average Net Assets included in the Fund’s Financial Highlights in the Fund’s prospectus as they have been restated to reflect the current expense limitation agreement effective February 28, 2025. Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">This Example is intended to help you compare the cost of investing in the U.S. Small Cap Equity Fund with the cost of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">investing in other funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund for the time periods indicated and then sell all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. It assumes a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:54%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$705</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,006</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,329</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,241</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class C Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$298</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$666</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,161</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,524</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class R Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$163</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$534</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$931</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,040</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$97</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$352</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$627</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,411</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Service Class Shares</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$113</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$383</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$673</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,499</span></div> </td> </tr> </table></div> 705 1006 1329 2241 298 666 1161 2524 163 534 931 2040 97 352 627 1411 113 383 673 1499 You would pay the following expenses on the same investment if you did not sell your shares: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:54%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class C Shares</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$198</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$666</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,161</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$2,524</span></div> </td> </tr> </table></div> 198 666 1161 2524 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The U.S. Small Cap Equity Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">48</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div> 0.48 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As a non-fundamental policy, under normal circumstances, the U.S. Small Cap Equity Fund invests at least 80% of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value of its net assets, plus any borrowings for investment purposes, in equity securities issued by U.S. small-cap </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies. A company is considered to be a U.S. company if Fund management determines that the company meets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">one or more of the following criteria:</span></div><div> <table cellspacing="0" style="padding-top:6pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company is organized under the laws of the United States;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal office in, or management is located in, the United States; and/or</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal securities trading market in the United States.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund considers small-cap companies to be companies that have market capitalizations similar to those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies included in the Russell 2000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">^®</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index at the time of investment. The range of the Russell 2000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">^®</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index was $</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">5.61</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">million to $</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">24.89</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> billion as of December 31, </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">2025</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund also may invest in foreign securities and securities of larger companies. Equity securities include, but are not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited to, common stock, preferred stock and depositary receipts.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in securities of any market sector and may hold a significant amount of securities of companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from time to time, within a single sector. The Fund currently anticipates that it will have significant exposure to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financials sector.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in securities denominated in U.S. Dollars and the currencies of any foreign countries in which it is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitted to invest. The Fund typically has full currency exposure to those markets in which it invests. The Fund invests </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">predominantly in securities of U.S. issuers. The Fund may also invest in non-U.S. companies, including primarily Canadian </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In seeking to achieve the Fund’s investment objective, the Adviser invests in quality companies and is an active, engaged </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">owner. The Adviser evaluates every company against quality criteria and builds conviction using a team-based </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">approach and peer review process. The quality assessment covers five key factors: 1) the durability of the business </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">model, 2) the attractiveness of the industry, 3) the strength of financials, 4) the capability of management, and 5) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">most material environmental, social and governance (“ESG”) factors impacting a company. Not every ESG factor may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a result, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers in which the Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. As ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information is just one investment consideration, ESG considerations generally are not solely determinative in any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment decision made by the Adviser. Through fundamental research, supported by a global research presence, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser seeks to identify companies whose quality and future prospects are not yet fully recognized by the market.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Issuer Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of a security may decline for reasons directly related to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stock or other security of a company may not perform as well as expected, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decrease in value, because of factors related to the company (such as poorer than expected earnings or certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management decisions), to the industry in which the company is engaged (such as a reduction in the demand for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or general and prolonged periods of economic decline).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is subject to the risk that the Adviser may make poor security selections. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and its portfolio managers apply their own investment techniques and risk analyses in making investment decisions for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser may select securities that underperform the relevant market or other funds with similar investment objectives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of smaller companies are usually less stable in price and less liquid than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. Therefore, they generally involve greater risk. Small-cap companies may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited product lines or markets, be less financially secure than larger companies, or depend on a small number of key </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">personnel. If adverse developments occur, such as due to management changes or product failure, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in a small-cap company may lose substantial value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect the Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG  factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Exposure Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unsuccessful.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign countries in which the Fund may invest may have markets that are less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region, economic, political, regulatory or other conditions affecting such country or region may have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater impact on Fund performance relative to a more geographically diversified fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund has a significant portion of its assets invested in securities of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conducting business in a broadly related group of industries within an economic sector, the Fund may be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Financials Sector Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. To the extent that the financials sector represents a significant portion of the Fund’s portfolio, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decreased liquidity in credit markets as well as cyber-attacks.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span> Performance <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">The bar chart and table below can help you evaluate potential risks of the U.S. Small Cap Equity Fund. The bar chart </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">shows how the Fund’s annual total returns for Class A shares have varied from year to year. The returns in the bar chart </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">do not reflect the impact of sales charges, if any. If the applicable sales charges were included, the annual total returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">would be lower than those shown. The table following the bar chart compares the Fund’s performance over time with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">those of a broad measure of market performance and an additional index that more closely reflects the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">investment strategy. Unlike the bar chart, the returns in the table reflect the maximum applicable sales charges. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">table compares the Fund’s average annual total returns to the returns of the Russell 3000® Index, a broad-based </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">securities index, and the Russell 2000® Index. Remember, however, that past performance (before and after taxes) is not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">necessarily indicative of how the Fund will perform in the future. For updated performance information, please visit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> or call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">866-667-9231</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">.</span></div> https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds 866-667-9231 Annual Total Returns – Class A Shares(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2253img010.jpg"/></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">29.29%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2nd quarter 2020</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-23.76%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1st quarter 2020</span></div> Highest Return: 29.29% - 2nd quarter 2020 0.2929 2020-06-30 Lowest Return: -23.76% - 1st quarter 2020 -0.2376 2020-03-31 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">After-tax returns are shown in the following table for Class A shares only and will vary for other classes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">After–tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Your actual after-tax return depends on your personal tax situation and may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span></div> After-tax returns are shown in the following table for Class A shares only and will vary for other classes. After–tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.49</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.89</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">9.07</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.49</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.27</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.54</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – After Taxes on Distributions and Sales of Shares</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.48</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.39</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.95</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class C shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.08</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.48</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">9.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class R shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.47</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.85</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">9.40</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">9.15</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.54</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">10.10</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Service Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.99</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.41</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">10.01</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Russell 3000® Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">(reflects no deduction for fees, expenses or taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">17.15</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">13.15</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">14.29</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Russell 2000® Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects no deductions for fees, expenses or taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">12.81</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.09</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">9.62</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> 0.0249 0.0489 0.0907 0.0249 0.0327 0.0754 0.0148 0.0339 0.0695 0.0708 0.0548 0.09 0.0847 0.0585 0.094 0.0915 0.0654 0.101 0.0899 0.0641 0.1001 (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1429 0.1281 0.0609 0.0962 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn U.S. Sustainable Leaders Fund (the “U.S. Sustainable Leaders Fund” or the “Fund”) seeks long-term capital </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">appreciation.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the U.S. Sustainable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Leaders Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in abrdn Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these and other discounts is available from your financial advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and in the “Reduction and Waiver of Class A and Class A1 Sales Charges” and “Broker-Defined Sales Charge Waiver </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Policies” sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">112 and 152</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s prospectus, respectively, and in the “Additional Information on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Purchases and Sales — Waiver of Class A and Class A1 Sales Charges” and “Reduction of Sales Charges” sections on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">104 and 105</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s Statement of Additional Information, respectively. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>You may pay other fees, such as </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in abrdn Funds. 50000 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:63%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shareholder Fees (fees paid directly from your investment)</b></span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Class A </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Institutional</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Class </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Institutional</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Service </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Class</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Sales Charge (Load) imposed upon purchases (as a percentage of </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">offering price)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.75</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price, whichever is less)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽¹⁾</span> </div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Small Account Fee</span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽²⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> </tr> </table></div> Shareholder Fees (fees paid directly from your investment) 0.0575 0 0 0.01 0 0 20 20 20 <div> <table cellpadding="0" 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:63%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="4" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.70</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.70</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.70</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.29</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.31</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.31</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.24</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.01</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.01</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.05</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.11</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.05</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Limitations/Expense </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Reimbursements</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.19</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.90</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.96</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.007 0.007 0.007 0.0025 0 0 0.0029 0.0031 0.0031 0.0124 0.0101 0.0101 0.0005 0.0011 0.0005 0.0119 0.009 0.0096 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid.</span> February 28, 2027 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">This Example is intended to help you compare the cost of investing in the U.S. Sustainable Leaders Fund with the cost of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">investing in other funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund for the time periods indicated and then sell all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. It assumes a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:54%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$689</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$941</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,212</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,985</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$92</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$311</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$547</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,226</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Service Class Shares</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$98</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$317</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$553</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,232</span></div> </td> </tr> </table></div> 689 941 1212 1985 92 311 547 1226 98 317 553 1232 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The U.S. Sustainable Leaders Fund pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">turnover rate was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">27</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div> 0.27 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The U.S. Sustainable Leaders Fund seeks to achieve its investment objective of seeking long-term capital appreciation by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investing primarily in equity securities of U.S. companies that the Adviser deems to have sound and improving prospects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and which demonstrate that they are current or emerging sustainable leaders through their management of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">environmental, social and governance (“ESG”) risks and opportunities in accordance with the Adviser’s criteria.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In pursuing the Fund’s investment strategies, the Adviser invests in quality companies and is an active, engaged owner </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and takes into consideration a company’s management of ESG risks and opportunities and the company’s ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance. The Adviser evaluates every company against quality criteria and builds conviction using a team-based </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">approach and peer review process. Through fundamental research, supported by a global research presence, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser seeks to identify companies whose quality and future prospects are not yet fully recognized by the market. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser’s overall quality assessment covers five key factors: (1) durability of the business model, (2) the attractiveness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the industry, (3) the strength of financials, (4) the capability of management, and (5) the most material ESG factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impacting a company.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">When assessing the most material ESG factors impacting a company, the Adviser evaluates the ownership structure and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">governance of the company as well as potential environmental and social risks and opportunities that the company may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">face. The Adviser will assign each company an ESG-quality rating ranging from 1 to 5 (1 indicating best in class and 5 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indicating laggards) – enabling the Fund’s investment team to identify current and emerging sustainable leaders. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Companies eligible for investment by the Fund must be rated </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">2</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or better by the Adviser. In limited circumstances, for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">example, in a corporate action or an initial public offering, the Fund may purchase or receive securities of companies that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have not been assigned an ESG quality rating by the Adviser so long as one is assigned to the company within the time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">period required by the Adviser’s internal process.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Examples of areas under scope when assessing a company’s ESG quality include the following:</span></div><div> <table cellspacing="0" style="padding-top:6pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Corporate Governance</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Carbon Emissions</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Air Quality</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Energy Management</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Water &amp; Wastewater Management</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Waste &amp; Hazardous Materials Management</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Ecological Impacts</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Human Rights &amp; Community Relations</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Customer Privacy</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Data Security</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Access &amp; Affordability</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Product Quality &amp; Safety</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Customer Welfare</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Selling Practices &amp; Product Labelling</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Labor Practices</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Employee Health &amp; Safety</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Employee Engagement</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Diversity &amp; Inclusion</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Product Design &amp; Lifecycle Management</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Business Model Resilience</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Supply Chain Management</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Materials Sourcing &amp; Efficiency</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Physical Impacts of Climate Change</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Business Ethics</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Competitive Behavior</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Management of the Legal &amp; Regulatory Environment</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Critical Incident Risk Management</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">Systemic Risk Management</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The foregoing list is not exhaustive and may change; in addition, not all areas in the foregoing list are relevant to every </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company in which the Fund may invest. The Adviser focuses its analysis on those areas that it believes will materially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact a company’s reputation or operational or financial performance.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In carrying out its assessments of ESG quality, the Adviser’s equity analysts incorporate internal data sources, including </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">external sources (e.g. MSCI reports), </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">a proprietary score (“Overall Sustainability Assessment”), </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">thematic expertise from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Adviser’s </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Sustainable Investment Team</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and stock-specific expertise from the Adviser’s equity ESG analysts. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser relies heavily on its own in-depth research and analysis over third party ESG ratings.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition, the Adviser </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">limits exposure to the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> lowest scoring companies </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">according to the Adviser’s Overall Sustainability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Assessment to a maximum of 20% of the Fund’s net assets</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. In limited circumstances, for example, in a corporate action or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">an initial public offering, the Fund may purchase or receive securities of companies that have not been assigned </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Overall Sustainability Assessment</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> by the Adviser so long as one is assigned to the company within the time period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">required by the Adviser’s internal process.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Binary exclusions are also applied to exclude a defined list of unacceptable activities. Based on MSCI business </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">involvement screening research and the Adviser’s analysis, the Fund will seek to not invest in companies that have:</span></div><div> <table cellspacing="0" style="padding-top:6pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">failed to uphold one or more principles of the UN Global Compact;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">an industry tie to (including companies that provide support systems and services, as well as those with direct (i.e., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">owners and producers) and indirect (i.e., parents and subsidiaries) involvement in) controversial weapons (cluster </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">munitions, landmines, biological / chemical weapons, depleted uranium weapons, blinding laser weapons, incendiary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">weapons, and/or non-detectable fragments);</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">a revenue contribution of 10% or more from the manufacture or sale of conventional weapons or weapons systems;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">a revenue contribution of 10% or more from tobacco or are tobacco manufacturers;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">a revenue contribution of 10% or more from the extraction of unconventional oil and gas (including oil sands, oil shale </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(kerogen-rich deposits), shale gas, shale oil, coal seam gas, and coal bed methane and excluding conventional oil and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">gas productions);</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">or a revenue contribution from thermal coal extraction.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund targets a lower Weighted Average Carbon Intensity (“WACI”) than its benchmark based on third-party data, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">third-party estimates when an issuer does not report Scope 1 and 2 emissions.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund will measure compliance with its principal investment strategies at the time of investment. Third party data by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which the Fund measures compliance with its binary exclusions, WACI target, and </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Overall Sustainability Assessment</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threshold is updated at regular intervals. If a company no longer meets the Fund’s principal strategies, the Adviser will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">make a determination as to whether to sell such security, in accordance with the Adviser’s internal process.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As a non-fundamental policy, under normal circumstances, the U.S. Sustainable Leaders Fund invests at least 80% of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value of its net assets, plus any borrowings for investment purposes, in equity securities issued by U.S. companies that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser considers to be current or emerging sustainable leaders in accordance with the Adviser’s criteria. Equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities include, but are not limited to, common stock, preferred stock and depositary receipts. The Fund seeks to invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in securities of U.S. companies. For purposes of the Fund’s 80% policy, a company is considered to be a U.S. company if </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund management determines that the company meets one or more of the following criteria:</span></div><div> <table cellspacing="0" style="padding-top:6pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company is organized under the laws of the United States;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal office in, or management is located in, the United States; and/or</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal securities trading market in the United States.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may also invest in non-U.S. companies, including primarily Canadian companies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund will invest in companies across a broad spectrum of market capitalizations.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in securities of any market sector and may hold a significant amount of securities of companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from time to time, within a single sector. The Fund currently anticipates that it will have significant exposure to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information technology sector.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in securities denominated in U.S. Dollars and the currencies of any foreign countries in which it is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitted to invest. The Fund typically has full currency exposure to those markets in which it invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Issuer Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of a security may decline for reasons directly related to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stock or other security of a company may not perform as well as expected, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decrease in value, because of factors related to the company (such as poorer than expected earnings or certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management decisions), to the industry in which the company is engaged (such as a reduction in the demand for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or general and prolonged periods of economic decline).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is subject to the risk that the Adviser may make poor security selections. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and its portfolio managers apply their own investment techniques and risk analyses in making investment decisions for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser may select securities that underperform the relevant market or other funds with similar investment objectives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sustainable Investing Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s “Sustainable Leaders” strategy could cause it to perform differently compared to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds that do not have such strategy. ESG considerations may be linked to long-term rather than short-term returns. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">criteria related to the Fund’s Sustainable Leaders strategy, including the exclusion of securities of companies that engage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in certain business activities, may result in the Fund forgoing opportunities to buy certain securities when it might </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for it to do so. In addition, there is a risk that the companies identified as sustainable leaders by the Adviser do not operate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as expected when addressing ESG issues. There are significant differences in interpretations of what it means for a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company to have positive ESG characteristics. While the Adviser believes its definitions are reasonable, the portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decisions it makes may differ with other investors’ or advisers’ views.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Exposure Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unsuccessful.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign countries in which the Fund may invest may have markets that are less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region, economic, political, regulatory or other conditions affecting such country or region may have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater impact on Fund performance relative to a more geographically diversified fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Mid-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of medium-sized companies tend to be more volatile and less liquid than securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund has a significant portion of its assets invested in securities of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conducting business in a broadly related group of industries within an economic sector, the Fund may be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Information Technology Sector Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the information technology sector represents a significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portion of the Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">factors impacting this sector. Information technology companies face intense competition, both domestically and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">internationally, which may have an adverse effect on their profit margins. Like other technology companies, information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology companies may have limited product lines, markets, financial resources or personnel. The products of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information technology companies may face obsolescence due to rapid technological developments, frequent new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss or impairment of these rights may adversely affect the profitability of these companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of smaller companies are usually less stable in price and less liquid than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. Therefore, they generally involve greater risk. Small-cap companies may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited product lines or markets, be less financially secure than larger companies, or depend on a small number of key </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">personnel. If adverse developments occur, such as due to management changes or product failure, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in a small-cap company may lose substantial value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span> Performance <div><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below can help you evaluate potential risks of the U.S. Sustainable Leaders Fund.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The bar chart </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shows how the Fund’s annual total returns for Class A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have varied from year to year. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns in the bar chart </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">do not reflect the impact of sales charges, if any. If the applicable sales charges were included, the annual total returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">would be lower than those shown. </span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table following the bar chart compares the Fund’s performance over time with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of a broad measure of market performance. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Unlike the bar chart, the returns in the table reflect the maximum </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">applicable sales charges.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The table compares the Fund’s average annual total returns to the returns of the Russell 3000</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">®</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Index, a broad-based securities index. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Remember, however, that past performance (before and after taxes) is not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">necessarily indicative of how the Fund will perform in the future.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> For updated performance information, please visit </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">866-667-9231</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund changed its investment strategy effective December 1, 2020. In connection with the change in investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">strategy, the Fund changed its name from Aberdeen U.S. Multi-Cap Equity Fund to Aberdeen U.S. Sustainable Leaders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund. Performance information for periods prior to December 1, 2020 do not reflect the current investment strategy.</span></div> The bar chart and table below can help you evaluate potential risks of the U.S. Sustainable Leaders Fund. The returns in the bar chart do not reflect the impact of sales charges, if any. If the applicable sales charges were included, the annual total returns would be lower than those shown. Unlike the bar chart, the returns in the table reflect the maximum applicable sales charges. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds 866-667-9231 Annual Total Returns – Class A Shares(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2253img011.jpg"/></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">22.32%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2nd quarter 2020</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-17.23%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2nd quarter 2022</span></div> Highest Return: 22.32% - 2nd quarter 2020 0.2232 2020-06-30 Lowest Return: -17.23% - 2nd quarter 2022 -0.1723 2022-06-30 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">After-tax returns are shown in the following table for Class A shares only and will vary for other classes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">After–tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Your actual after-tax return depends on your personal tax situation and may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span></div> After-tax returns are shown in the following table for Class A shares only and will vary for other classes. After–tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-2.44</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.40</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">9.18</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-3.03</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.62</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.73</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – After Taxes on Distributions and Sales of Shares</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-1.02</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.51</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.77</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.91</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.94</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">10.16</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Service Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.80</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.87</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">10.08</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Russell 3000® Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">(reflects no deduction for fees, expenses or taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">17.15</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">14.59</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">17.59</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> -0.0244 0.024 0.0918 -0.0303 0.0062 0.0673 -0.0102 0.0151 0.0677 0.0391 0.0394 0.1016 0.038 0.0387 0.1008 (reflects no deduction for fees, expenses or taxes) 0.1715 0.1459 0.1759 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn Ultra Short Municipal Income Fund (the “Ultra Short Municipal Income Fund” or the “Fund”) seeks high after-tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">current income consistent with preservation of capital.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the Ultra Short </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Municipal Income Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$250,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in abrdn Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these and other discounts is available from your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial advisor and in the “Reduction and Waiver of Class A and Class A1 Sales Charges</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">” and “Broker-Defined Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charge Waiver Policies” sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">112 and 152</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s prospectus, respectively, and in the “Additional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Information on Purchases and Sales — Waiver of Class A and Class A1 Sales Charges” and “Reduction of Sales Charges” </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sections on pages </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">104 and 105</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Fund’s Statement of Additional Information, respectively. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>You may pay other fees, </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>below.</b></span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $250,000 in abrdn Funds. 250000 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:63%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shareholder Fees (fees paid directly from your investment)</b></span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Class A </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Class A1 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:7%;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:6.01pt;;"><b>Institutional </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Class </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;"><b>Shares</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Sales Charge (Load) imposed upon purchases (as a percentage of </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">offering price)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price, whichever is less)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽¹⁾</span> </div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Small Account Fee</span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;">⁽²⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> </tr> </table></div> Shareholder Fees (fees paid directly from your investment) 0 0.005 0 0 0.0025 0 20 20 20 <div> <table cellpadding="0" 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:63%"></td> <td style="height:1px;width:13.000000000000002%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="4" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.30</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.30</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.30</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.29</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.19</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.27</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.94</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.84</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.67</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽⁴⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.14</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.04</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.12</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Limitations/Expense </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Reimbursements</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.70</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.70</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.45</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.003 0.003 0.003 0.0025 0.0025 0 0.0029 0.0019 0.0027 0.0094 0.0084 0.0067 0.0014 0.0004 0.0012 0.007 0.007 0.0045 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">Unless you are otherwise eligible to purchase Class A1 shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 0.25% will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;;">charged on Class A1 shares redeemed within 12 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid.</span> February 28, 2027 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This Example is intended to help you compare the cost of investing in the Ultra Short Municipal Income Fund with the cost </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of investing in other </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. It assumes a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:54%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:11%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;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:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$72</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$254</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$452</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,024</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A1 Shares</span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$121</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$281</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$455</span></div> </td> <td colspan="1" style="border-bottom:1pt 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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$960</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class Shares</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$46</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$171</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$306</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:7%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$702</span></div> </td> </tr> </table></div> 72 254 452 1024 121 281 455 960 46 171 306 702 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Ultra Short Municipal Income Fund pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">turnover rate was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">154</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div> 1.54 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">The Ultra Short Municipal Income Fund invests its assets in a combination of tax-exempt obligations and taxable debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">obligations. As a fundamental policy, under normal circumstances the Fund invests at least 80% of its net assets in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">tax-exempt obligations. Net assets include the amounts of any borrowings for investment purposes. Tax-exempt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">obligations include municipal obligations that pay interest that is free from U.S. federal income tax (but may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the federal alternative minimum tax (“AMT”)).</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">In managing the Fund’s investments, the Adviser seeks to capitalize on fundamental and technical opportunities in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">debt obligations markets to enhance return. The obligations in which the Fund invests may be of any maturity.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Under normal market conditions, the Fund will generally maintain an investment portfolio with a weighted average </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">effective duration of less than one year. The Adviser expects to increase or decrease the portfolio’s effective duration </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">based on its outlook for the market and interest rates. Duration measures the sensitivity of bond prices to changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">interest rates (for example, if interest rates were to rise 1%, a bond or bond fund with a duration of one year would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">expected to lose approximately 1% of its value). The longer the duration of a bond, the longer it will take to repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">principal and interest obligations and the more sensitive it will be to changes in interest rates. Because of events affecting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the bond markets and interest rate changes, the duration of the portfolio may not meet the target at all times.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">obligations in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which the Fund invests </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">must, at the time of investment, be rated investment grade, as determined by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the various rating agencies, or if unrated, of comparable quality as determined by the Adviser. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">In the event that a security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">receives different ratings from different nationally recognized statistical rating organizations (“NRSROs”)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, the Adviser will </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">treat the security as being rated in the highest rating category received from an NRSRO</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. In determining suitability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in a particular unrated security, the Adviser takes into consideration asset and debt service coverage, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purpose of the financing, history of the issuer, existence of other rated securities of the issuer, and other relevant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions, such as comparability to other issuers. If an obligation’s credit rating is downgraded after the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment, the Adviser monitors the situation to decide if the Fund needs to take any action such as selling the obligation.</span><br/></div><div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">The Fund may invest in municipal obligation-related underlying funds (such as exchange-traded funds) specific types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">municipal obligations, including auction rate securities and tender option bonds. The Fund may invest in a combination of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">underlying funds that currently exist or that may become available for investment in the future for which abrdn Inc. or an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">affiliate now or in the future acts as investment adviser or principal underwriter without considering or canvassing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">universe of unaffiliated funds available. Tender option bonds are created when a holder deposits tax–exempt or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">bonds into a special purpose trust (“TOB trust”). The TOB trust issues two types of securities: floating rate notes (“floaters” </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">or “TOBs”) and a residual security junior to the floaters (“inverse floaters”). The Fund does not currently intend to deposit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">bonds into a TOB trust or invest in inverse floaters, but may invest in floaters issued by TOB trusts.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in municipal obligations of any state, city, county or other governmental entity, including Puerto Rico </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and U.S. territories. The Fund currently anticipates that it will have significant exposure to </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Texas municipal securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In managing the Fund, the Adviser employs a process that combines sector allocation, fundamental research and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">duration management. In determining sector allocation, the Adviser analyzes the prevailing financial and investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics of a broad range of sectors in which the Fund may invest and seeks to enhance performance and </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">manage risk by underweighting or overweighting particular sectors. Based on fundamental research regarding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, including fixed income research, credit analyses and use of sophisticated analytical systems, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">makes decision to purchase and sell securities for the Fund. The Adviser examines the material risks of an investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">across a spectrum of considerations including financial metrics, regional and national conditions and industry specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">factors. The Adviser may also consider the most material potential ESG (Environmental, Social and Governance) risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and opportunities impacting issuers, where relevant. Not every ESG factor may be identified or evaluated for every </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may not be issuers with favorable ESG characteristics or high ESG ratings. As ESG information is just one investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consideration, ESG considerations generally are not solely determinative in any investment decision made by the Adviser. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The relevance of ESG factors to the investment process varies across issuers and instrument types. The Adviser also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considers economic factors to develop strategic forecasts as to the direction of interest rates which are then used to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">establish the Fund’s target duration, a common measurement of a security’s sensitivity to interest rate movements. For </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obligations owned by the Fund, duration measures the average time needed to receive the present value of all principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and interest payments by analyzing cash flows and interest rate movements. The Adviser closely monitors the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio and makes adjustments as necessary.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s investment strategies may result in a portfolio turnover rate in excess of 100% on an annual basis.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Fixed Income Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fixed income securities fluctuate in price based on changes in an issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and overall market and economic conditions. The value of a fixed income security may also fall due to specific conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that affect a particular sector of the securities market or a particular issuer. Fixed income securities are subject to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among other risks, credit risk, extension risk, issuer risk, interest rate risk, market risk and prepayment risk.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is subject to the risk that the Adviser may make poor security selections. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and its portfolio managers apply their own investment techniques and risk analyses in making investment decisions for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser may select securities that underperform the relevant market or other funds with similar investment objectives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Municipal Securities Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Municipal bonds can be significantly affected by political and economic changes, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security holders. Municipal bonds have varying levels of sensitivity to changes in interest rates. Interest rate risk is generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lower for shorter-term Municipal bonds and higher for long term Municipal bonds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Municipal Bond Tax Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – A municipal bond that is issued as tax-exempt may later be declared to be taxable. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">addition, if the federal income tax rate is reduced, the value of the tax exemption may be less valuable, causing the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of a municipal bond to decline.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Municipal Market Volatility and Illiquidity Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The municipal bond market can be susceptible to unusual volatility, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions or credit tightening. During times of reduced market liquidity, the Fund may not be able to readily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sell bonds without the sale significantly changing the market value of the bond. If the Fund needed to sell large blocks of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds’ prices.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Municipal Sector Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – From time to time the Fund may invest a substantial amount of its assets in municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities whose interest is paid solely from revenues of similar projects. If the Fund concentrates its investments in this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">manner, it assumes the economic risks relating to such projects and this may have a significant impact on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment performance.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;-sec-ix-redline:true;"><i>State-Specific Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> -  A Fund may from time to time invest a substantial amount of its total assets in municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">securities of issuers in one or more states and, therefore, is subject to the risk that the economies of the states in which it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">invests, and the revenues supporting the municipal securities, may decline. Investing a substantial amount of its total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">assets in one or more states means that a Fund is more susceptible to the economic, market, political, regulatory or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">occurrences that affect the issuers in those states. The particular states in which a Fund may focus its investments may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">change over time and the Fund may alter its focus at inopportune times.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;-sec-ix-redline:true;"><i>Texas State-Specific Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> – To the extent the Fund invests a substantial amount of its assets in Texas municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">securities, the Fund may be affected by economic, regulatory or political developments affecting the ability of Texas </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">issuers to pay interest or repay principal.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Yield Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The amount of income received by the Fund will go up or down depending on day-to-day variations in short–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">term interest rates, and when interest rates are very low the Fund’s expenses could absorb all or a significant portion of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s income. If interest rates increase, the Fund’s yield may not increase proportionately. For example, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may discontinue any temporary voluntary fee limitation or recoup amounts previously waived and/or reimbursed.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Auction Rate Securities Risk -</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Auction rate securities are variable rate bonds whose interest rates are reset at specified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intervals through a “Dutch” auction process. A “Dutch” auction is a competitive bidding process designed to determine a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">single uniform clearing rate that enables purchases and sales of the auction rate securities to take place at par. All </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">accepted bids and holders of the auction rate securities receive the same rate. Auction rate securities holders rely on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity generated by the auction. There is a risk that an auction will fail due to insufficient demand for the securities. If an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">auction fails, an auction rate security may become illiquid until a subsequent successful auction is conducted, the issuer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">redeems the issue, or a secondary market develops.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect the Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG  factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Interest Rate Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s fixed income investments are subject to interest rate risk, which generally causes the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of a fixed income portfolio to decrease when interest rates rise resulting in a decrease in the Fund’s net assets. Interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rate fluctuations tend to have a greater impact on fixed income-securities with a greater time to maturity and/or lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">coupon. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with a shorter average portfolio duration. In periods of market volatility, the market values of fixed income securities may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be more sensitive to changes in interest rates.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Investment-Grade Debt Securities –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment-grade debt securities are debt securities rated within the highest grades </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(AAA/Aaa through BBB-/Baa) by S&amp;P or Moody’s rating services, and unrated securities of comparable quality. If a Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests, at the time of purchase, in a security that is investment-grade, it is possible that such security may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">downgraded after its purchase so that it is no longer investment-grade.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Portfolio Turnover Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund may engage in active and frequent trading of portfolio securities to achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment objective. High portfolio turnover may result in greater transaction costs which may reduce Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance. The sale of Fund portfolio securities may also result in greater realization and/or distribution to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shareholders of gains or losses as compared to a fund with less active trading, which may include short-term gains </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable at ordinary income tax rates.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Tender Option Bonds Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Tender option bonds are synthetic floating-rate or variable-rate securities issued when long–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">term bonds are purchased in the primary or secondary market and then deposited into a trust. Tender option bonds may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be considered derivatives, and may expose the Fund to the same risks as investments in derivatives, as well as risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with leverage, especially the risk of increased volatility.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>Underlying Fund Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> - The risk that the Fund’s performance is closely related to the risks associated with the securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">and other investments held by the underlying funds in which it invests and that the ability of the Fund to achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">investment objective will depend upon the ability of such underlying funds to achieve their investment objectives. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Investments in exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">discount or premium to their net asset value, bid/ask spread risk as well as the risks of the underlying securities they hold.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Variable and Floating Rate Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> For floating and variable rate obligations, there may be a lag between an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Variable rate demand obligations (“VRDOs”) are floating rate securities that combine an interest in a long term municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">institution is unable to pay, the Fund may lose money.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span> Performance <div><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below can help you evaluate potential risks of the Ultra Short Municipal Income Fund.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The bar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">chart shows how the Fund’s annual total returns for Institutional Class shares have varied from year to year. The table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">following the bar chart compares the Fund’s performance over time with those of a broad measure of market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance and an additional index that more closely reflects the Fund’s investment strategy. Returns in the table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the maximum applicable sales charges, if any. The table compares the Fund’s performance over time with those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Bloomberg Municipal Bond Index, a broad-based securities index, and the Bloomberg Barclays Municipal Bond: 1 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Year (1-2) Index. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Remember, however, that past performance (before and after taxes) is not necessarily indicative of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">how the Fund will perform in the future.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> For updated performance information, please visit </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">866-667-9231</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns presented for the Fund for periods prior to May 7, 2018 reflect the performance of a predecessor fund (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“Predecessor Fund”), which was a registered investment company. The Fund adopted the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Predecessor Fund as the result of a reorganization that occurred as of the close of business on May 4, 2018, in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The Fund and the Predecessor Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have substantially similar investment objectives and strategies.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">abrdn Inc. began advising the Fund immediately following the closing of the reorganization. Performance prior to this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">date reflects the performance of an unaffiliated investment adviser.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class A1 returns prior to the commencement of operations of Class A1 (inception date: February 28, 2019) are based on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the previous performance of the Fund’s Class A shares (inception date 3/30/2004). Excluding the effect of any fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">waivers or reimbursements, this performance is substantially similar to what each individual class would have produced </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">because all classes invest in the same portfolio of securities. Returns would only differ to the extent of the differences in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses between the two classes.</span></div> The bar chart and table below can help you evaluate potential risks of the Ultra Short Municipal Income Fund. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds 866-667-9231 Annual Total Returns – Institutional Class Shares(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2253img012.jpg"/></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1.12%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">4th quarter 2023</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-0.17%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1st quarter 2022</span></div> Highest Return: 1.12% - 4th quarter 2023 0.0112 2023-12-31 Lowest Return: -0.17% - 1st quarter 2022 -0.0017 2022-03-31 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are shown in the following table for Institutional Class shares only and will vary for other classes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Your actual after-tax return depends on your personal tax situation and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span></div> After-tax returns are shown in the following table for Institutional Class shares only and will vary for other classes. After–tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.79</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.14</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.48</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Class A1 shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.28</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.04</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.43</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.05</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.34</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.71</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.05</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.34</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.71</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – After Taxes on Distributions and Sales of Shares</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.05</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.34</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.71</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Bloomberg Municipal Bond Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">(reflects no deduction for fees, expenses or </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.80</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.34</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects no deductions </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">for fees, expenses or taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.47</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.73</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.58</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> 0.0279 0.0214 0.0148 0.0228 0.0204 0.0143 0.0305 0.0234 0.0171 0.0305 0.0234 0.0171 0.0305 0.0234 0.0171 (reflects no deduction for fees, expenses or taxes) 0.0425 0.008 0.0234 0.0347 0.0173 0.0158 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn EM SMA Completion Fund (the “EM SMA Completion Fund” or the “Fund”) seeks long</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> term capital appreciation.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the abrdn EM SMA </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Completion Fund.</span><span style="-sec-ix-redline:true;"></span></div> <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:87%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">27.20</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">27.20</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">27.20</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.00</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0.272 0.272 0.272 0 February 28, 2027 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">This Example is intended to help you compare the cost of investing in the EM SMA Completion Fund with the cost of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">investing in other funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. It assumes a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span><span style="-sec-ix-redline:true;"></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</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:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$0</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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$4,514</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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$7,247</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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$10,242</span></div> </td> </tr> </table></div> 0 4514 7247 10242 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">EM SMA Completion Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">year</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, the Fund’s portfolio turnover rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">44</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div> 0.44 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn EM SMA Completion Fund will invest primarily in common stocks, but may also invest in other types of equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, including, but not limited to, preferred stock and depositary receipts. As a non-fundamental policy, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purposes, in equity securities of emerging market companies. A company is considered to be an emerging market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company if Fund management determines that the company meets one or more of the following criteria:</span></div><div> <table cellspacing="0" style="padding-top:6pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company is organized under the laws of an emerging market country;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal office in, or management is located in, an emerging market country; and/or</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal securities trading market in an emerging market country.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An emerging market country is any country included in the MSCI Emerging Markets Index or determined by the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or Sub-advisers to have similar emerging market characteristics. At times, the Fund may have a significant amount of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets invested in a country or geographic region. The Fund currently anticipates that it will invest a significant amount of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its assets in securities economically tied to mainland China, including through the Shanghai-Hong Kong and </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shenzhen-Hong Kong Stock Connect program or by any other available means. The Fund also currently anticipates that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">it will invest a significant amount of its assets in securities economically tied to South Korea</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The Fund may invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities denominated in U.S. Dollars and currencies of emerging market countries in which it is permitted to invest. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund typically has full currency exposure to those markets in which it invests.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in equity securities of companies of any market capitalization, including small- and mid-cap </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in securities of any market sector and may hold a significant amount of securities of companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from time to time, within a single sector. The Fund currently anticipates that it will have significant exposure to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information technology and industrials sectors.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In seeking to achieve the Fund’s investment objective, the Adviser and Sub-advisers invest in quality companies and are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">an active, engaged owners. The Adviser and Sub-advisers evaluate every company against quality criteria and build </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conviction using a team-based approach and peer review process. The quality assessment covers five key factors: 1) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">durability of the business model, 2) the attractiveness of the industry, 3) the strength of financials, 4) the capability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management, and 5) the most material environmental, social and governance (“ESG”) factors impacting a company. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considered and, as a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">high ESG ratings. As ESG information is just one investment consideration, ESG considerations generally are not solely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">determinative in any investment decision made by the Adviser and Sub-advisers. Through fundamental research, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">supported by a global research presence, the Adviser and Sub-advisers seek to identify companies whose quality and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future prospects are not yet fully recognized by the market.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is non-diversified any may invest a significant portion of its assets in the securities of a single issuer or a small </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">number of issuers.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Issuer Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of a security may decline for reasons directly related to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stock or other security of a company may not perform as well as expected, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decrease in value, because of factors related to the company (such as poorer than expected earnings or certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management decisions), or to the industry in which the company is engaged (such as a reduction in the demand for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or general and prolonged periods of economic decline).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is subject to the risk that the Adviser or Sub-advisers may make poor security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">selections. The Adviser or Sub-adviser and their portfolio managers apply their own investment techniques and risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the desired results for the Fund. In addition, the Adviser or Sub-advisers may select securities that underperform the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant market or other funds with similar investment objectives and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Emerging markets are countries generally considered to be relatively less developed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industrialized, and investments in emerging markets countries are subject to a magnification of the risks that apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investments. These risks are greater for securities of companies in emerging market countries, municipalities or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">governments because the countries may have less stable governments, more volatile currencies and less established </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets (see “Foreign Securities Risk” below).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>China Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Investments in China and Hong Kong subject the Fund to additional risks, and may make it significantly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">more volatile than geographically diverse mutual funds. Additional risks associated with investments in China and Hong </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Kong include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and differing legal standards. Any spread of an infectious illness, public health threat or similar issue could reduce </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significant impact on the Chinese economy, which in turn could adversely affect the Fund’s investments.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investing in China A shares through Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Connect involves various considerations and risks, including, but not limited to, illiquidity risk; currency risk; greater price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatility; legal and regulatory uncertainty risk; execution risk; operational risk; tax risk; credit risk; and economic, social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and political instability of the stock market in the People’s Republic of China.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;-sec-ix-redline:true;"><i>The Republic of Korea (South Korea) Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">. Concentrating investments in South Korea subjects the Fund to additional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">risks, and may make it significantly more volatile than geographically diverse mutual funds. Additional risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">with investments in South Korea include political, economic and social instability, and the potential for increasing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">militarization in North Korea. The financial sector in South Korea has been subject to systemic weaknesses and illiquidity, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">which could be a material risk for any investments in South Korea if exacerbated. A significant increase in energy prices </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">could have an adverse impact on South Korea’s economy as South Korea is dependent on foreign sources for much of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">energy needs. The South Korean government has exercised and continues to exercise significant influence over many </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">aspects of the economy. Accordingly, South Korean government actions in the future could have a significant effect on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the South Korean economy, which could affect private sector companies and the Fund, market conditions, and prices </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">and yields of securities in the Fund’s portfolio.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Exposure Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unsuccessful.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign countries in which the Fund may invest may have markets that are less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region, economic, political, regulatory or other conditions affecting such country or region may have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater impact on Fund performance relative to a more geographically diversified fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect the Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG  factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Mid-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of medium-sized companies tend to be more volatile and less liquid than securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund has a significant portion of its assets invested in securities of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conducting business in a broadly related group of industries within an economic sector, the Fund may be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Information Technology Sector Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the information technology sector represents a significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portion of the Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">factors impacting this sector. Information technology companies face intense competition, both domestically and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">internationally, which may have an adverse effect on their profit margins. Like other technology companies, information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology companies may have limited product lines, markets, financial resources or personnel. The products of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information technology companies may face obsolescence due to rapid technological developments, frequent new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss or impairment of these rights may adversely affect the profitability of these companies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Industrials Sector Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The value of securities issued by companies in the industrials sector may be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by supply and demand related to their specific products or services and industrials sector products in general. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The products of manufacturing companies may face obsolescence due to rapid technological developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequent new product introduction. Government regulations, world events, economic conditions and exchange rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be adversely affected by liability for environmental damage and product liability claims. The industrials sector may also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government spending policies because companies involved in this sector rely to a significant extent on government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demand for their products and services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of smaller companies are usually less stable in price and less liquid than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. Therefore, they generally involve greater risk. Small-cap companies may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited product lines or markets, be less financially secure than larger companies, or depend on a small number of key </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">personnel. If adverse developments occur, such as due to management changes or product failure, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in a small-cap company may lose substantial value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span> Performance <div><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below can help you evaluate potential risks of the Fund.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The bar chart </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shows the Fund’s annual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">total returns for the Institutional Class </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">have varied from year to year</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The table following the bar chart compares the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s performance over time with those of a broad measure of market performance. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Returns in the table reflect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">maximum applicable sales charges.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table compares the Fund’s average annual total returns to the returns of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">MSCI Emerging Markets Index (Net TR)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;vertical-align:top;;-sec-ix-redline:true;">*</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, a broad-based securities market index. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Remember, however, that past </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future.</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For updated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance information, please visit </span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds</span></span><a href="DUMMY_2420_0_5"><span style="-sec-ix-redline:true;"></span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">call </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">866-667-9231</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span><span style="-sec-ix-redline:true;"></span></div><div></div> The bar chart and table below can help you evaluate potential risks of the Fund. Returns in the table reflect the maximum applicable sales charges. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds 866-667-9231 Annual Total Returns – Institutional Class Shares(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2420img002.jpg"/></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Highest Return: </span><span style="-sec-ix-redline:true;"></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;-sec-ix-redline:true;">18.82%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">3rd quarter </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-7.97%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">4th quarter 2024</span></div> Highest Return: 18.82% - 3rd quarter 2025 0.1882 2025-09-30 Lowest Return: -7.97% - 4th quarter 2024 -0.0797 2024-12-31 <div><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are shown in the following table for the Institutional Class shares only and will vary for other classes. </span></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">not reflect the impact of state and local taxes. </span></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Your actual after-tax return depends on your personal tax situation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span></span></div> After-tax returns are shown in the following table for the Institutional Class shares only and will vary for other classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:76%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Inception </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>(Inception </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>January </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>27, 2023)</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">50.41</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.81</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">50.08</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.59</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Institutional Class shares – After Taxes on Distributions and Sales of Shares</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">30.39</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.86</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">MSCI Emerging Markets Index (Net TR)</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">(reflects no deduction for fees or expenses)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">33.56</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">13.89</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> 0.5041 0.0881 0.5008 0.0859 0.3039 0.0686 (reflects no deduction for fees or expenses) 0.3356 0.1389 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn Emerging Markets Dividend Active ETF (the “Emerging Markets Dividend Active ETF” or the “Fund”) seeks total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">return consisting of income and long-term capital appreciation.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund (“Shares”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>the table and example below.</b></span><span style="-sec-ix-redline:true;"></span></div> <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:87%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.70</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.46</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Acquired Fund Fees and Expenses</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.02</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.18</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.48</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.70</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.007 0 0.0046 0.0002 0.0118 0.0048 0.007 “Other Expenses” have been estimated to reflect expenses expected to be incurred by the Fund for the current fiscal year. February 28, 2027 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">This Example is intended to help you compare the cost of investing in the Emerging Markets Dividend Active ETF with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">cost of investing in other funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">It assumes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span><span style="-sec-ix-redline:true;"></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</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:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$72</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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$327</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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$603</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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,389</span></div> </td> </tr> </table></div> 72 327 603 1389 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Emerging Markets Dividend Active ETF</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> pays transaction costs, such as commissions, when it buys and sells securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">higher taxes when </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Fund shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> are held in a taxable account. These costs, which are not reflected in annual fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating expenses or in the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">example</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, affect the Fund’s performance. During the most recent fiscal year</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">, the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">83</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> The portfolio turnover rate includes that of abrdn </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Emerging Markets Dividend Fund (the “Predecessor Fund”).</span></div> 0.83 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As a non-fundamental policy, under normal circumstances, the Emerging Markets Dividend Active ETF invests at least </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies that pay dividend income. The Fund will invest primarily in common stocks but may also invest in other types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities, including, but not limited to, preferred stock and depositary receipts. A company is considered to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">an emerging market company if Fund management determines that the company meets one or more of the following </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">criteria:</span></div><div> <table cellspacing="0" style="padding-top:6pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company is organized under the laws of an emerging market country;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal office in, or management is located in, an emerging market country; and/or</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal securities trading market in an emerging market country.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An emerging market country is any country included in the MSCI Emerging Markets Index or determined by the Adviser </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to have similar emerging market characteristics. Emerging market countries may include countries considered to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frontier markets. A frontier market country is any country included in the MSCI Frontier Markets Index or determined by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Adviser </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to have similar frontier market characteristics. At times, the Fund may have a significant amount of its assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested in a country or geographic region, including through an exchange-traded fund or by any other available means, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such as through American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">GDRs”). The Fund currently </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">anticipates that it will invest a significant amount of its assets in securities economically tied to </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Taiwan and in Mainland </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China, including through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect program or by any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">available means. The Fund may invest in securities denominated in U.S. Dollars and currencies of the foreign countries in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which it is permitted to invest. The Fund typically has full currency exposure to those markets in which it invests.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in securities of any market capitalization.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in securities of any market sector and may hold a significant amount of securities of companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from time to time, within a single sector. The Fund currently anticipates that it will have significant exposure to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financials and information technology sectors.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In seeking to achieve the Fund’s investment objective, the investment team narrows the investable universe by looking at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the dividend potential of companies and focusing on fundamental factors. The Adviser’s </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">primary focus is on stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">selection using research techniques to select individual holdings. The investment team places particular emphasis on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">understanding business fundamentals and dynamics and the impact this has on cash flow generation and a company’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ability to allocate cash effectively. The investment team seeks to allocate the Fund’s assets to high dividend paying </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies and companies that the Adviser </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">believes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> are growing their dividend over time.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Adviser’s</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> consideration of fundamental factors includes, among other things, a quality assessment focused on five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">key factors: 1) the durability of the business model, 2) the attractiveness of the industry, 3) the strength of financials, 4) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the capability of management, and 5) the most material environmental, social and governance (“ESG”) factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impacting a company. Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">not the only factors considered and, as a result, the issuers in which the Fund invests may not be issuers with favorable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ESG characteristics or high ESG ratings. As ESG information is just one investment consideration, ESG considerations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">generally are not solely determinative in any investment decision made by the Adviser</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Issuer Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of a security may decline for reasons directly related to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stock or other security of a company may not perform as well as expected, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decrease in value, because of factors related to the company (such as poorer than expected earnings or certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management decisions), to the industry in which the company is engaged (such as a reduction in the demand for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or general and prolonged periods of economic decline).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b> –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is subject to the risk that the Adviser </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may make poor security selections. The Adviser </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">and its</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> portfolio managers apply their own investment techniques and risk analyses in making investment decisions for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may select securities that underperform the relevant market or other funds with similar investment objectives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Emerging markets are countries generally considered to be relatively less developed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industrialized, and investments in emerging markets countries are subject to a magnification of the risks that apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investments. These risks are greater for securities of companies in emerging market countries because the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries may have less stable governments, more volatile currencies and less established markets (see “Foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Securities Risk” below).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>China Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in China and Hong Kong subject the Fund to additional risks, and may make it significantly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">more volatile than geographically diverse mutual funds. Additional risks associated with investments in China and Hong </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Kong include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and differing legal standards. Any spread of an infectious illness, public health threat or similar issue could reduce </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significant impact on the Chinese economy, which in turn could adversely affect the Fund’s investments. The Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">gain exposure to companies based or operated in China by investing through legal structures known as variable interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities (“VIEs”). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. The Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government could intervene with respect to VIEs, which could significantly affect the Chinese company’s performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the enforceability of the VIE’s contractual arrangement with the Chinese company.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investing in China A shares through Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Connect involves various considerations and risks, including, but not limited to, illiquidity risk; currency risk; greater price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatility; legal and regulatory uncertainty risk; execution risk; operational risk; tax risk; credit risk; and economic, social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and political instability of the stock market in the People’s Republic of China.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Taiwan Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Including risks associated with investing in emerging markets, a Fund’s investment in or exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Taiwan is also subject to risks associated with, among other things, currency fluctuations, commodity shortages, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">effects on the economy and securities markets of Taiwan. In addition, investments in Taiwan could be adversely affected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by political and economic relationship with China.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Dividend Strategy Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future or that, if dividends are declared, they will remain at their current levels or increase over time. The Fund’s emphasis </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on dividend paying stocks could cause the Fund to underperform similar funds that invest without consideration of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company’s track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">participate in a broad market advance to the same degree as other stocks, and a sharp rise in interest rates or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">downturn could cause a company to unexpectedly reduce or eliminate its dividend.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Exposure Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unsuccessful.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign countries in which the Fund may invest may have markets that are less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region, economic, political, regulatory or other conditions affecting such country or region may have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater impact on Fund performance relative to a more geographically diversified fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Trading Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> There can be no assurance as to the price at which, or volume in which, it may at any time be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">possible to buy or sell Shares in the public trading market. Although the Shares are listed for trading on Nasdaq, there can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be no assurance that an active trading market for such Shares will develop or be maintained. Although it is expected that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the market price of the Shares will approximate the Fund’s NAV when purchased and sold in the secondary market, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund faces numerous market trading risks, including the potential lack of an active market for Shares, disruptions in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities markets in which the Fund invests, periods of high market volatility and disruptions in the creation/redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">process. Any of these may lead to times when the market price of the Shares is more than the NAV intra-day (premium) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or less than the NAV intra-day (discount).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Authorized Participants Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund has entered into Authorized Participant (AP) agreements with only a limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">number of institutions. Should these APs cease to act as such or, for any reason, be unable to create or redeem Shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and new APs are not appointed in their place, Shares may trade at a discount to the Fund’s NAV and possibly face </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">delisting.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cash Transactions Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Unlike certain exchange-traded funds (“ETFs”), the Fund expects to effect its redemptions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">partially for cash, rather than primarily for in-kind securities. As such, investments in Shares may be less tax-efficient than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">an investment in a conventional ETF which generally are able to make in-kind redemptions and avoid realizing gains in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">connection with transactions designed to raise cash to meet redemption requests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Depositary Receipts Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in depositary receipts may entail the special risks of investing in foreign securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including currency exchange fluctuations, government regulations, and the potential for political and economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instability.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund invests may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Frontier Markets Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> - Frontier markets involve the same risks as emerging markets, but to a greater extent since they </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tend to be even smaller, less developed, and less accessible than other emerging markets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Generally, only APs may redeem Shares. Investors other than APs wishing to realize their Shares will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">generally need to rely on secondary trading in the public trading market. There can be no assurance as to the price at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which, or volume in which, it may at any time be possible to realize Shares in the public trading market. Although the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares are listed for trading on Nasdaq, there can be no assurance that an active trading market for such shares will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">develop or be maintained.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Mid-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of medium-sized companies tend to be more volatile and less liquid than securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Preferred Shares Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Preferred shares in which the Fund may invest are sensitive to interest rate changes, and are also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">preferred shares on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rights associated with a company’s debt securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund has a significant portion of its assets invested in securities of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conducting business in a broadly related group of industries within an economic sector, the Fund may be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Financials Sector Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. To the extent that the financials sector represents a significant portion of the Fund, the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Performance of companies in the financials sector may be adversely impacted by many factors, including, among </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, decreased </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity in credit markets as well as cyber-attacks.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Information Technology Sector Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the information technology sector represents a significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portion of the Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">factors impacting this sector. Information technology companies face intense competition, both domestically and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">internationally, which may have an adverse effect on their profit margins. Like other technology companies, information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology companies may have limited product lines, markets, financial resources or personnel. The products of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information technology companies may face obsolescence due to rapid technological developments, frequent new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss or impairment of these rights may adversely affect the profitability of these companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of smaller companies are usually less stable in price and less liquid than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. Therefore, they generally involve greater risk. Small-cap companies may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited product lines or markets, be less financially secure than larger companies, or depend on a small number of key </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">personnel. If adverse developments occur, such as due to management changes or product failure, a Fund’s investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in a small-cap company may lose substantial value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">If the value of the Fund’s investments decreases, you may lose money.</span> Performance <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">The bar chart and table below can help you evaluate potential risks of the Emerging Markets Dividend Active ETF.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> The bar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">chart shows how the Fund’s annual total returns for Fund shares have varied from year to year. The table following the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">bar chart compares the Fund’s performance over time with those of a broad measure of market performance and an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">additional index that more closely reflects the Fund’s investment strategy. The table compares the Fund’s average </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">annual total returns to the returns of the MSCI Emerging Markets Index (Net TR)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;vertical-align:top;;-sec-ix-redline:true;">*</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">, a broad-based securities index, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Custom abrdn Emerging Markets Dividend Active ETF Index (the “Custom Index”).The Custom Index reflects the returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">of the MSCI Emerging Markets Index (Net TR) from March 1, 2024 and the MSCI All Country World ex USA Index (Net TR) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">for periods prior to March 1, 2024. The indices and time periods for the Custom Index align with the strategies utilized and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">benchmark for the Fund during the same time periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Remember, however, that past performance (before and after </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">taxes) is not necessarily indicative of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> For updated performance information, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">please visit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">www.aberdeeninvestments.com/usa/etf</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> or call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">844-383-7289</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">.</span></div><div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Effective after the close of business on February 14, 2025, the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Fund adopted the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> performance of the Predecessor Fund</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">, a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">registered investment company,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> as a result of </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">a reorganization (the “Reorganization”)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in which the Fund acquired all of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the assets and assumed certain stated liabilities of the Predecessor Fund. Performance shown below </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">for periods prior to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the Reorganization </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is based on the investment objective and investment strategies utilized by the Predecessor Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which were the same as those of the Fund. The Predecessor Fund was managed by the same investment adviser </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Fund. The returns presented for the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">prior to the Reorganization </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the performance of Institutional </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Predecessor Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> Prior to February 29, 2024, the Predecessor Fund pursued a different investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">strategy.</span></div><div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Performance for the Fund’s Shares has not been adjusted to reflect the Fund’s Shares’ lower expenses than those of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Predecessor Fund’s Institutional Class Shares. Performance for the Predecessor Fund is based on the NAV per share of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Predecessor Fund shares rather than on market-determined prices.</span><span style="-sec-ix-redline:true;"></span></div> The bar chart and table below can help you evaluate potential risks of the Emerging Markets Dividend Active ETF. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.aberdeeninvestments.com/usa/etf 844-383-7289 Annual Total Returns(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2412img002.jpg"/></div> <div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;-sec-ix-redline:true;">18.71%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">2nd quarter 2020</span></div><div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;-sec-ix-redline:true;">-23.57%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">1st quarter 2020</span></div> Highest Return: 18.71% - 2nd quarter 2020 0.1871 2020-06-30 Lowest Return: -23.57% - 1st quarter 2020 -0.2357 2020-03-31 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Your actual after-tax return depends on your personal tax situation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span></div><div></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">38.14</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.28</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.84</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">37.15</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.35</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.82</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">After Taxes on Distributions and Sales of Shares</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">22.83</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.45</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.65</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">MSCI Emerging Markets Index (Net TR)</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">(reflects no deductions for fees or </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">expenses)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">33.57</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.20</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.42</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Custom abrdn Emerging Markets Dividend Active ETF Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects no </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">deduction for fees or expenses)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">33.57</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.84</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.89</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> 0.3814 0.0628 0.0884 0.3715 0.0535 0.0782 0.2283 0.0445 0.0665 (reflects no deductions for fees or expenses) 0.3357 0.042 0.0842 0.3357 0.0884 0.0889 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn Focused U.S. Small Cap Active ETF (the “Focused U.S. Small Cap Active ETF” or the “Fund”) seeks long-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capital appreciation.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund (“Shares”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>the table and example below.</b></span><span style="-sec-ix-redline:true;"></span></div> <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:87%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.65</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.44</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.09</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.44</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.65</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0 0.0044 0.0109 0.0044 0.0065 “Other Expenses” have been estimated to reflect expenses expected to be incurred by the Fund for the current fiscal year. February 28, 2027 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This Example is intended to help you compare the cost of investing in the Focused U.S. Small Cap Active ETF with the cost </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of investing in other funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">It assumes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span><span style="-sec-ix-redline:true;"></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</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:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$303</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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$558</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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,289</span></div> </td> </tr> </table></div> 66 303 558 1289 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Focused U.S. Small Cap Active ETF</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxes when </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Fund shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> are held in a taxable account. These costs, which are not reflected in annual fund operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses or in the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">example</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, affect the Fund’s performance. During the most recent fiscal year</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, the Fund’s portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">turnover rate was </span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">72</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio. The portfolio turnover rate </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">includes that of abrdn Focused U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Small Cap Equity Fund (the “Predecessor Fund”)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> 0.72 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As a non-fundamental policy, under normal circumstances, the Focused U.S. Small Cap Active ETF invests at least 80% of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the value of its net assets, plus any borrowings for investment purposes, in equity securities issued by U.S. small-cap </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies. The Fund will be managed pursuant to a “focused” strategy whereby the Fund’s investment adviser will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">typically invest the Fund’s assets in a small number of issuers. Generally, the Fund expects to hold approximately 35 to 45 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purposes of the Fund’s 80% policy, a company is considered to be a U.S. company if Fund management determines </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the company meets one or more of the following criteria:</span></div><div> <table cellspacing="0" style="padding-top:6pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company is organized under the laws of the United States;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal office in, or management is located in, the United States; and/or</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal securities trading market in the United States.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund considers small-cap companies to be companies that have market capitalizations similar to those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies include in the Russell 2000® Index at the time of investment. The range of the Russell 2000® Index was $</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">5.61</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">million to $</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">24.89</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> billion as of December 31, </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">2025</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Equity securities include, but are not limited to, common stock, preferred stock and depositary receipts.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in securities of any market sector and may hold a significant amount of securities of companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from time to time, within a single sector.</span><span style="-sec-ix-redline:true;"></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in securities denominated in U.S. Dollars and the currencies of any foreign countries in which it is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitted to invest. The Fund typically has full currency exposure to those markets in which it invests. The Fund may also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invest in non-U.S. companies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In seeking to achieve the Fund’s investment objective, the Adviser invests in quality companies and is an active, engaged </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">owner. The Adviser then evaluates every company against its own quality criteria and builds conviction using a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">team-based approach and peer review process. The quality assessment covers five key factors: 1) the durability of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">business model, 2) the attractiveness of the industry, 3) the strength of financials, 4) the capability of management, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">5) the most material environmental, social and governance (“ESG”) factors impacting a company. Not every ESG factor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. As </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ESG information is just one investment consideration, ESG considerations generally are not solely determinative in any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment decision made by the Adviser. Through fundamental research, supported by a global research presence, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser seeks to identify companies whose quality and future prospects are not yet fully recognized by the market.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Issuer Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of a security may decline for reasons directly related to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stock or other security of a company may not perform as well as expected, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decrease in value, because of factors related to the company (such as poorer than expected earnings or certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management decisions), to the industry in which the company is engaged (such as a reduction in the demand for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or general and prolonged periods of economic decline).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is subject to the risk that the Adviser may make poor security selections. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and its portfolio managers apply their own investment techniques and risk analyses in making investment decisions for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser may select securities that underperform the relevant market or other funds with similar investment objectives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focus Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Funds that invest a greater proportion of their assets in the securities of a smaller number of issuers will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to greater volatility with respect to their investments than funds that invest in a larger number of securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of smaller companies are usually less stable in price and less liquid than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. Therefore, they generally involve greater risk. Small-cap companies may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited product lines or markets, be less financially secure than larger companies, or depend on a small number of key </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">personnel. If adverse developments occur, such as due to management changes or product failure, a Fund’s investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in a small-cap company may lose substantial value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Trading Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> There can be no assurance as to the price at which, or volume in which, it may at any time be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">possible to buy or sell Shares in the public trading market. Although the Shares are listed for trading on Nasdaq, there can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be no assurance that an active trading market for such Shares will develop or be maintained. Although it is expected that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the market price of the Shares will approximate the Fund’s NAV when purchased and sold in the secondary market, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund faces numerous market trading risks, including the potential lack of an active market for Shares, disruptions in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities markets in which the Fund invests, periods of high market volatility and disruptions in the creation/redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">process. Any of these may lead to times when the market price of the Shares is more than the NAV intra-day (premium) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or less than the NAV intra-day (discount).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Authorized Participants Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund has entered into Authorized Participant (AP) agreements with only a limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">number of institutions. Should these APs cease to act as such or, for any reason, be unable to create or redeem Shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and new APs are not appointed in their place, Shares may trade at a discount to the Fund’s NAV and possibly face </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">delisting.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Depositary Receipts Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in depositary receipts may entail the special risks of investing in foreign securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including currency exchange fluctuations, government regulations, and the potential for political and economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instability.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund invests may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Exposure Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unsuccessful.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign countries in which the Fund may invest may have markets that are less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region, economic, political, regulatory or other conditions affecting such country or region may have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater impact on Fund performance relative to a more geographically diversified fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Generally, only APs may redeem Shares. Investors other than APs wishing to realize their Shares will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">generally need to rely on secondary trading in the public trading market. There can be no assurance as to the price at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which, or volume in which, it may at any time be possible to realize Shares in the public trading market. Although the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares are listed for trading on Nasdaq, there can be no assurance that an active trading market for such shares will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">develop or be maintained.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Preferred Shares Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Preferred shares in which the Fund may invest are sensitive to interest rate changes, and are also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">preferred shares on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rights associated with a company’s debt securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund has a significant portion of its assets invested in securities of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conducting business in a broadly related group of industries within an economic sector, the Fund may be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">If the value of the Fund’s investments decreases, you may lose money.</span> Performance <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">The bar chart and table below can help you evaluate potential risks of the Focused U.S. Small Cap Active ETF.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> The bar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">chart shows how the Fund’s annual total returns for Fund shares have varied from year to year. The table following the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">bar chart compares the Fund’s performance over time with those of a broad measure of market performance and an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">additional index that more closely reflects the Fund’s investment strategy. The table compares the Fund’s average </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">annual total returns to the returns of the Russell 3000® Index, a broad-based securities index, and Custom abrdn </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Focused U.S. Small Cap Active ETF Index (the “Custom Index”). The Custom Index reflects the returns of the Russell 2000® </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Index from March 1, 2024, the Russell 2500® Index from November 30, 2020 until February 29, 2024, the S&amp;P 500® Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">prior to November 30, 2020, and the FTSE 3-Month T-Bill Index for periods prior to November 15, 2017. The indices and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> For updated performance information, please visit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">www.aberdeeninvestments.com/usa/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">etf</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> or call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">844-383-7289</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">.</span></div><div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Effective after the close of business on February 14, 2025, the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Fund adopted the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> performance of the Predecessor Fund</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">, a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">registered investment company,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> as a result of </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">a reorganization (the “Reorganization”)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in which the Fund acquired all of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the assets and assumed certain stated liabilities of the Predecessor Fund. Performance shown below </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">for periods prior to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the Reorganization </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is based on the investment objective and investment strategies utilized by the Predecessor Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which were the same as those of the Fund. The Predecessor Fund was managed by the same investment adviser as that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Fund. The returns presented for the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">prior to the Reorganization </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the performance of Institutional </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Predecessor Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> Prior to February 29, 2024, the Predecessor Fund pursued a different investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">strategy.</span></div><div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Performance for the Fund’s </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> has not been adjusted to reflect the Fund’s </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lower expenses than those of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Predecessor Fund’s Institutional Class Shares. Performance for the Predecessor Fund is based on the NAV per share of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Predecessor Fund shares rather than on market-determined prices.</span><span style="-sec-ix-redline:true;"></span></div> The bar chart and table below can help you evaluate potential risks of the Focused U.S. Small Cap Active ETF. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.aberdeeninvestments.com/usa/etf 844-383-7289 Annual Total Returns(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2412img003.jpg"/></div> <div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;-sec-ix-redline:true;">18.45%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">2nd quarter 2020</span></div><div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;-sec-ix-redline:true;">-18.83%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">2nd quarter 2022</span></div> Highest Return: 18.45% - 2nd quarter 2020 0.1845 2020-06-30 Lowest Return: -18.83% - 2nd quarter 2022 -0.1883 2022-06-30 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Your actual after-tax return depends on your personal tax situation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span><span style="-sec-ix-redline:true;"></span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">1 Year</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">5 Years</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">10 Years</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">11.90</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.94</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">10.40</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">11.88</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">5.22</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.99</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">After Taxes on Distributions and Sales of Shares</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.06</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.89</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.63</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Russell 3000® Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">(reflects no deduction for fees, expenses or taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">17.15</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">13.15</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">14.28</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Custom abrdn Focused U.S. Small Cap Active ETF Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects no deduction for </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">fees, expenses or taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">12.81</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.59</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.85</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> 0.119 0.0694 0.104 0.1188 0.0522 0.0799 0.0706 0.0489 0.0763 (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1428 0.1281 0.0759 0.0885 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn International Small Cap Active ETF (the “International Small Cap Active ETF” or the “Fund”) seeks long-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">growth of capital.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund (“Shares”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>the table and example below.</b></span><span style="-sec-ix-redline:true;"></span></div> <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:87%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.70</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.36</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Acquired Fund Fees and Expenses</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.05</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.11</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽³⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.41</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.70</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.007 0 0.0036 0.0005 0.0111 0.0041 0.007 “Other Expenses” have been estimated to reflect expenses expected to be incurred by the Fund for the current fiscal year. February 28, 2028 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">This Example is intended to help you compare the cost of investing in the International Small Cap Active ETF with the cost </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">of investing in other funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">It assumes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limitation until its expiration). </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span><span style="-sec-ix-redline:true;"></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</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:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$72</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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$312</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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$572</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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,315</span></div> </td> </tr> </table></div> 72 312 572 1315 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">International Small Cap Active ETF</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxes when </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Fund shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> are held in a taxable account. These costs, which are not reflected in annual fund operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses or in the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">example</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, affect the Fund’s performance. During the most recent fiscal year</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">, the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund’s portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">turnover rate was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">20</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> The portfolio turnover rate includes that of abrdn International </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Small Cap Fund (the “Predecessor Fund”).</span></div> 0.20 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The International Small Cap Active ETF seeks to achieve its objective by investing primarily in equity securities of small </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">non-U.S. companies. Equity securities include, but are not limited to, common stock, preferred stock and depositary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">receipts. As a nonfundamental policy, under normal market conditions, the Fund will invest at least 80% of the value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">net assets, plus any borrowings for investment purposes, in equity securities of non- U.S. small companies. For purposes of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s 80% policy, a company is considered to be a non-U.S. company if Fund management determines that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company meets one or more of the following criteria:</span></div><div> <table cellspacing="0" style="padding-top:6pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company is organized under the laws of a country outside the U.S.;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal office in, or management is located in, a country outside the U.S.; and/or</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:3pt;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;line-height:9pt;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;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:9.02pt;;">the company has its principal securities trading market in a country outside the U.S.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund considers a “small” company to be one whose market capitalization is within the range of capitalizations of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies in the MSCI All Country World ex-USA Small Cap Index at the time of purchase. As of </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">December</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> 31, 2025, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">MSCI All Country World ex-USA Small Cap Index included companies with market capitalizations up to $</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">19.03</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> billion.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in companies of any size provided the Fund’s 80% policy is met. As a result, the Fund’s average </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market capitalization may sometimes exceed that of the largest company in the MSCI All Country World ex-USA Small </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Cap Index.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, a number of countries around the world will be represented in the Fund’s portfolio, some of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which may be considered to be emerging market countries. At times, the Fund may have a significant amount of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets invested in a country or geographic region, including through an exchange-traded fund</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> or by other means</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in securities denominated in U.S. Dollars and the currencies of the foreign countries in which it may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invest. The Fund typically has full currency exposure to those markets in which it invests.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in securities of any market sector and may hold a significant amount of securities of companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from time to time, within a single sector. The Fund currently anticipates that it will have significant exposure to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industrials </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">sector</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> up to 35% of net assets in emerging markets securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In seeking to achieve the Fund’s investment objective, the Adviser and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">abrdn Investments Limited (the “</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Sub-adviser</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">”)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(together, the “Advisers”) select stocks for the Fund using the portfolio management team’s quality, growth and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">momentum approach, which aims to identify companies that, in the Advisers’ view, exhibit a range of high-quality </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics, the ability to deliver sustainable, multiyear growth and upwards momentum. When assessing quality, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser and Sub-adviser evaluate every company against quality criteria and build conviction using a team-based </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">approach and peer review process. The quality assessment covers five key factors: 1) the durability of the business </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">model, 2) the attractiveness of the industry, 3) the strength of financials, 4) the capability of management, and 5) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">most material environmental, social and governance ( “ESG”) factors impacting a company. Not every ESG factor may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a result, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. As ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information is just one investment consideration, ESG considerations generally are not solely determinative in any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment decision made by the Advisers. In assessing the growth outlook for stocks, the Advisers consider the industry </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">backdrop, as well as management’s strategy to drive sales and profitability over the medium to long term. When looking </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at momentum, the Advisers consider both price momentum and earnings momentum. The investment team generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">allows the weight of stocks with positive price and earnings momentum, which also meet its quality and growth criteria, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to increase.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Issuer Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of a security may decline for reasons directly related to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stock or other security of a company may not perform as well as expected, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decrease in value, because of factors related to the company (such as poorer than expected earnings or certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management decisions), to the industry in which the company is engaged (such as a reduction in the demand for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or general and prolonged periods of economic decline).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund is subject to the risk that the Adviser or Sub-adviser may make poor security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">selections. The Adviser or Sub-adviser and their portfolio managers apply their own investment techniques and risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the desired results for the Fund. In addition, the Adviser or the Sub-adviser may select securities that underperform the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant market or other funds with similar investment objectives and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Exposure Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unsuccessful.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of smaller companies are usually less stable in price and less liquid than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. Therefore, they generally involve greater risk. Small-cap companies may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited product lines or markets, be less financially secure than larger companies, or depend on a small number of key </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">personnel. If adverse developments occur, such as due to management changes or product failure, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in a small-cap company may lose substantial value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Emerging markets are countries generally considered to be relatively less developed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industrialized, and investments in emerging markets countries are subject to a magnification of the risks that apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investments. These risks are greater for securities of companies in emerging market countries because the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries may have less stable governments, more volatile currencies and less established markets (see “Foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Securities Risk” below).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign countries in which the Fund may invest may have markets that are less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulated and more volatile than U.S. markets. The value of the Fund’s investments may decline because of factors such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region, economic, political, regulatory or other conditions affecting such country or region may have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater impact on Fund performance relative to a more geographically diversified fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Trading Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> There can be no assurance as to the price at which, or volume in which, it may at any time be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">possible to buy or sell Shares in the public trading market. Although the Shares are listed for trading on Nasdaq, there can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be no assurance that an active trading market for such Shares will develop or be maintained. Although it is expected that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the market price of the Shares will approximate the Fund’s NAV when purchased and sold in the secondary market, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund faces numerous market trading risks, including the potential lack of an active market for Shares, disruptions in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities markets in which the Fund invests, periods of high market volatility and disruptions in the creation/redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">process. Any of these may lead to times when the market price of the Shares is more than the NAV intra-day (premium) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or less than the NAV intra-day (discount).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Authorized Participants Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund has entered into Authorized Participant (AP) agreements with only a limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">number of institutions. Should these APs cease to act as such or, for any reason, be unable to create or redeem Shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and new APs are not appointed in their place, Shares may trade at a discount to the Fund’s NAV and possibly face </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">delisting.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cash Transactions Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Unlike certain exchange-traded funds (“ETFs”), the Fund expects to effect its redemptions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">partially for cash, rather than primarily for in-kind securities. As such, investments in Shares may be less tax-efficient than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">an investment in a conventional ETF which generally are able to make in-kind redemptions and avoid realizing gains in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">connection with transactions designed to raise cash to meet redemption requests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Depositary Receipts Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in depositary receipts may entail the special risks of investing in foreign securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including currency exchange fluctuations, government regulations, and the potential for political and economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instability.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund invests may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Exchange-Traded Fund Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests in ETFs, the Fund may be subject to, among other risks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tracking error risk and passive and, in some cases, active management investment risk. An active secondary market in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ETF shares may not develop or be maintained and may be halted or interrupted due to actions by its listing exchange, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unusual market conditions or other reasons. There can be no assurance that an ETF’s shares will continue to be listed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">an active exchange. In addition, Fund shareholders bear both their proportionate share of the Fund’s expenses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar expenses incurred through the Fund’s ownership of the ETF. Where all or a portion of underlying ETF securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trade in a market that is closed when the market in which the ETF’s shares are listed and trading is open, there may be </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes between the last quote from the closed foreign market and the value of such security during the ETF’s domestic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trading day. This in turn could lead to differences between the market price of the ETF shares and the underlying value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those shares.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Generally, only APs may redeem Shares. Investors other than APs wishing to realize their Shares will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">generally need to rely on secondary trading in the public trading market. There can be no assurance as to the price at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which, or volume in which, it may at any time be possible to realize Shares in the public trading market. Although the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares are listed for trading on Nasdaq, there can be no assurance that an active trading market for such shares will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">develop or be maintained.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Mid-Cap Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of medium-sized companies tend to be more volatile and less liquid than securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Preferred Shares Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Preferred shares in which the Fund may invest are sensitive to interest rate changes, and are also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">preferred shares on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rights associated with a company’s debt securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund has a significant portion of its assets invested in securities of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conducting business in a broadly related group of industries within an economic sector, the Fund may be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Industrials Sector Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of securities issued by companies in the industrials sector may be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by supply and demand related to their specific products or services and industrials sector products in general. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The products of manufacturing companies may face obsolescence due to rapid technological developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequent new product introduction. Government regulations, world events, economic conditions and exchange rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be adversely affected by liability for environmental damage and product liability claims. The industrials sector may also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government spending policies because companies involved in this sector rely to a significant extent on government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demand for their products and services.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers. </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span></span></div> <span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the value of the Fund’s investments decreases, you may lose money.</span></span> Performance <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">The bar chart and table below can help you evaluate potential risks of the International Small Cap Active ETF.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> The bar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">chart shows how the Fund’s annual total returns for Fund shares have varied from year to year. The table following the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">bar chart compares the Fund’s performance over time with those of a broad measure of market performance and an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">additional index that more closely reflects the Fund’s investment strategy. The table compares the Fund’s average </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">annual total returns to the returns of the MSCI AC World ex-USA Index (Net TR)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;vertical-align:top;;-sec-ix-redline:true;">*</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">, a broad-based securities index, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Custom abrdn International Small Cap Active ETF Index (the “Custom Index”). The Custom Index reflects the returns of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the MSCI All Country World ex-USA Small Cap Index (Net TR) from March 1, 2016 and the MSCI World Small Cap Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">(Net TR) for periods prior to March 1, 2016. The indices and time periods for the Custom Index align with the strategies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">utilized and benchmark for the Fund during the same time periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Remember, however, that past performance (before </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">and after taxes) is not necessarily indicative of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> For updated performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">information, please visit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">www.aberdeeninvestments.com/usa/etf</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> or call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">844-383-7289</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Effective after the close of business on October 17, 2025, the Fund adopted the performance of the “Predecessor Fund”, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">a registered investment company, as a result of a reorganization (the “Reorganization”) in which the Fund acquired all of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the assets and assumed certain stated liabilities of the Predecessor Fund. Performance shown below for periods prior to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the Reorganization are based on the investment objective and investment strategies utilized by the Predecessor Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">which were the same as those of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Predecessor Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">was managed by the same investment adviser as that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">of the Fund. The returns presented for the Fund for periods prior to the Reorganization reflect the performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Institutional Shares of the Predecessor Fund. The Predecessor Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changed its investment strategy effective February </span></div><div></div> The bar chart and table below can help you evaluate potential risks of the International Small Cap Active ETF. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.aberdeeninvestments.com/usa/etf 844-383-7289 Annual Total Returns(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2412img004.jpg"/></div> <div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;-sec-ix-redline:true;">26.58%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">2nd quarter 2020</span></div><div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;-sec-ix-redline:true;">-25.77%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">1st quarter 2020</span></div> Highest Return: 26.58% - 2nd quarter 2020 0.2658 2020-06-30 Lowest Return: -25.77% - 1st quarter 2020 -0.2577 2020-03-31 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Your actual after-tax return depends on your personal tax situation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span><span style="-sec-ix-redline:true;"></span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">1 Year</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">5 Years</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">10 Years</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">17.28</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.91</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.11</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">17.60</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.26</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.98</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">After Taxes on Distributions and Sales of Shares</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">10.93</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.42</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">MSCI AC World ex-USA Index (Net TR)</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects deductions for expenses and </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">32.39</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">7.91</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.41</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Custom abrdn International Small Cap Active ETF Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">(reflects deductions for </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">expenses and taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">29.26</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">6.91</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">8.19</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> 0.1728 0.0191 0.0811 0.176 0.0126 0.0698 0.1093 0.0142 0.0625 0.3239 0.0791 0.0841 (reflects deductions for expenses and taxes) 0.2926 0.0691 0.0819 Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The abrdn Ultra Short Municipal Income Active ETF (the “Ultra Short Municipal Income Active ETF” or the “Fund”) seeks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">high after-tax current income consistent with preservation of capital.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund (“Shares”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>the table and example below.</b></span><span style="-sec-ix-redline:true;"></span></div> <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:87%"></td> <td style="height:1px;width:13.000000000000002%"></td> </tr> <tr> <td colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></span></span> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Management Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.30</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Service (12b-1) Fees</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.44</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.74</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Less: Amount of Fee Limitations/Expense Reimbursements</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.49</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.003 0 0.0044 0.0074 0.0049 0.0025 “Other Expenses” have been estimated to reflect expenses expected to be incurred by the Fund for the current fiscal year. February 28, 2028 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">This Example is intended to help you compare the cost of investing in the Ultra Short Municipal Income Active ETF with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">cost of investing in other funds.</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">It assumes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> a 5% return each year and that the Fund’s operating expenses remain the same </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(taking into account the contractual </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limitation until its expiration</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">). </span><span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">based on these assumptions your costs would be:</span></span><span style="-sec-ix-redline:true;"></span></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div> <table cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> </tr> <tr> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>1 Year</b></span></span> </div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6.01pt;;-sec-ix-redline:true;"><b>10 Years</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:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$26</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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$187</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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$363</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:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$872</span></div> </td> </tr> </table></div> 26 187 363 872 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Ultra Short Municipal Income Active ETF</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> pays transaction costs, such as commissions, when it buys and sells </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">result in higher taxes when </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Fund shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> are held in a taxable account. These costs, which are not reflected in annual fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating expenses or in the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">example</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, affect the Fund’s performance. During the most recent fiscal year</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">, the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate was </span><span style="-sec-ix-redline:true;"></span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">117</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> The portfolio turnover rate includes that of abrdn </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Intermediate Municipal Income Fund (the “Predecessor Fund”).</span></div> 1.17 Principal Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As a fundamental policy, under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">borrowings for investment purposes, in investment grade fixed income securities that qualify as tax-exempt municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obligations. Tax-exempt municipal obligations include municipal obligations that pay interest that is free from U.S. federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">income tax (but may be subject to the federal alternative minimum tax (“AMT”)). These obligations are issued by states, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. territories and their political subdivisions, such as counties, cities and towns. For purposes of the Fund’s 80% policy, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may, but is not required to, sell a security whose rating falls below investment grade.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market circumstances, the Fund will maintain an investment portfolio with a weighted average effective </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">duration of two years or less The Adviser expects to increase or decrease the portfolio’s effective duration based on its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outlook for the market and interest rates. Duration measures the sensitivity of bond prices to changes in interest rates (for </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">example, if interest rates were to rise 1%, a bond or bond fund with a duration of two years would be expected to lose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">approximately 2% of its value). The longer the duration of a bond, the longer it will take to repay the principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obligations and the more sensitive it will be to changes in interest rates. Because of events affecting the bond markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and interest rate changes, the duration of the portfolio may not meet the target at all times.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in specific types of municipal obligations, including tax-exempt zero-coupon securities, auction rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, floating- and variable-rate bonds and tender option bonds. Tender option bonds are created when a holder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">deposits tax-exempt or other bonds into a special purpose trust (“TOB trust”). The TOB trust issues two types of securities: </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">floating rate notes (“floaters” or “TOBs”) and a residual security junior to the floaters (“inverse floaters”). The TOB trust </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">would sell the floater and the Fund would retain the inverse floater.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest, without limitation, in municipal obligations whose interest income is a tax-preference item (i.e., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">income that may trigger the AMT) for purposes of the federal AMT.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in municipal obligations of any state, city, county or other governmental entity. The Fund currently </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">anticipates that it will have significant exposure to </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">New York</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and Texas municipal securities. Additionally, up to 20% of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s net assets may be invested in fixed income securities that qualify as tax-exempt municipal obligations that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considered below investment grade (sometimes referred to as “junk bonds” or high yield securities). A bond is considered </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">below investment grade if rated below investment grade by Moody’s Investors Services, Inc. (“Moody’s”) (below Baa3), </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">S&amp;P Global Ratings (“S&amp;P”) (below BBB-), or Fitch, Inc. (“Fitch”) (below BBB-) or, if unrated, determined by the Adviser to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be of comparable quality. In the event that a security receives different ratings from different nationally recognized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">statistical rating organizations (“NRSROs”), the Adviser will treat the security as being rated in the highest rating category </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">received from an NRSRO. In determining suitability of investment in a particular unrated security, the Adviser takes into </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consideration asset and debt service coverage, the purpose of the financing, history of the issuer, existence of other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rated securities of the issuer, and other relevant conditions, such as comparability to other issuers. If an obligation’s credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rating is downgraded after the Fund’s investment, the Adviser monitors the situation to decide if the Fund needs to take </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">any action such as selling the obligation.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In managing the Fund, the Adviser employs a process that combines sector allocation, fundamental research and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">duration management. In determining sector allocation, the Adviser analyzes the prevailing financial and investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics of a broad range of sectors in which the Fund may invest and seeks to enhance performance and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">manage risk by underweighting or overweighting particular sectors. Based on fundamental research regarding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, including fixed income research, credit analyses and use of sophisticated analytical systems, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">makes decisions to purchase and sell securities for the Fund. The Adviser also examines the material risks of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment across a spectrum of considerations including financial metrics, regional and national conditions and industry </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">specific factors. The Adviser may also consider the most material potential ESG (Environmental, Social and Governance) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">risks and opportunities impacting issuers, where relevant. Not every ESG factor may be identified or evaluated for every </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may not be issuers with favorable ESG characteristics or high ESG ratings. As ESG information is just one investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consideration, ESG considerations generally are not solely determinative in any investment decision made by the Adviser. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The relevance of ESG factors to the investment process varies across issuers and instrument types. The Adviser also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considers economic factors to develop strategic forecasts as to the direction of interest rates which are then used to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">establish the Fund’s target duration, a common measurement of a security’s sensitivity to interest rate movements. For </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obligations owned by the Fund, duration measures the average time needed to receive the present value of all principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and interest payments by analyzing cash flows and interest rate movements. The Adviser closely monitors the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio and makes adjustments as necessary. The overall objective of the Adviser is to add value through the selection </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of securities that the Adviser believes are trading at a price below what we consider the securities to be worth.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s investment strategies may result in a portfolio turnover rate in excess of 100% on an annual basis.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield, of securities in those markets in which the Fund invests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Fixed Income Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fixed income securities fluctuate in price based on changes in an issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and overall market and economic conditions. The value of a fixed income security may also fall due to specific conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that affect a particular sector of the securities market or a particular issuer. Fixed income securities are subject to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among other risks, credit risk, extension risk, issuer risk, interest rate risk, market risk and prepayment risk.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is subject to the risk that the Adviser may make poor security selections. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and its portfolio managers apply their own investment techniques and risk analyses in making investment decisions for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser may select securities that underperform the relevant market or other funds with similar investment objectives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Municipal Securities Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – Municipal bonds can be significantly affected by political and economic changes, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security holders. Municipal bonds have varying levels of sensitivity to changes in interest rates. Interest rate risk is generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lower for shorter-term municipal bonds and higher for long term municipal bonds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Municipal Bond Tax Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – A municipal bond that is issued as tax-exempt may later be declared to be taxable. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">addition, if the federal income tax rate is reduced, the value of the tax exemption may be less valuable, causing the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of a municipal bond to decline.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Municipal Market Volatility and Illiquidity Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The municipal bond market can be susceptible to unusual volatility, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions or credit tightening. During times of reduced market liquidity, the Fund may not be able to readily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sell bonds without the sale significantly changing the market value of the bond. If the Fund needed to sell large blocks of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds’ prices.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Municipal Sector Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – From time to time the Fund may invest a substantial amount of its assets in municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities whose interest is paid solely from revenues of similar projects. If the Fund concentrates its investments in this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">manner, it assumes the economic risks relating to such projects and this may have a significant impact on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment performance.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>State-Specific Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> -  A Fund may from time to time invest a substantial amount of its total assets in municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities of issuers in one or more states and, therefore, is subject to the risk that the economies of the states in which it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests, and the revenues supporting the municipal securities, may decline. Investing a substantial amount of its total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets in one or more states means that a Fund is more susceptible to the economic, market, political, regulatory or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">occurrences that affect the issuers in those states. The particular states in which a Fund may focus its investments may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">change over time and the Fund may alter its focus at inopportune times.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>New </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>York State-Specific Risk –</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial amount of its assets in New York </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">municipal securities, the Fund may be affected by economic, regulatory or political developments affecting the ability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">New York issuers to pay interest or repay principal.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:22pt;margin-left:0pt;"><i>Texas State-Specific Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – To the extent the Fund invests a substantial amount of its assets in Texas municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, the Fund may be affected by economic, regulatory or political developments affecting the ability of Texas </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers to pay interest or repay principal.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Yield Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The amount of income received by the Fund will go up or down depending on day-to-day variations in short–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">term interest rates, and when interest rates are very low the Fund’s expenses could absorb all or a significant portion of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s income. If interest rates increase, the Fund’s yield may not increase proportionately. For example, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may discontinue any temporary voluntary fee limitation or recoup amounts previously waived and/or reimbursed.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Trading Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> There can be no assurance as to the price at which, or volume in which, it may at any time be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">possible to buy or sell Shares in the public trading market. Although the Shares are listed for trading on Nasdaq, there can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be no assurance that an active trading market for such Shares will develop or be maintained. Although it is expected that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the market price of the Shares will approximate the Fund’s NAV when purchased and sold in the secondary market, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund faces numerous market trading risks, including the potential lack of an active market for Shares, disruptions in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities markets in which the Fund invests, periods of high market volatility and disruptions in the creation/redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">process. Any of these may lead to times when the market price of the Shares is more than the NAV intra-day (premium) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or less than the NAV intra-day (discount).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Auction Rate Securities Risk -</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Auction rate securities are variable rate bonds whose interest rates are reset at specified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intervals through a “Dutch” auction process. A “Dutch” auction is a competitive bidding process designed to determine a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">single uniform clearing rate that enables purchases and sales of the auction rate securities to take place at par. All </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">accepted bids and holders of the auction rate securities receive the same rate. Auction rate securities holders rely on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity generated by the auction. There is a risk that an auction will fail due to insufficient demand for the securities. If an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">auction fails, an auction rate security may become illiquid until a subsequent successful auction is conducted, the issuer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">redeems the issue, or a secondary market develops.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Authorized Participants Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund has entered into Authorized Participant (AP) agreements with only a limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">number of institutions. Should these APs cease to act as such or, for any reason, be unable to create or redeem Shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and new APs are not appointed in their place, Shares may trade at a discount to the Fund’s NAV and possibly face </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">delisting.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cash Transactions Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Unlike certain exchange-traded funds (“ETFs”), the Fund expects to effect its redemptions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">primarily for cash, rather than primarily for in-kind securities. As such, investments in Shares may be less tax-efficient </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than an investment in a conventional ETF which generally are able to make in-kind redemptions and avoid realizing gains </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in connection with transactions designed to raise cash to meet redemption requests.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Cybersecurity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Integration Risk </b></span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>–</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent ESG factors are used to evaluate investments, the consideration of such factors may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics are not the only factors considered and, as a result, the issuers in which </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund invests may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider different ESG</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>High-Yield Bonds and Other Lower-Rated Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments in high-yield bonds (commonly referred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to as “junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. Investments in high–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield bonds are speculative and issuers of these securities are generally considered to be less financially secure and less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield bonds tend to be very </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price or sell, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly in times of negative sentiment toward high-yield securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Interest Rate Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s fixed income investments are subject to interest rate risk, which generally causes the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of a fixed income portfolio to decrease when interest rates rise resulting in a decrease in the Fund’s net assets. Interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rate fluctuations tend to have a greater impact on fixed income-securities with a greater time to maturity and/or lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">coupon. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with a shorter average portfolio duration. In periods of market volatility, the market values of fixed income securities may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be more sensitive to changes in interest rates.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Investment-Grade Debt Securities –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment-grade debt securities are debt securities rated within the highest grades </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(AAA/Aaa through BBB-/Baa) by S&amp;P or Moody’s rating services, and unrated securities of comparable quality. If a Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests, at the time of purchase, in a security that is investment-grade, it is possible that such security may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">downgraded after its purchase so that it is no longer investment-grade.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Generally, only APs may redeem Shares. Investors other than APs wishing to realize their Shares will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">generally need to rely on secondary trading in the public trading market. There can be no assurance as to the price at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which, or volume in which, it may at any time be possible to realize Shares in the public trading market. Although the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares are listed for trading on Nasdaq, there can be no assurance that an active trading market for such shares will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">develop or be maintained.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Portfolio Turnover Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> – The Fund may engage in active and frequent trading of portfolio securities to achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment objective. High portfolio turnover may result in greater transaction costs which may reduce Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance. The sale of Fund portfolio securities may also result in greater realization and/or distribution to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shareholders of gains or losses as compared to a fund with less active trading, which may include short-term gains </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable at ordinary income tax rates.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Tender Option Bonds Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Tender option bonds are synthetic floating-rate or variable-rate securities issued when long–</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">term bonds are purchased in the primary or secondary market and then deposited into a trust. Tender option bonds may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be considered derivatives, and may expose the Fund to the same risks as investments in derivatives, as well as risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with leverage, especially the risk of increased volatility.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"><b>Transactions and Liquidity Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> The Fund could experience a loss when selling securities to meet redemption requests </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">and its liquidity may be negatively impacted. The risk of loss increases if the redemption requests are large or frequent, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">to or is required to sell are illiquid. To the extent a large proportion of Shares are held by a small number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">(or a single shareholder), including funds or accounts over which the Adviser or its affiliates have investment discretion, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the Fund is subject to the risk that these shareholders will purchase or redeem Shares in large amounts rapidly or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">unexpectedly, including as a result of an asset allocation decision made by the Adviser or its affiliates. To the extent these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">larger shareholders transact in the secondary market, such transactions may account for a large percentage of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Fund’s trading volume on the Exchange, which may have a material effect (upward or downward) on the market price of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Shares. In addition to the other risks described in this section, these transactions could adversely affect the ability of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Fund to conduct its investment program. The Fund may be unable to sell illiquid securities at its desired time or price or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the price at which the securities have been valued for purposes of the Fund’s NAV. Illiquidity can be caused by a drop in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">overall market trading volume, an inability to find a buyer, or legal restrictions on the securities’ resale. Certain securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Similarly, large purchases of Shares may adversely affect the Fund’s performance to the extent that the Fund is delayed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">in investing new cash and is required to maintain a larger cash position than it ordinarily would. Large redemptions also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">could accelerate the realization of capital gains, increase the Fund’s transaction costs and impact the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">performance. To the extent redemptions are effected in cash, an investment in the Fund may be less tax-efficient than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">an investment in an ETF that distributes portfolio securities entirely in-kind.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price that the Fund could receive upon the sale of any particular portfolio investment may differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments may also be impacted by technological issues and/or errors by pricing services or other third-party service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Variable and Floating Rate Securities Risk –</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> For floating and variable rate obligations, there may be a lag between an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Variable rate demand obligations (“VRDOs”) are floating rate securities that combine an interest in a long term municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">institution is unable to pay, the Fund may lose money.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">If the value of the Fund’s investments decreases, you may lose money.</span> Performance <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">The bar chart and table below can help you evaluate potential risks of the Ultra Short Municipal Income Active ETF.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">bar chart shows how the Fund’s annual total returns for Fund shares have varied from year to year. The table following </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the bar chart compares the Fund’s performance over time with those of a broad measure of market performance and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">an additional index that more closely reflects the Fund’s investment strategy. The table compares the Fund’s average </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">annual total returns to the returns of the Bloomberg Municipal Bond Index, a broad-based securities index, and Custom </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">abrdn Ultra Short Municipal Income Active ETF Index (the “Custom Index”). The Custom Index reflects the returns of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Bloomberg Municipal Bond 1 Year (1-2 Y) Index from October 20, 2025, BofA 1-22 Year U.S. Municipal Securities Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">from September 14, 2017 until October 20, 2025, and the Bloomberg Municipal Bond Index for periods prior to September </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">14, 2017. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">during the same time periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Remember, however, that past performance (before and after taxes) is not necessarily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">indicative of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> For updated performance information, please visit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">www.aberdeeninvestments.com/usa/etf</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> or call </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">844-383-7289</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">.</span></div><div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Effective after the close of business on October 17, 2025, the Fund adopted the performance of the “Predecessor Fund”, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">a registered investment company, as a result of a reorganization (the “Reorganization”) in which the Fund acquired all of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the assets and assumed certain stated liabilities of the Predecessor Fund. The Fund has a different investment objective </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">and strategies from those of the Predecessor Fund. Performance shown below for periods prior to the Reorganization </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">are based on the investment objective and investment strategies utilized by the Predecessor Fund. The Predecessor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Fund was managed by the same investment adviser as that of the Fund. The returns presented for the Fund for periods </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">prior to the Reorganization reflect the performance of Institutional Shares of the Predecessor Fund. The Predecessor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> changed its investment strategy effective February 28, 2019 to adopt a target average weighted effective duration. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Performance information for periods prior to February 28, 2019 does not reflect such investment policy. In connection </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the change in investment policy, the Predecessor Fund changed its name from Aberdeen Tax-Free Income Fund to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Aberdeen Intermediate Municipal Income Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Performance for the Fund’s Shares has not been adjusted to reflect the Fund’s Shares’ lower expenses than those of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Predecessor Fund’s Institutional Class Shares. Performance for the Predecessor Fund is based on the NAV per share of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">the Predecessor Fund shares rather than on market-determined prices.</span></div> The bar chart and table below can help you evaluate potential risks of the Ultra Short Municipal Income Active ETF. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.aberdeeninvestments.com/usa/etf 844-383-7289 Annual Total Returns(Years Ended Dec. 31) <div><br/><img alt="image" src="pr2412img005.jpg"/></div> <div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Highest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;-sec-ix-redline:true;">6.81%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">4th quarter 2023</span></div><div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Lowest Return: </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;-sec-ix-redline:true;">-5.54%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;"> - </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">1st quarter 2022</span></div> Highest Return: 6.81% - 4th quarter 2023 0.0681 2023-12-31 Lowest Return: -5.54% - 1st quarter 2022 -0.0554 2022-03-31 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">Your actual after-tax return depends on your personal tax situation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;-sec-ix-redline:true;">individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.</span><span style="-sec-ix-redline:true;"></span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans. Average Annual Total Returns as of December 31, 2025 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;border-top:1.5pt solid #000000;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:64.00000000000001%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> <td style="height:1px;width:12%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">1 Year</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">5 Years</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt 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:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">10 Years</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Before Taxes</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.61</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.78</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.70</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">After Taxes on Distributions</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.59</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.77</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.55</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">After Taxes on Distributions and Sales of Shares</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.57</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.36</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.90</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Bloomberg Municipal Bond Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽¹⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">(reflects no deduction for fees, expenses or </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.25</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.80</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.34</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:7pt;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:1pt;margin-bottom:0;"><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Custom abrdn Ultra Short Municipal Income Active ETF Index</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:5pt;;-sec-ix-redline:true;">⁽²⁾</span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (reflects no </span></span><span style="padding-left:0pt;-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">deduction for fees, expenses or taxes)</span></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.62</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.15</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> <td colspan="1" style="padding-bottom:2pt;vertical-align:bottom"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;vertical-align:top;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.39</span></div> <div style="float:left;max-width:10%;text-align:left;vertical-align:top;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">%</span></div> <div style="float:left;max-width:15%;text-align:left;vertical-align:top;"></div> </div> </td> </tr> </table></div> 0.0161 0.0078 0.017 0.0159 0.0077 0.0155 0.0257 0.0136 0.019 (reflects no deduction for fees, expenses or taxes) 0.0425 0.008 0.0234 0.0462 0.0115 0.0239 (1)Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid. (2)Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. (3)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 1.25% for Class A shares and 1.50% for Institutional Class shares. This contractual limitation may not be terminated without the approval of the Independent Trustees before February 28, 2027. This limit includes Rule 12b-1 Fees, but excludes certain expenses, including any interest, brokerage commissions, expenses incurred indirectly by the Fund as a result of investments in other investment companies and pooled investment vehicles (“acquired fund fees and expenses” or “AFFE”) (but includes AFFE for affiliated investment vehicles managed by the Adviser), and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (1)The MSCI All Country World Index (Net TR) is an index considered representative of developed and emerging market stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors (1)Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid. (2)Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. (3)Management fees have been restated to reflect current fees as a result of a reduction in the Fund’s contractual management fee rate effective February 28, 2025. (4)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 0.90% for all classes of the Fund. This contractual limitation may not be terminated before February 28, 2027 without the approval of the Independent Trustees. This limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, expenses incurred indirectly by the Fund as a result of investments in other investment companies and pooled investment vehicles (“Acquired Fund Fees and Expenses” or “AFFE”) (but includes AFFE for affiliated investment vehicles managed by the Adviser), Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares, Class R shares and Institutional Service Class shares and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (5)The Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements do not correlate to the Fund’s Ratio of Expenses to Average Net Assets included in the Fund’s Financial Highlights in the Fund’s prospectus as they have been restated to reflect the current expense limitation agreement effective February 28, 2025. (1)Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid. (2)If you redeem your Class C shares within the first year after you purchase them you must pay a CDSC of 1.00%; however, the CDSC shall not apply to the purchases of Class C shares where the selling broker-dealer was not paid a commission at the time of purchase. (3)Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. (4)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 1.10% for all classes of the Fund. This contractual limitation may not be terminated before February 28, 2027 without the approval of the Independent Trustees. This limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, expenses incurred indirectly by the Fund as a result of investments in other investment companies and pooled investment vehicles (“Acquired Fund Fees and Expenses” or “AFFE”) (but includes AFFE for affiliated investment vehicles managed by the Adviser), Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares, Class R shares and Institutional Service Class shares and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (1)Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. (2)The MSCI Emerging Markets Index (Net TR) is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. (1)Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid. (2)Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. (3)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 0.99% for Class A shares and 1.24% for Institutional Class shares. This contractual limitation may not be terminated without the approval of the Independent Trustees before February 28, 2027. This limit includes Rule 12b-1 Fees, but excludes certain expenses, including any interest, brokerage commissions, expenses incurred indirectly by the Fund as a result of investments in other investment companies and pooled investment vehicles (“acquired fund fees and expenses” or “AFFE”) (but includes AFFE for affiliated investment vehicles managed by the Adviser), and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (4)Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements includes interest expenses, which are not subject to the Fund’s expense limitation agreement. Therefore, the Total Annual Fund Operating Expenses after Fee Limitations/Expense Reimbursements may be greater than the Fund’s expense limitation. (1)Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid. (2)Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. (3)Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. (5)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 0.70% for all classes of the Fund. This contractual limitation may not be terminated before February 28, 2027 without the approval of the Independent Trustees. This limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, expenses incurred indirectly by the Fund as a result of investments in other investment companies and pooled investment vehicles (“Acquired Fund Fees and Expenses” or “AFFE”) (but includes AFFE for affiliated investment vehicles managed by the Adviser), Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (4)The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements do not correlate to the Fund’s Ratio of Expenses (Prior to Reimbursements) to Average Net Assets and Ratio of Expenses to Average Net Assets, respectively, included in the Fund’s Financial Highlights in the Fund’s prospectus, as those ratios do not reflect indirect expenses, such as Acquired Fund Fees and Expenses. (1)Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. (2)The Bloomberg Global Aggregate Bond Index is an unmanaged index considered representative of global investment-grade, fixed-income markets. (3)The Custom abrdn High Income Opportunities Fund Index is a custom index that reflects the returns of the ICE BofA US High Yield Constrained Index from August 21, 2023 and the ICE BofA Global High Yield Constrained Index (USD Hedged) for periods prior to August 21, 2023. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. The ICE BofA U.S. High Yield Constrained Index tracks the performance of U.S. dollar denominated below-investment-grade corporate debt publicly issued in the major domestic markets. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. (1)Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid. (2)Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. (3)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 0.65% for all classes of the Fund. This contractual limitation may not be terminated before February 28, 2027 without the approval of the Independent Trustees. This limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, expenses incurred indirectly by the Fund as a result of investments in other investment companies and pooled investment vehicles (“Acquired Fund Fees and Expenses” or “AFFE”) (but includes AFFE for affiliated investment vehicles managed by the Adviser), Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares and Institutional Service Class shares and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (1)Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. (2)The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market. (1)Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid. (2)Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. (3)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 0.99% for Class A shares and 1.24% for Institutional Class shares. This contractual limitation may not be terminated without the approval of the Independent Trustees before February 28, 2027. This limit includes Rule 12b-1 Fees, but excludes certain expenses, including any interest, brokerage commissions, expenses incurred indirectly by the Fund as a result of investments in other investment companies and pooled investment vehicles (“acquired fund fees and expenses” or “AFFE”) (but includes AFFE for affiliated investment vehicles managed by the Adviser), and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (1)Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. (2)The S&P 500® Index is an unmanaged index considered representative of the US stock market. (3)The MSCI US REIT Index is an unmanaged index considered representative of real estate equity performance. The index is computed using the gross return, which does not withhold taxes for non-resident investors. (1)Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 0.75% will be charged on Class A shares redeemed within 12 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid. (2)If you redeem your Class C shares within the first year after you purchase them you must pay a CDSC of 1.00%; however, the CDSC shall not apply to the purchases of Class C shares where the selling broker-dealer was not paid a commission at the time of purchase. (3)Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. (4)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 0.90% for Institutional Class shares, 1.65% for Class C shares and 0.65% for Class A shares. This contractual limitation may not be terminated without the approval of the Independent Trustees before February 28, 2027. This limit includes Rule 12b-1 Fees, but excludes certain expenses, including any interest, brokerage commissions, expenses incurred indirectly by the Fund as a result of investments in other investment companies and pooled investment vehicles (“acquired fund fees and expenses” or “AFFE”) (but includes AFFE for affiliated investment vehicles managed by the Adviser), and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (1)Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. (2)The Bloomberg Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. (3)The Custom abrdn Short Duration High Yield Municipal Fund Index is a custom index that reflects the returns of the Bloomberg Municipal Bond Inter-Short (1-10 Y) Index from March 31, 2025 and the S&P Municipal Bond Short Intermediate Index for periods prior to March 31, 2025. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. The Bloomberg Municipal Bond Inter-Short (1-10) Index is an index that measures the performance of US municipal tax-exempt investment-grade bonds with effective maturities between 1 and 10 years. (1)Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid. (2)If you redeem your Class C shares within the first year after you purchase them you must pay a CDSC of 1.00%; however, the CDSC shall not apply to the purchases of Class C shares where the selling broker-dealer was not paid a commission at the time of purchase. (3)Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. (4)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 0.95% for all classes of the Fund. This contractual limitation may not be terminated before February 28, 2027 without the approval of the Independent Trustees. This limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, expenses incurred indirectly by the Fund as a result of investments in other investment companies and pooled investment vehicles (“Acquired Fund Fees and Expenses” or “AFFE”) (but includes AFFE for affiliated investment vehicles managed by the Adviser), Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares, Class R shares and Institutional Service Class shares and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (5)The Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements do not correlate to the Fund’s Ratio of Expenses to Average Net Assets included in the Fund’s Financial Highlights in the Fund’s prospectus as they have been restated to reflect the current expense limitation agreement effective February 28, 2025. (1)Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. (2)The Russell 3000® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co. (3)The Russell 2000® Index is an unmanaged index considered representative of small‐cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co. (1)Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid. (2)Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. (3)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 0.90% for all classes of the Fund. This contractual limitation may not be terminated before February 28, 2027 without the approval of the Independent Trustees. This limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, expenses incurred indirectly by the Fund as a result of investments in other investment companies and pooled investment vehicles (“Acquired Fund Fees and Expenses” or “AFFE”) (but includes AFFE for affiliated investment vehicles managed by the Adviser), Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares and Institutional Service Class shares and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (1)Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes. (2)The Russell 3000® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co. (1)Unless you are otherwise eligible to purchase Class A1 shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 0.25% will be charged on Class A1 shares redeemed within 12 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid. (2)Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. (3)Management fees have been restated to reflect current fees as a result of a reduction in the Fund’s contractual management fee rate effective October 17, 2025. (4)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 0.70% for Class A shares, 0.70% for Class A1 shares and 0.45% for Institutional Class shares. This contractual limitation may not be terminated without the approval of the Independent Trustees before February 28, 2027. This limit includes Rule 12b-1 Fees, but excludes certain expenses, including any interest, brokerage commissions, expenses incurred indirectly by the Fund as a result of investments in other investment companies and pooled investment vehicles (“acquired fund fees and expenses” or “AFFE”) (but includes AFFE for affiliated investment vehicles managed by the Adviser), and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (1)The MSCI Emerging Markets ex-China Index (Net TR) is an unmanaged index considered representative of stocks of developing countries (excluding China). The index is computed using the net return, which withholds applicable taxes for non-resident investors. (1)The MSCI All Country World Index (Net TR) is an index considered representative of developed and emerging market stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors. (2)The S&P Global Infrastructure Index (Net TR) is an unmanaged index considered representative of stock markets of developed and emerging markets. (1)The Bloomberg Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. (2)The Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index is an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. (1)“Other Expenses” have been estimated to reflect expenses expected to be incurred by the Fund for the current fiscal year. (2)Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. (3)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 0.70% for the Fund. This contractual limitation may not be terminated before February 28, 2027 without the approval of the Independent Trustees of the Board. This limit excludes (i) interest, taxes, brokerage fees and short sale dividend expenses; (ii) expenses incurred indirectly by the Fund as a result of investments in short term investment vehicles such as money market funds that do not exceed 0.005% of a Fund’s average net assets (“acquired fund fees and expenses” or “AFFE”) (but includes AFFE for other investment companies and pooled investment vehicles); and (iii) extraordinary expenses, if any. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause the Fund to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (1)“Other Expenses” have been estimated to reflect expenses expected to be incurred by the Fund for the current fiscal year. (2)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 0.65% for the Fund. This contractual limitation may not be terminated before February 28, 2027 without the approval of the Independent Trustees of the Board. This limit excludes (i) interest, taxes, brokerage fees and short sale dividend expenses; (ii) expenses incurred indirectly by the Fund as a result of investments in short term investment vehicles such as money market funds that do not exceed 0.005% of a Fund’s average net assets (“acquired fund fees and expenses” or “AFFE”) (but includes AFFE for other investment companies and pooled investment vehicles); and (iii) extraordinary expenses, if any. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause the Fund to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (1)“Other Expenses” have been estimated to reflect expenses expected to be incurred by the Fund for the current fiscal year. (2)Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. (3)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 0.70% for the Fund. This contractual limitation may not be terminated before February 28, 2028 without the approval of the Independent Trustees of the Board. This limit excludes (i) interest, taxes, brokerage fees and short sale dividend expenses; (ii) expenses incurred indirectly by the Fund as a result of investments in short term investment vehicles such as money market funds that do not exceed 0.005% of a Fund’s average net assets (“acquired fund fees and expenses” or “AFFE”) (but includes AFFE for other investment companies and pooled investment vehicles); and (iii) extraordinary expenses, if any. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause the Fund to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (1)“Other Expenses” have been estimated to reflect expenses expected to be incurred by the Fund for the current fiscal year. (2)abrdn Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a written contract limiting operating expenses to 0.25% for the Fund. This contractual limitation may not be terminated before February 28, 2028 without the approval of the Independent Trustees of the Board. This limit excludes (i) interest, taxes, brokerage fees and short sale dividend expenses; (ii) expenses incurred indirectly by the Fund as a result of investments in short term investment vehicles such as money market funds that do not exceed 0.005% of a Fund’s average net assets (“acquired fund fees and expenses” or “AFFE”) (but includes AFFE for other investment companies and pooled investment vehicles); and (iii) extraordinary expenses, if any. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause the Fund to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. (1)The MSCI Emerging Markets Index (Net TR) is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. (2)The Custom abrdn Emerging Markets Dividend Active ETF Index is an index that reflects the returns of the MSCI Emerging Markets Index (Net TR) from March 1, 2024 and the MSCI All Country World ex USA Index (Net TR) for periods prior to March 1, 2024. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. (1)The Russell 3000® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co. (2)The Custom abrdn Focused U.S. Small Cap Active ETF Index is a custom index that reflects the returns of the Russell 2000® Index from March 1, 2024, the Russell 2500® Index from November 30, 2020 until February 29, 2024, the S&P 500® Index prior to November 30, 2020, and the FTSE 3-Month T-Bill Index for periods prior to November 15, 2017. The Russel 2000 is an unmanaged index considered representative of small‐cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co. (1)The MSCI AC World ex-USA Index (Net TR) is an index that is designed to measure large and mid cap representation across developed markets countries (excluding the US) and emerging markets countries. (2)The Custom abrdn International Small Cap Active ETF Index is a custom index that reflects the returns of the MSCI All Country World ex-USA Small Cap Index (Net TR) from March 1, 2016 and the MSCI World Small Cap Index (Net TR) for periods prior to March 1, 2016. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. The MSCI AC World ex-USA Small Cap Index (Net TR) is an index that is designed to measure small cap representation across developed markets countries (excluding the United States). (1)The Bloomberg Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. (2)The Custom abrdn Ultra Short Municipal Income Active ETF Index is a custom index that reflects the returns of the Bloomberg Municipal Bond 1 Year (1-2 Y) Index from October 20, 2025, prior BofA 1-22 Year U.S. Municipal Securities Index until October 20, 2025, and the Bloomberg Municipal Bond Index for periods prior to September 14, 2027. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. The Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index is an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. (1)None of abrdn Inc. (the “Adviser”), abrdn Asia Limited (“aAL”) or abrdn Investments Limited (“aIL” and collectively with aAL, the “Sub-advisers”) charges a management fee or sub-advisory fee to the Fund. Shareholders should be aware, however, that the Fund is an integral part of separately managed account programs, and the Fund’s Adviser, the Fund’s Sub-advisers or their affiliates will be compensated directly or indirectly by separately managed account program sponsors or program participants for managed account advisory services. (2)abrdn Funds (the “Trust”) and the Adviser have entered into a written contract pursuant to which the Adviser has agreed to reimburse the Fund’s operating expenses (excluding certain expenses, including any taxes, interest, brokerage fees, expenses incurred indirectly by the Fund as a result of investments in other investment companies and pooled investment vehicles (“Acquired Fund Fees and Expenses” or “AFFE”) (but includes AFFE for affiliated investment vehicles managed by the Adviser) and extraordinary expenses). This contractual arrangement may not be terminated before February 28, 2027 without the approval of the Independent Trustees. (1)The MSCI Emerging Markets Index (Net TR) is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors..