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AMERICAN BEACON FUNDS
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2026-05-01
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund seeks long-term total return on capital, primarily through capital appreciation.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">discounts if you and your eligible family members invest, or agree to invest in the future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> More information about these and other discounts is available from your financial professional and in “Choosing Your Share Class” on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">22</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Prospectus and “Additional Purchase and Sale Information for A Class Shares” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">33</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Statement of Additional Information (“SAI”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Appendix A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to the Fund’s Prospectus entitled “Intermediary Sales Charge Discounts, Waivers and Other Information.”</span></div>
You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in all classes of the American Beacon Funds on an aggregated basis.
50000
Shareholder Fees (fees paid directly from your investment)
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Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
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<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">(‘‘CDSC’’) of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.</span>
April 30, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that this Example reflects the fee waiver/expense </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reimbursement arrangement for each share class through April 30, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2027</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. C Class shares automatically convert to A Class shares 8 years after purchase, if the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for the full 10-year period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$680 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$904 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,145 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,837 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$286 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$578 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$995 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,158 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$85 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$267 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$465 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,036 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R6</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$79 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$248 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$432 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$965 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$82 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$258 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$449 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,001 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$114 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$358 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$621 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,374 </span></div>
</td>
</tr>
</table></div>
680
904
1145
1837
286
578
995
2158
85
267
465
1036
79
248
432
965
82
258
449
1001
114
358
621
1374
Assuming no redemption of shares:
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$186 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$578 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$995 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,158 </span></div>
</td>
</tr>
</table></div>
186
578
995
2158
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">24%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div>
0.24
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of large market capitalization companies that the Fund considers to have growth characteristics.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund considers large market capitalization companies to be those with market capitalizations within the market capitalization range of the companies in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Russell 1000® Index. The Russell 1000 Index measures the performance of approximately 1,000 of the largest U.S. companies based on total market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">capitalization. As of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">February 28, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the Russell 1000 Index consisted of companies with market capitalizations of $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1.1 billion</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and greater. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">considers a company to have growth characteristics if it is a constituent of the Russell 1000® Growth Index. The Russell 1000 Growth Index includes those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s sub-advisor, Numeric Investors LLC (“Numeric”), uses a proprietary model-driven quantitative approach to select equity securities (typically common </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">stocks) of companies that have, in its opinion, attractive valuations, positive long-term growth characteristics, sustainable competitive advantages, relatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">benign competitive environments, and favorable industry dynamics. In seeking to achieve this goal, stocks are selected from the universe using a balance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">proprietary quantitative models that blend fundamental investment concepts with other uncorrelated drivers of stock returns to aid in forecasting a company’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">long term business prospects. A discretionary overlay based on fundamental research supplements the quantitative models to verify data, validate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assumptions, and incorporate any insights that may not be picked up by the models. The discretionary overlay is expected to operate only to exclude stocks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">from the portfolio that have been recommended by the models. The overlay will not identify stocks for investment outside of the models.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Based on statistically driven rules in the quantitative models, securities are sold in Numeric’s discretion for various reasons, including, without limitation, when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">they fall into the bottom 50% of the stock selection universe, the reasons for selecting the stock are no longer valid, or when necessary to maintain the risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">profile of the overall Fund. Subject to the Fund’s 80% investment policy stated above, Numeric will not necessarily sell a stock if it “migrates” outside the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market capitalization range of the Russell 1000 Index after purchase or if a stock is no longer a constituent of the Russell 1000 Growth Index. As a result, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund may invest in stocks that are no longer large-cap growth stocks, including stocks of mid-capitalization companies and stocks that exhibit value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">characteristics. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund invests in a diversified portfolio of common stocks that are listed on the New York Stock Exchange, NYSE American, or Nasdaq.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although the Fund seeks investments across a number of sectors, from time to time, the Fund may have significant positions in particular sectors, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Information Technology sector. However, as the sector composition of the Fund’s portfolio changes over time, the Fund’s exposure to the Information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Technology sector may be lower at a future date, and the Fund’s exposure to other market sectors may be higher.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest cash balances in a government money market fund advised by the Manager, with respect to which the Manager receives a management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fee. The Fund also may purchase and sell equity index futures contracts to gain market exposure on cash balances or reduce market exposure in anticipation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of liquidity needs. The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you could lose part or all of your investment in the Fund. </span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Equity Investments Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Equity securities represent ownership interests in companies and are subject to investment risk, issuer risk and market risk. In general, the values of stocks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other equity securities fluctuate, and sometimes widely fluctuate, in response to changes in a company’s financial condition as well as general market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic and political conditions and other factors. The Fund may experience a significant or complete loss on its investment in an equity security. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">addition, stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">following equity securities, which may expose the Fund to the following additional risks:</span></div><div>
<table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;">
<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Common Stock Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company.</span></div>
</td>
</tr>
</table></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Futures Contracts Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Futures contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of securities or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying assets at an agreed date. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The use of such derivative instruments may expose the Fund to additional risks, such as credit risk, liquidity risk, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risk, that it would not be subject to if it invested directly in the securities underlying those derivatives.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> There can be no assurance that any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategy used will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying instruments or indexes. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">has previously bought or sold, and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). Use of derivatives is a highly specialized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways. The Fund may invest in the following types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">futures contracts:</span></div><div>
<table cellspacing="0" style="padding-top:2pt;padding-right:2%;padding-left:2%;" 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:18pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:96%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Index Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Futures contracts on indices expose the Fund to volatility in an underlying index. </span></div>
</td>
</tr>
</table></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Growth Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met or decrease, the prices of these stocks may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline, sometimes sharply, even if earnings showed an absolute increase. The Fund’s investments in growth companies may be more sensitive to company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If an assessment of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prospects for a company’s growth is incorrect, then the price of the company’s stock may fall or not approach the value placed on it. Growth company stocks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may also lack the dividend yield that can cushion stock price declines in market downturns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Large-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">competitive challenges and opportunities and, at times, such companies may be out of favor with investors. Many larger-capitalization companies also may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other factors, which may negatively affect the Fund’s performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The financial markets generally move in cycles, with periods of rising prices followed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods of declining prices. The value of your investment may reflect these fluctuations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. During a general downturn in the securities markets, multiple </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may decline in value simultaneously. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Even when certain securities prices have generally increased over time, there have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> been periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">during those times, resulting in</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> losses for investors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, which are likely to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> occur again in the future.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Geopolitical and other events, including war, terrorism, trade disputes, pandemics, public health crises, natural disasters, and cybersecurity incidents, have led, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and in the future may continue to lead, to general instability in world economies and markets and reduced liquidity in securities, which may negatively affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of your investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policies established</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> by the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. government and/or Federal Reserve and economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">circumstances</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> within the U.S. and abroad, such as inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes in interest rates, recessions, changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government leadership, a government’s inability</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to agree on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">budget, high public debt</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the threat or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government’s debt limit, which could result in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a default on the government’s obligations, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect investor and consumer confidence and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impact financial markets and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">broader economy, perhaps suddenly and to a significant degree.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Markets and market participants are increasingly reliant upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">public</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and proprietary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems. Data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or technology malfunctions and inaccuracies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disrupt markets and lead to negative consequences for market participants like the Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in the Fund may be increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some countries, including the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appears to be continuing globally. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The economies of all</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> nations, including the U.S., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are subject to the risks of slowing global economic growth, protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade policies, inflationary pressures, limits imposed by international trade and security agreements, political or economic dysfunction, poor consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sentiment, and reduced demand for goods due to fluctuating commodity prices and currency values, and these risks may create significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in ways that cannot be foreseen at the present time. These economic risks could have a negative impact on the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The U.S. Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and certain foreign central banks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> started to lower interest rates</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, though economic or other factors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> could stop or reverse such</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes. It is difficult to accurately predict the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">various economic and political factors that influence the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pace at which interest rates might change, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Changes in interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lead to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> an economic slowdown in the U.S. and abroad</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and reduced</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> liquidity in certain sectors of the market.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tensions, war, or open conflict between nations, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among the United States, Israel and Iran, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">between Russia and Ukraine, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Middle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">East or in eastern Asia could affect the economies of many nations, including the United States</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and may contribute to increased volatility and uncertainty in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the financial markets. The extent and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> duration of ongoing hostilities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and related sanctions and the repercussions of such</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> events cannot be predicted. Those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have presented and could continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">present material uncertainty and risk with respect to markets globally</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including in the oil and gas markets and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potentially other industries and sectors, and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> the performance of the Fund and its investments or operations could be negatively impacted. </span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advancements in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and liquidity. As artificial intelligence is used more widely, which can occur relatively rapidly, the profitability and growth of certain issuers and industries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be negatively impacted in ways that cannot be foreseen and could adversely impact issuer and market performance. As a consequence, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and its overall performance could be negatively impacted</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Global climate change may affect</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">change in ways that cannot be foreseen</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impacts of legislation, regulation and international accords related to climate change, as well as any indirect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consequences </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that may not be foreseen, may negatively impact certain issuers, industries and regions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mid-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since mid-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity, and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Model and Data/Programming Error Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The success of the sub-advisor’s investment strategy depends largely on the effectiveness of its quantitative research models and investment programs. Models </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(including quantitative models), data, and investment programs are used to screen potential investments for the Fund. When models or data prove to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks and programs may not react as expected to market events, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resulting in losses for the Fund. Some of the models used by the sub-advisor are predictive in nature. The use of predictive models has inherent risks. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">accuracy and reliability of the supplied historical data. There is no assurance that the models are complete or accurate, or representative of future market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cycles, nor will they always be beneficial to the Fund if they are accurate. Additionally, programs may become outdated or experience malfunctions which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not be identified by the sub-advisor and therefore may also result in losses to the Fund. These models and programs may negatively affect Fund performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">for various other reasons, including human judgment, inaccuracy of historical data and non-quantitative factors (such as market or trading system </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dysfunctions, investor fear or overreaction). The use of artificial intelligence or other evolving or emerging technologies presents significant risks and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exacerbate the aforementioned risks. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Models and data are known to have errors, omissions, imperfections and malfunctions (collectively, “System Events”). The sub-advisor seeks to reduce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidence and impact of System Events, to the extent feasible, through a combination of internal testing, simulation, real-time monitoring, and use of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">independent safeguards in the overall portfolio management process and often in the software code itself. Despite such testing, monitoring and independent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">safeguards, System Events will result in, among other things, the execution of unanticipated trades, the failure to execute anticipated trades, delays in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">execution of anticipated trades, the failure to properly allocate trades, the failure to properly gather and organize available data, the failure to take certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">hedging or risk reducing actions and/or the taking of actions which increase certain risk(s) - all of which may have materially adverse effects on the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">System Events in third-party provided data are generally entirely outside the control of the sub-advisor.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment companies in addition to the Fund’s direct fees and expenses. To the extent the Fund invests in other investment companies that invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in those companies, including but not limited to the following:</span></div><div>
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<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family: Arial, Helvetica, sans-serif; font-size: 8.02pt; color: #0027BA">Government
Money Market Funds Risk.</span> <span style="font-family: Arial, Helvetica, sans-serif; font-size: 8.02pt">Investments in government money
market funds are subject to interest rate risk, credit risk, and market risk. Interest rate risk is the risk that rising interest rates
could cause the value of such an investment to decline. Credit risk is the risk that the issuer, guarantor or insurer of
an obligation, or the counterparty to a transaction, may fail or become less able or unwilling, to make timely payment of
interest or principal or otherwise honor its obligations, or that it may default completely.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Quantitative Strategy Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The success of the Fund’s investment strategy may depend in part on the effectiveness of the sub-advisor’s quantitative tools for screening securities. These </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategies may incorporate factors that are not predictive of a security’s value. The quantitative tools may not react as expected to market events, resulting in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">losses for the Fund. Additionally, a previously successful strategy may become outdated or inaccurate, which may not be identified by the sub-advisor and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">therefore may also result in losses. The use of artificial intelligence or other evolving or emerging technologies presents significant risks and may exacerbate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the aforementioned risks.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Heavy redemptions could hurt the Fund’s performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. During periods of heavy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemptions, the Fund may borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sector Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When the Fund focuses its investments in certain sectors of the economy, its performance could fluctuate more widely than if the Fund were invested more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">evenly across sectors. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unfavorable developments in that economic sector than funds that invest more broadly. Additionally, individual sectors may be more volatile, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">perform differently, than the broader market. As the Fund’s portfolio changes over time, the Fund’s exposure to a particular sector may become higher or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lower.</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Information Technology Sector Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Information Technology sector includes companies engaged in software and services, technology hardware and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">storage peripherals, electronic equipment and components, and semiconductors and semiconductor equipment. Information technology companies face </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have limited product lines, markets, financial resources or personnel. The products of information technology companies may face rapid product </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obsolescence due to technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their products could have a material adverse effect on a company’s business. Companies in the Information Technology sector also may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increased government scrutiny or adverse government or regulatory action. Additionally, companies in the Information Technology sector are heavily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dependent on intellectual property and the loss of patent, copyright or trademark protections may adversely affect the profitability of these companies. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market prices of information technology-related securities tend to exhibit a greater degree of market risk and sharp price fluctuations than other types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Lending Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent the Fund lends its securities, it may be subject to the following risks: (i) the securities in which the Fund reinvests cash collateral may decrease in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, causing the Fund to incur a loss, or may not perform sufficiently to cover the Fund’s payment to the borrower of a pre-negotiated fee or “rebate” for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the use of that cash collateral in connection with the loan; (ii) non-cash collateral may decline in value, resulting in the Fund becoming under-secured; (iii) </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">delays may occur in the recovery of loaned securities from borrowers, which could result in the Fund being unable to vote proxies or settle transactions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the Fund to incur increased costs; and (iv) if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to enforce its rights in its collateral.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to its performance index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Value Stocks Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Value stocks are subject to the risk that their intrinsic or full value may never be realized by the market, that a stock judged to be undervalued may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appropriately priced, or that their prices may decline. Although value stocks tend to be inexpensive relative to their earnings, they can continue to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inexpensive for long periods of time. The Fund’s investments in value stocks seek to limit potential downside price risk over time; however, value stock prices </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">still may decline substantially. In addition, the Fund may produce more modest gains as a trade-off for this potentially lower risk. The Fund’s investment in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value stocks could cause the Fund to underperform funds that use a growth or non-value approach to investing or have a broader investment style.</span></div>
Fund Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">well as an additional index with characteristics that are similar to those of the Fund, for the periods indicated. Effective May 1, 2024, a new sub-advisor began </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">managing the Fund. Performance through April 30, 2024 reflects the Fund’s performance under the management of its prior sub-advisor.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">On February 5, 2016, the Fund acquired all the assets and assumed all the liabilities of the Fund’s predecessor. In connection with that reorganization, the R5 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class shares of the Fund adopted the performance history and financial statements of the Fund’s predecessor. In the bar chart and table below, for the period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prior to February 5, 2016, the performance of the Fund’s R5 Class shares is the performance of the Fund’s predecessor. In the table below, for the period prior </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to February 5, 2016, the performance of the Fund’s A Class, C Class, Y Class, and Investor Class shares also reflects the returns of the Fund’s predecessor. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Additionally, for the period prior to April 30, 2018, the performance of the R6 Class shares reflects the returns of the Fund’s predecessor from January 1, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2016</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">through February 4, 2016 and the performance of the Fund’s R5 Class from February 5, 2016 through April 29, 2018. In each case, the newer share classes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">would have had similar annual returns to the Fund’s predecessor or R5 Class shares, as applicable, because the shares of each class represent investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the same portfolio securities. However, the expenses of the Fund’s predecessor or R5 Class shares, as applicable, differ from those of the newer share classes, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">which would affect performance. To the extent that the Fund’s predecessor or R5 Class shares, as applicable, may have had lower expenses than the newer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">share classes prior to February 5, 2016, or April 30, 2018, as applicable, the performance of the Fund’s predecessor or R5 Class shares, as applicable, would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">likely have been higher than the performance the newer share classes would have realized during the same period. The performance of the newer share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes shown in the table has not been adjusted for differences in operating expenses between those share classes and the shares of the Fund’s predecessor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or R5 Class, as applicable, but the A Class and C Class shares performance has been adjusted for the impact of the maximum applicable sales charge.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C Class shares automatically convert to A Class shares 8 years after purchase, if the conversion is available through your financial intermediary. In the table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below, the performance for C Class shares reflects the performance as though C Class shares were held for the full 10-year period. You may obtain updated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance information on the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not necessarily an indication </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of how the Fund will perform in the future.</span></div>
The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as well as an additional index with characteristics that are similar to those of the Fund, for the periods indicated. Effective May 1, 2024, a new sub-advisor began managing the Fund. Performance through April 30, 2024 reflects the Fund’s performance under the management of its prior sub-advisor.
www.americanbeaconfunds.com
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Calendar year total returns for R5 Class Shares. Year Ended 12/31
<div><img alt="image" src="pr2747img003.jpg" style="border:solid 1px #7F7F7F"/></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Highest
Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>30.01% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2nd
Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2016
through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Lowest
Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>-20.94%</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">
2nd Quarter 2022</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2016
through 12/31/2025</span></div>
Highest
Quarterly Return:30.01% 2nd
Quarter 202001/01/2016
through 12/31/2025
0.3001
2020-06-30
Lowest
Quarterly Return:-20.94%
2nd Quarter 202201/01/2016
through 12/31/2025
-0.2094
2022-06-30
Average annual total returns for periods ended December 31, 2025
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<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>R5 Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10/31/2003</b></span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns Before Taxes</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.23%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.52%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.32%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.71%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.52%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.75%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions and Sales of Fund Shares</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.43%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.48%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.16%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Share Class</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Before Taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">02/05/2016</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.22%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.89%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.30%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">02/05/2016</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.02%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.39%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.13%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">02/05/2016</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.17%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.50%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.26%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R6</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">04/30/2018</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.25%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.59%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.38%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">02/05/2016</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.86%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.19%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.94%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Index</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Reflects no deduction for fees, expenses or taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">S&P 500® Index TR</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.88%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.42%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.82%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell 1000® Growth Index</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.56%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.32%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.13%</span></div>
</td>
</tr>
</table></div>
2003-10-31
0.1623
0.1152
0.1432
0.1371
0.0852
0.1175
0.1143
0.0848
0.1116
2016-02-05
0.0922
0.0989
0.133
2016-02-05
0.1402
0.1039
0.1313
2016-02-05
0.1617
0.115
0.1426
2018-04-30
0.1625
0.1159
0.1438
2016-02-05
0.1586
0.1119
0.1394
0.1788
0.1442
0.1482
0.1856
0.1532
0.1813
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are shown only for the R5 Class shares of the Fund; after-tax returns for other share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes.
The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, the after-tax returns do not apply to your situation.
After-tax returns are shown only for the R5 Class shares of the Fund; after-tax returns for other share classes will vary.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund seeks to provide long-term total return on capital, primarily through capital appreciation and some income. </span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">discounts if you and your eligible family members invest, or agree to invest in the future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> More information about these and other discounts is available from your financial professional and in “Choosing Your Share Class” on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">22</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Prospectus and “Additional Purchase and Sale Information for A Class Shares” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">33</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Statement of Additional Information (“SAI”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Appendix A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to the Fund’s Prospectus entitled “Intermediary Sales Charge Discounts, Waivers and Other Information.”</span></div>
You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in all classes of the American Beacon Funds on an aggregated basis.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.01
0
0
0
0
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:46%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="6" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Annual Fund Operating Expenses</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Expenses that you pay each year as a percentage of the value of your investment)</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:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>A</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>C</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Y</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>R6</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>R5</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Investor</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Management Fees</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.55%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.55%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.55%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.55%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.55%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.55%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Service (12b-1) Fees</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.26%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.23%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.13%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.17%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.49%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Total Annual Fund Operating Expenses</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>1.05%</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>1.81%</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>0.78%</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>0.68%</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>0.72%</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>1.04%</b></span></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
0.0055
0.0055
0.0055
0.0025
0.01
0
0
0
0
0.0025
0.0026
0.0023
0.0013
0.0017
0.0049
0.0105
0.0181
0.0078
0.0068
0.0072
0.0104
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">(‘‘CDSC’’) of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.</span>
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">your investment has a 5% return each year and that the Fund’s operating expenses remain the same. C Class shares automatically convert to A Class shares 8 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">years after purchase, if the conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the full 10-year period. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$676 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$890 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,121 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,784 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$284 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$569 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$980 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,127 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$80 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$249 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$433 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$966 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R6</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$69 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$218 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$379 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$847 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$74 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$230 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$401 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$894 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$106 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$331 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$574 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,271 </span></div>
</td>
</tr>
</table></div>
676
890
1121
1784
284
569
980
2127
80
249
433
966
69
218
379
847
74
230
401
894
106
331
574
1271
Assuming no redemption of shares:
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$184 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$569 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$980 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,127 </span></div>
</td>
</tr>
</table></div>
184
569
980
2127
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">34%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div>
0.34
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of large market capitalization companies that the Fund considers to have value characteristics.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund considers large market capitalization companies to be those with market capitalizations within the market capitalization range of the companies in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Russell 1000® Index. The Russell 1000 Index measures the performance of approximately 1,000 of the largest U.S. companies based on total market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">capitalization. As of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">February 28, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the Russell 1000 Index consisted of companies with market capitalizations of $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1.1 billion</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and greater. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">considers a company to have value characteristics if it is a constituent of the Russell 1000® Value Index. The Russell 1000 Value Index includes those Russell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1000 companies with lower price-to-book ratios and lower forecasted growth values.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s sub-advisor, Numeric Investors LLC (“Numeric”), uses a proprietary model-driven quantitative approach to select equity securities (typically common </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">stocks) of companies that have, in its opinion, attractive valuations, positive long-term growth characteristics, sustainable competitive advantages, relatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">benign competitive environments, and favorable industry dynamics. In seeking to achieve this goal, stocks are selected from the universe using a balance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">proprietary quantitative models that blend fundamental investment concepts with other uncorrelated drivers of stock returns to aid in forecasting a company’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">long term business prospects. A discretionary overlay based on fundamental research supplements the quantitative models to verify data, validate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assumptions, and incorporate any insights that may not be picked up by the models. The discretionary overlay is expected to operate only to exclude stocks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">from the portfolio that have been recommended by the models. The overlay will not identify stocks for investment outside of the models.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Based on statistically driven rules in the quantitative models, securities are sold in Numeric’s discretion for various reasons, including, without limitation, when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">they fall into the bottom 50% of the stock selection universe, the reasons for selecting the stock are no longer valid, or when necessary to maintain the risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">profile of the overall Fund. Subject to the Fund’s 80% investment policy stated above, Numeric will not necessarily sell a stock if it “migrates” outside the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market capitalization range of the Russell 1000 Index after purchase or if a stock is no longer a constituent of the Russell 1000 Value Index. As a result, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund may invest in stocks that are no longer large-cap value stocks, including stocks of mid-capitalization companies and stocks that exhibit growth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">characteristics.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund invests in a diversified portfolio of common stocks that are listed on the New York Stock Exchange, NYSE American, or Nasdaq.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although the Fund seeks investments across a number of sectors, from time to time, the Fund may have significant positions in particular sectors, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Financial sector. However, as the sector composition of the Fund’s portfolio changes over time, the Fund’s exposure to the Financial sector may be lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at a future date, and the Fund’s exposure to other market sectors may be higher.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest cash balances in a government money market fund advised by the Manager, with respect to which the Manager receives a management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fee. The Fund also may purchase and sell equity index futures contracts to gain market exposure on cash balances or reduce market exposure in anticipation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of liquidity needs. The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you could lose part or all of your investment in the Fund. </span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Equity Investments Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Equity securities represent ownership interests in companies and are subject to investment risk, issuer risk and market risk. In general, the values of stocks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other equity securities fluctuate, and sometimes widely fluctuate, in response to changes in a company’s financial condition as well as general market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic and political conditions and other factors. The Fund may experience a significant or complete loss on its investment in an equity security. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">addition, stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">following equity securities, which may expose the Fund to the following additional risks:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Common Stock Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Futures Contracts Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Futures contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of securities or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying assets at an agreed date. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The use of such derivative instruments may expose the Fund to additional risks, such as credit risk, liquidity risk, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risk, that it would not be subject to if it invested directly in the securities underlying those derivatives.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> There can be no assurance that any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategy used will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying instruments or indexes. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">has previously bought or sold, and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). Use of derivatives is a highly specialized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways. The Fund may invest in the following types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">futures contracts:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Index Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Futures contracts on indices expose the Fund to volatility in an underlying index. </span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Growth Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met or decrease, the prices of these stocks may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline, sometimes sharply, even if earnings showed an absolute increase. The Fund’s investments in growth companies may be more sensitive to company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If an assessment of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prospects for a company’s growth is incorrect, then the price of the company’s stock may fall or not approach the value placed on it. Growth company stocks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may also lack the dividend yield that can cushion stock price declines in market downturns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Large-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">competitive challenges and opportunities and, at times, such companies may be out of favor with investors. Many larger-capitalization companies also may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other factors, which may negatively affect the Fund’s performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The financial markets generally move in cycles, with periods of rising prices followed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods of declining prices. The value of your investment may reflect these fluctuations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. During a general downturn in the securities markets, multiple </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may decline in value simultaneously. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Even when certain securities prices have generally increased over time, there have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> been periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">during those times, resulting in</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> losses for investors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, which are likely to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> occur again in the future.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Geopolitical and other events, including war, terrorism, trade disputes, pandemics, public health crises, natural disasters, and cybersecurity incidents, have led, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and in the future may continue to lead, to general instability in world economies and markets and reduced liquidity in securities, which may negatively affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of your investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policies established</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> by the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. government and/or Federal Reserve and economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">circumstances</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> within the U.S. and abroad, such as inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes in interest rates, recessions, changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government leadership, a government’s inability</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to agree on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">budget, high public debt</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the threat or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government’s debt limit, which could result in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a default on the government’s obligations, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect investor and consumer confidence and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impact financial markets and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">broader economy, perhaps suddenly and to a significant degree.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Markets and market participants are increasingly reliant upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">public</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and proprietary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems. Data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or technology malfunctions and inaccuracies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disrupt markets and lead to negative consequences for market participants like the Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in the Fund may be increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some countries, including the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appears to be continuing globally. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The economies of all</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> nations, including the U.S., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are subject to the risks of slowing global economic growth, protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade policies, inflationary pressures, limits imposed by international trade and security agreements, political or economic dysfunction, poor consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sentiment, and reduced demand for goods due to fluctuating commodity prices and currency values, and these risks may create significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in ways that cannot be foreseen at the present time. These economic risks could have a negative impact on the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The U.S. Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and certain foreign central banks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> started to lower interest rates</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, though economic or other factors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> could stop or reverse such</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes. It is difficult to accurately predict the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">various economic and political factors that influence the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pace at which interest rates might change, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Changes in interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lead to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> an economic slowdown in the U.S. and abroad</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and reduced</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> liquidity in certain sectors of the market.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tensions, war, or open conflict between nations, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among the United States, Israel and Iran, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">between Russia and Ukraine, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Middle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">East or in eastern Asia could affect the economies of many nations, including the United States</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and may contribute to increased volatility and uncertainty in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the financial markets. The extent and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> duration of ongoing hostilities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and related sanctions and the repercussions of such</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> events cannot be predicted. Those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have presented and could continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">present material uncertainty and risk with respect to markets globally</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including in the oil and gas markets and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potentially other industries and sectors, and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> the performance of the Fund and its investments or operations could be negatively impacted. </span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advancements in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and liquidity. As artificial intelligence is used more widely, which can occur relatively rapidly, the profitability and growth of certain issuers and industries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be negatively impacted in ways that cannot be foreseen and could adversely impact issuer and market performance. As a consequence, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and its overall performance could be negatively impacted</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Global climate change may affect</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">change in ways that cannot be foreseen</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impacts of legislation, regulation and international accords related to climate change, as well as any indirect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consequences </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that may not be foreseen, may negatively impact certain issuers, industries and regions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mid-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since mid-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity, and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Model and Data/Programming Error Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The success of the sub-advisor’s investment strategy depends largely on the effectiveness of its quantitative research models and investment programs. Models </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(including quantitative models), data, and investment programs are used to screen potential investments for the Fund. When models or data prove to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks and programs may not react as expected to market events, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resulting in losses for the Fund. Some of the models used by the sub-advisor are predictive in nature. The use of predictive models has inherent risks. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">accuracy and reliability of the supplied historical data. There is no assurance that the models are complete or accurate, or representative of future market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cycles, nor will they always be beneficial to the Fund if they are accurate. Additionally, programs may become outdated or experience malfunctions which may </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not be identified by the sub-advisor and therefore may also result in losses to the Fund. These models and programs may negatively affect Fund performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">for various other reasons, including human judgment, inaccuracy of historical data and non-quantitative factors (such as market or trading system </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dysfunctions, investor fear or overreaction). The use of artificial intelligence or other evolving or emerging technologies presents significant risks and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exacerbate the aforementioned risks. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Models and data are known to have errors, omissions, imperfections and malfunctions (collectively, “System Events”). The sub-advisor seeks to reduce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidence and impact of System Events, to the extent feasible, through a combination of internal testing, simulation, real-time monitoring, and use of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">independent safeguards in the overall portfolio management process and often in the software code itself. Despite such testing, monitoring and independent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">safeguards, System Events will result in, among other things, the execution of unanticipated trades, the failure to execute anticipated trades, delays in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">execution of anticipated trades, the failure to properly allocate trades, the failure to properly gather and organize available data, the failure to take certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">hedging or risk reducing actions and/or the taking of actions which increase certain risk(s) - all of which may have materially adverse effects on the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">System Events in third-party provided data are generally entirely outside the control of the sub-advisor.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment companies in addition to the Fund’s direct fees and expenses. To the extent the Fund invests in other investment companies that invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in those companies, including but not limited to the following:</span></div><div>
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<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family: Arial, Helvetica, sans-serif; font-size: 8.02pt; color: #0027BA">Government
Money Market Funds Risk.</span> <span style="font-family: Arial, Helvetica, sans-serif; font-size: 8.02pt">Investments in government money
market funds are subject to interest rate risk, credit risk, and market risk. Interest rate risk is the risk that rising interest rates
could cause the value of such an investment to decline. Credit risk is the risk that the issuer, guarantor or insurer of
an obligation, or the counterparty to a transaction, may fail or become less able or unwilling, to make timely payment of
interest or principal or otherwise honor its obligations, or that it may default completely.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Quantitative Strategy Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The success of the Fund’s investment strategy may depend in part on the effectiveness of the sub-advisor’s quantitative tools for screening securities. These </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategies may incorporate factors that are not predictive of a security’s value. The quantitative tools may not react as expected to market events, resulting in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">losses for the Fund. Additionally, a previously successful strategy may become outdated or inaccurate, which may not be identified by the sub-advisor and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">therefore may also result in losses. The use of artificial intelligence or other evolving or emerging technologies presents significant risks and may exacerbate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the aforementioned risks.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Heavy redemptions could hurt the Fund’s performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. During periods of heavy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemptions, the Fund may borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sector Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When the Fund focuses its investments in certain sectors of the economy, its performance could fluctuate more widely than if the Fund were invested more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">evenly across sectors. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unfavorable developments in that economic sector than funds that invest more broadly. Additionally, individual sectors may be more volatile, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">perform differently, than the broader market. As the Fund’s portfolio changes over time, the Fund’s exposure to a particular sector may become higher or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lower.</span></div><div>
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<td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;">
<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Financials Sector Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Companies in the Financials sector are subject to extensive governmental regulation and intervention, which may result in financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">penalties and limits on the scope of their activities, the amounts and types of loans and other financial commitments they can make, the interest rates and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fees they can charge, the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact of recent or future regulation on the Financials sector, including more stringent capital requirements, cannot be predicted. In addition, fiscal, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulatory and monetary policies, economic conditions, interest rate changes, credit rating downgrades, and decreased liquidity in the credit markets may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets, thereby affecting a wide range </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of companies in the Financials sector. Cybersecurity incidents and technology malfunctions and failures have become increasingly frequent and have caused </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant losses to companies in this sector, which also may negatively impact the Fund.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Lending Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent the Fund lends its securities, it may be subject to the following risks: (i) the securities in which the Fund reinvests cash collateral may decrease in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, causing the Fund to incur a loss, or may not perform sufficiently to cover the Fund’s payment to the borrower of a pre-negotiated fee or “rebate” for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the use of that cash collateral in connection with the loan; (ii) non-cash collateral may decline in value, resulting in the Fund becoming under-secured; (iii) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">delays may occur in the recovery of loaned securities from borrowers, which could result in the Fund being unable to vote proxies or settle transactions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the Fund to incur increased costs; and (iv) if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to enforce its rights in its collateral.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to its performance index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Value Stocks Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Value stocks are subject to the risk that their intrinsic or full value may never be realized by the market, that a stock judged to be undervalued may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appropriately priced, or that their prices may decline. Although value stocks tend to be inexpensive relative to their earnings, they can continue to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inexpensive for long periods of time. The Fund’s investments in value stocks seek to limit potential downside price risk over time; however, value stock prices </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">still may decline substantially. In addition, the Fund may produce more modest gains as a trade-off for this potentially lower risk. The Fund’s investment in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value stocks could cause the Fund to underperform funds that use a growth or non-value approach to investing or have a broader investment style.</span></div>
Fund Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">well as an additional index with characteristics that are similar to those of the Fund, for the periods indicated. Effective May 1, 2024, a new sub-advisor began </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">managing the Fund. Performance through April 30, 2024 reflects the Fund’s performance under the management of its prior sub-advisor.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The chart and the table show the performance of the Fund’s Investor Class shares for all periods. In the table below, for the period prior to April 28, 2017, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance of the R6 Class shares reflects the returns of the Investor Class shares of the Fund. The R6 Class shares would have had similar annual returns to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Investor Class shares because the shares of each class represent investments in the same portfolio securities. However, as reflected in the “Fees and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Expenses of the Fund” section of this Fund Summary, the expenses of the Investor Class shares differ from those of the R6 Class shares, which would affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance. To the extent that the Fund’s Investor Class shares may have had lower expenses than the R6 Class shares prior to April 28, 2017, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance of the Investor Class shares would likely have been higher than the performance the R6 Class shares would have realized during the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">period. The performance of the R6 Class shares shown in the table has not been adjusted for differences in operating expenses between that share class and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Investor Class shares.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C Class shares automatically convert to A Class shares 8 years after purchase, if the conversion is available through your financial intermediary. In the table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below, the performance for C Class shares reflects the performance as though C Class shares were held for the full 10 year period. You may obtain updated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance information on the Fund’s website at </span><a href="DUMMY_2747_0_5"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not necessarily an indication </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of how the Fund will perform in the future.</span></div>
The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as well as an additional index with characteristics that are similar to those of the Fund, for the periods indicated. Effective May 1, 2024, a new sub-advisor began managing the Fund. Performance through April 30, 2024 reflects the Fund’s performance under the management of its prior sub-advisor.
www.americanbeaconfunds.com
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Calendar year total returns for Investor Class Shares. Year Ended 12/31
<div><img alt="image" src="pr2747img004.jpg" style="border:solid 1px #7F7F7F"/></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Highest
Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>17.17% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2nd
Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2016
through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Lowest
Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>-31.76% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1st
Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2016
through 12/31/2025</span></div>
Highest
Quarterly Return:17.17% 2nd
Quarter 202001/01/2016
through 12/31/2025
0.1717
2020-06-30
Lowest
Quarterly Return:-31.76% 1st
Quarter 202001/01/2016
through 12/31/2025
-0.3176
2020-03-31
Average annual total returns for periods ended December 31, 2025
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
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<td style="height:1px;width:9%"></td>
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<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
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<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
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<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investor Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>02/03/2012</b></span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns Before Taxes</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">23.81%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.36%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.58%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">20.58%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.33%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.36%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions and Sales of Fund Shares</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.44%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.06%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.19%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Share Class</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Before Taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
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<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">02/03/2012</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.64%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.03%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.91%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">02/03/2012</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">21.82%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.52%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.75%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">02/03/2012</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">24.11%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.66%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.87%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R6</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">04/28/2017</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">24.23%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.82%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.99%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">10/31/2003</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">24.16%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.73%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.94%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Index</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Reflects no deduction for fees, expenses or taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">S&P 500® Index TR</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.88%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.42%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.82%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell 1000® Value Index</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.91%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.33%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.53%</span></div>
</td>
</tr>
</table></div>
2012-02-03
0.2381
0.1236
0.0958
0.2058
0.0933
0.0736
0.1644
0.0906
0.0719
2012-02-03
0.1664
0.1103
0.0891
2012-02-03
0.2182
0.1152
0.0875
2012-02-03
0.2411
0.1266
0.0987
2017-04-28
0.2423
0.1282
0.0999
2003-10-31
0.2416
0.1273
0.0994
0.1788
0.1442
0.1482
0.1591
0.1133
0.1053
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes.
The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, the after-tax returns do not apply to your situation.
After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share classes will vary.
0.0642
0.2797
0.0191
0.3128
0.398
0.122
-0.2828
0.2522
0.1308
0.1257
0.0976
0.1923
0.0293
0.2249
0.3718
0.1393
-0.2874
0.1918
0.154
0.115
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund seeks long-term growth of capital.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">discounts if you and your eligible family members invest, or agree to invest in the future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> More information about these and other discounts is available from your financial professional and in “Choosing Your Share Class” on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">21</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Prospectus and “Additional Purchase and Sale Information for A Class Shares” on page 33 of the Statement of Additional Information (“SAI”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Appendix A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to the Fund’s Prospectus entitled “Intermediary Sales Charge Discounts, Waivers and Other Information.”</span></div>
You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in all classes of the American Beacon Funds on an aggregated basis.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.01
0
0
0
0
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
0.008
0.008
0.008
0.008
0.008
0.008
0.0025
0.01
0
0
0
0
0.0138
0.0198
0.01
0.0091
0.0092
0.0123
0.012
0.0194
0.0095
0.0088
0.0089
0.0115
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">(‘‘CDSC’’) of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.</span>
April 30, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that this Example reflects the fee waiver/expense </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reimbursement arrangement for each share class through April 30, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2027</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. C Class shares automatically convert to A Class shares 8 years after purchase, if the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for the full 10-year period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$690 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$970 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,271 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,122 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$297 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$618 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,064 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,303 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$313 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$548 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,220 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R6</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$90 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$287 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$501 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,117 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$91 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$290 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$506 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,129 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$117 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$382 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$668 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,482 </span></div>
</td>
</tr>
</table></div>
690
970
1271
2122
297
618
1064
2303
97
313
548
1220
90
287
501
1117
91
290
506
1129
117
382
668
1482
Assuming no redemption of shares:
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$197 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$618 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,064 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,303 </span></div>
</td>
</tr>
</table></div>
197
618
1064
2303
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">51%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div>
0.51
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of medium market capitalization companies that the Fund considers to have growth characteristics.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund considers a company to be a medium market capitalization company if it has a market capitalization between $1 billion and the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">capitalization of the largest company in the Russell Midcap® Index, which was $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">128.84 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">billion as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">February 28, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The Russell</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Midcap Index measures </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the performance of the approximately 800 smallest companies in the Russell 1000® Index, which measures the performance of the approximately 1,000 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">largest U.S. companies based on total market capitalization.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s sub-advisor, Stephens Investment Management Group, LLC (“SIMG”), principally invests in companies that it believes to have clear indicators of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">future earnings growth, or that demonstrate other potential for growth of capital. SIMG primarily employs fundamental research to identify companies with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">growth potential using year-over-year earnings per share growth rate or sales growth rate. If either such rate for a company is in the top 20% of such rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">for companies in the Russell Midcap® Growth Index, then the Fund considers that company to have growth characteristics. The Russell Midcap Growth Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">includes those Russell Midcap Index companies with relatively higher price-to-book ratios, earnings per share growth rates and sales growth rates.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s equity investments include U.S. common stocks and U.S. dollar denominated foreign stocks traded on U.S. exchanges. In addition to medium </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market capitalization companies, the Fund may also invest in equity securities of small-capitalization and large-capitalization companies. SIMG will sell a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security when appropriate and consistent with the Fund’s investment objective and policies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although the Fund seeks investments across a number of sectors, from time to time, the Fund may have significant positions in particular sectors, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Information Technology sector. However, as the sector composition of the Fund’s portfolio changes over time, the Fund’s exposure to the Information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Technology sector may be lower at a future date, and the Fund’s exposure to other market sectors may be higher.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may also invest cash balances in other investment companies, including a government money market fund advised by the Manager, with respect to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">which the Manager receives a management fee. The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">institutions.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you could lose part or all of your investment in the Fund. </span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Equity Investments Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Equity securities represent ownership interests in companies and are subject to investment risk, issuer risk and market risk. In general, the values of stocks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other equity securities fluctuate, and sometimes widely fluctuate, in response to changes in a company’s financial condition as well as general market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic and political conditions and other factors. The Fund may experience a significant or complete loss on its investment in an equity security. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">addition, stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">following equity securities, which may expose the Fund to the following additional risks:</span></div><div>
<table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%">
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<td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;">
<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Common Stock Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company.</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;">
<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">U.S. Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Foreign (non-U.S.) companies that list their stocks on U.S. exchanges may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exempt from certain accounting and corporate governance standards that apply to U.S. companies that list on the same exchange. Performance of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">stocks can be impacted by political and financial instability in the home country of a particular foreign company, and delisting of these stocks could impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund‘s ability to transact in such securities and could significantly impact their liquidity and market price.</span></div>
</td>
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</table></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Exposure Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to non-U.S. issuers carries potential risks not associated with exposure to U.S. issuers. Such risks may include, but are not limited to: (1) political and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial instability, (2) less liquidity, (3) greater volatility, and (4) different government regulation The Fund’s exposure to a foreign issuer may subject the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to regulatory, political, currency, security, economic and other risks associated with that country, including tariffs, trade disputes and sanctions. Global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic and financial markets have become increasingly interconnected and conditions (including recent volatility, terrorism, war and political instability) and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Growth Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met or decrease, the prices of these stocks may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline, sometimes sharply, even if earnings showed an absolute increase. The Fund’s investments in growth companies may be more sensitive to company </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If an assessment of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prospects for a company’s growth is incorrect, then the price of the company’s stock may fall or not approach the value placed on it. Growth company stocks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may also lack the dividend yield that can cushion stock price declines in market downturns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Large-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">competitive challenges and opportunities and, at times, such companies may be out of favor with investors. Many larger-capitalization companies also may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other factors, which may negatively affect the Fund’s performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The financial markets generally move in cycles, with periods of rising prices followed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods of declining prices. The value of your investment may reflect these fluctuations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. During a general downturn in the securities markets, multiple </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may decline in value simultaneously. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Even when certain securities prices have generally increased over time, there have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> been periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">during those times, resulting in</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> losses for investors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, which are likely to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> occur again in the future.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Geopolitical and other events, including war, terrorism, trade disputes, pandemics, public health crises, natural disasters, and cybersecurity incidents, have led, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and in the future may continue to lead, to general instability in world economies and markets and reduced liquidity in securities, which may negatively affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of your investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policies established</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> by the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. government and/or Federal Reserve and economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">circumstances</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> within the U.S. and abroad, such as inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes in interest rates, recessions, changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government leadership, a government’s inability</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to agree on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">budget, high public debt</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the threat or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government’s debt limit, which could result in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a default on the government’s obligations, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect investor and consumer confidence and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impact financial markets and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">broader economy, perhaps suddenly and to a significant degree.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Markets and market participants are increasingly reliant upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">public</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and proprietary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems. Data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or technology malfunctions and inaccuracies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disrupt markets and lead to negative consequences for market participants like the Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in the Fund may be increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some countries, including the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appears to be continuing globally. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The economies of all</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> nations, including the U.S., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are subject to the risks of slowing global economic growth, protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade policies, inflationary pressures, limits imposed by international trade and security agreements, political or economic dysfunction, poor consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sentiment, and reduced demand for goods due to fluctuating commodity prices and currency values, and these risks may create significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in ways that cannot be foreseen at the present time. These economic risks could have a negative impact on the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The U.S. Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and certain foreign central banks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> started to lower interest rates</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, though economic or other factors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> could stop or reverse such</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes. It is difficult to accurately predict the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">various economic and political factors that influence the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pace at which interest rates might change, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Changes in interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lead to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> an economic slowdown in the U.S. and abroad</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and reduced</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> liquidity in certain sectors of the market.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tensions, war, or open conflict between nations, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among the United States, Israel and Iran, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">between Russia and Ukraine, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Middle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">East or in eastern Asia could affect the economies of many nations, including the United States</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and may contribute to increased volatility and uncertainty in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the financial markets. The extent and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> duration of ongoing hostilities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and related sanctions and the repercussions of such</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> events cannot be predicted. Those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have presented and could continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">present material uncertainty and risk with respect to markets globally</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including in the oil and gas markets and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potentially other industries and sectors, and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> the performance of the Fund and its investments or operations could be negatively impacted. </span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advancements in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and liquidity. As artificial intelligence is used more widely, which can occur relatively rapidly, the profitability and growth of certain issuers and industries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be negatively impacted in ways that cannot be foreseen and could adversely impact issuer and market performance. As a consequence, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and its overall performance could be negatively impacted</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Global climate change may affect</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">change in ways that cannot be foreseen</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impacts of legislation, regulation and international accords related to climate change, as well as any indirect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consequences </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that may not be foreseen, may negatively impact certain issuers, industries and regions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mid-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since mid-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity, and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment companies in addition to the Fund’s direct fees and expenses. To the extent the Fund invests in other investment companies that invest in equity </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in those companies, including but not limited to the following:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in government money market funds are subject to interest rate risk, credit risk, and market risk. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Interest rate risk is the risk that rising interest rates could cause the value of such an investment to decline. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Credit risk is the risk that the issuer, guarantor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or insurer of an obligation, or the counterparty to a transaction, may fail or become less able or unwilling, to make timely payment of interest or principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or otherwise honor its obligations, or that it may default completely.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Heavy redemptions could hurt the Fund’s performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. During periods of heavy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemptions, the Fund may borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sector Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When the Fund focuses its investments in certain sectors of the economy, its performance could fluctuate more widely than if the Fund were invested more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">evenly across sectors. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unfavorable developments in that economic sector than funds that invest more broadly. Additionally, individual sectors may be more volatile, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">perform differently, than the broader market. As the Fund’s portfolio changes over time, the Fund’s exposure to a particular sector may become higher or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lower.</span></div><div>
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</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Information Technology Sector Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Information Technology sector includes companies engaged in software and services, technology hardware and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">storage peripherals, electronic equipment and components, and semiconductors and semiconductor equipment. Information technology companies face </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have limited product lines, markets, financial resources or personnel. The products of information technology companies may face rapid product </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obsolescence due to technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their products could have a material adverse effect on a company’s business. Companies in the Information Technology sector also may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increased government scrutiny or adverse government or regulatory action. Additionally, companies in the Information Technology sector are heavily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dependent on intellectual property and the loss of patent, copyright or trademark protections may adversely affect the profitability of these companies. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market prices of information technology-related securities tend to exhibit a greater degree of market risk and sharp price fluctuations than other types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices.</span></div>
</td>
</tr>
</table></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Lending Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent the Fund lends its securities, it may be subject to the following risks: (i) the securities in which the Fund reinvests cash collateral may decrease in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, causing the Fund to incur a loss, or may not perform sufficiently to cover the Fund’s payment to the borrower of a pre-negotiated fee or “rebate” for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the use of that cash collateral in connection with the loan; (ii) non-cash collateral may decline in value, resulting in the Fund becoming under-secured; (iii) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">delays may occur in the recovery of loaned securities from borrowers, which could result in the Fund being unable to vote proxies or settle transactions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the Fund to incur increased costs; and (iv) if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to enforce its rights in its collateral.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to its performance index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Small-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of small-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since small-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets, and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div>
Fund Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">well as an additional index with characteristics that are similar to those of the Fund, for the periods indicated.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The chart and the table show the performance of the Fund’s Investor Class shares for all periods. In the table below, for the period prior to December 31, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2018, the performance of the Fund’s R6 Class shares reflects the returns of the R5 Class shares of the Fund. The R6 Class shares would have had similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">annual returns to the R5 Class shares because the shares of each class represent investments in the same portfolio securities. However, as reflected in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">“Fees and Expenses of the Fund” section of this Fund Summary, the expenses of the R5 Class shares differ from those of the R6 Class shares, which would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect performance. To the extent that the Fund’s R5 Class shares may have had lower expenses than the R6 Class shares prior to December 31, 2018, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance of the R5 Class shares would likely have been higher than the performance the R6 Class shares would have realized during the same period. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance of the R6 Class shares shown in the table has not been adjusted for differences in operating expenses between that share class and the R5 Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C Class shares automatically convert to A Class shares 8 years after purchase, if the conversion is available through your financial intermediary. In the table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below, the performance for C Class shares reflects the performance as though C Class shares were held for the full 10 year period. You may obtain updated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance information on the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not necessarily an indication </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of how the Fund will perform in the future.</span></div>
The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as well as an additional index with characteristics that are similar to those of the Fund, for the periods indicated.
www.americanbeaconfunds.com
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Calendar year total returns for Investor Class Shares. Year Ended 12/31
<div><img alt="image" src="pr2741img003.jpg" style="border:solid 1px #7F7F7F"/></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Highest
Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>34.11% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2nd
Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2016
through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Lowest
Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>-20.89%</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">
2nd Quarter 2022</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2016
through 12/31/2025</span></div>
Highest
Quarterly Return:34.11% 2nd
Quarter 202001/01/2016
through 12/31/2025
0.3411
2020-06-30
Lowest
Quarterly Return:-20.89%
2nd Quarter 202201/01/2016
through 12/31/2025
-0.2089
2022-06-30
Average annual total returns for periods ended December 31, 2025
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investor Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>02/01/2006</b></span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns Before Taxes</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.57%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.11%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.57%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.50%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.01%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.78%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions and Sales of Fund Shares</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.12%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.85%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.13%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Share Class</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Before Taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">02/24/2012</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.05%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.83%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.86%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">02/24/2012</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.71%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.29%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.70%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">02/24/2012</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.81%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.33%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.82%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R6</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12/31/2018</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.89%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.40%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.93%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">08/31/2006</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.85%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.39%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.92%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Index</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Reflects no deduction for fees, expenses or taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">S&P 500® Index TR</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.88%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.42%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.82%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell Midcap® Growth Index</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.66%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.65%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.49%</span></div>
</td>
</tr>
</table></div>
2006-02-01
0.1257
0.0511
0.1257
0.055
0.0301
0.1078
0.1212
0.0385
0.1013
2012-02-24
0.0605
0.0383
0.1186
2012-02-24
0.1071
0.0429
0.117
2012-02-24
0.1281
0.0533
0.1282
2018-12-31
0.1289
0.054
0.1293
2006-08-31
0.1285
0.0539
0.1292
0.1788
0.1442
0.1482
0.0866
0.0665
0.1249
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes.
The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, the after-tax returns do not apply to your situation.
After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share classes will vary.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund seeks long-term growth of capital.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">discounts if you and your eligible family members invest, or agree to invest in the future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> More information about these and other discounts is available from your financial professional and in “Choosing Your Share Class” on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">21</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Prospectus and “Additional Purchase and Sale Information for A Class Shares” on page 33 of the Statement of Additional Information (“SAI”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Appendix A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to the Fund’s Prospectus entitled “Intermediary Sales Charge Discounts, Waivers and Other Information.”</span></div>
You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in all classes of the American Beacon Funds on an aggregated basis.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.01
0
0
0
0
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
0.0093
0.0093
0.0093
0.0093
0.0093
0.0093
0.0025
0.01
0
0
0
0
0.0024
0.0021
0.0012
0.0015
0.0045
0.0151
0.0217
0.0114
0.0105
0.0108
0.0138
0.0128
0.0206
0.0105
0.0096
0.0099
0.0127
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">(‘‘CDSC’’) of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.</span>
April 30, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that this Example reflects the fee waiver/expense </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reimbursement arrangement for each share class through April 30, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2027</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. C Class shares automatically convert to A Class shares 8 years after purchase, if the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for the full 10-year period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$698 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,004 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,331 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,254 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$309 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$669 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,154 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,495 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$107 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$353 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$619 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,378 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R6</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$98 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$325 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$571 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,274 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$101 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$335 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$587 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,309 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$129 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$426 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$745 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,648 </span></div>
</td>
</tr>
</table></div>
698
1004
1331
2254
309
669
1154
2495
107
353
619
1378
98
325
571
1274
101
335
587
1309
129
426
745
1648
Assuming no redemption of shares:
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$209 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$669 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,154 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,495 </span></div>
</td>
</tr>
</table></div>
209
669
1154
2495
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">35%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div>
0.35
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of small market capitalization companies that the Fund considers to have growth characteristics.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund considers a company to be a small market capitalization company if it has a market capitalization similar to the market capitalizations of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">companies in the Russell 2000® Index. The Russell 2000 Index measures the performance of the approximately 2,000 smallest U.S. companies based on total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market capitalization. As of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">February 28, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the market capitalizations of the companies in the Russell 2000 Index ranged from $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">6.34 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">million to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">39.26 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">billion.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s sub-advisor, Stephens Investment Management Group, LLC (“SIMG”), principally invests in companies that it believes to have clear indicators of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">future earnings growth, or that demonstrate other potential for growth of capital. SIMG primarily employs fundamental research to identify companies with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">growth potential using year-over-year earnings per share growth rate or sales growth rate. If either such rate for a company is in the top 20% of such rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">for companies in the Russell 2000® Growth Index, then the Fund considers that company to have growth characteristics. The Russell 2000 Growth Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">includes those Russell 2000 Index companies with relatively higher price-to-book ratios, earnings per share growth rates and sales growth rates.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s equity investments include U.S. common stocks, master limited partnerships (“MLPs”) and U.S. dollar-denominated foreign stocks traded on U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exchanges. In addition to small market capitalization companies, the Fund may also invest in equity securities of micro-capitalization and mid-capitalization </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">companies. SIMG will sell a security when appropriate and consistent with the Fund’s investment objective and policies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although the Fund seeks investments across a number of sectors, from time to time, the Fund may have significant positions in particular sectors, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Information Technology and Industrials sectors. However, as the sector composition of the Fund’s portfolio changes over time, the Fund’s exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these sectors may be lower at a future date, and the Fund’s exposure to other market sectors may be higher.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may also invest cash balances in other investment companies, including a government money market fund advised by the Manager, with respect to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">which the Manager receives a management fee. The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">institutions.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you could lose part or all of your investment in the Fund. </span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Equity Investments Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Equity securities represent ownership interests in companies and are subject to investment risk, issuer risk and market risk. In general, the values of stocks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other equity securities fluctuate, and sometimes widely fluctuate, in response to changes in a company’s financial condition as well as general market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic and political conditions and other factors. The Fund may experience a significant or complete loss on its investment in an equity security. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">addition, stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">following equity securities, which may expose the Fund to the following additional risks:</span></div><div>
<table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;">
<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Common Stock Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company.</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;">
<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Master Limited Partnerships (“MLPs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">associated with pooled investment vehicles. Investments held by MLPs may be relatively illiquid, limiting the MLPs’ ability to change their portfolios promptly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volume, they may be difficult to value, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">companies. Holders of units in MLPs have more limited rights to vote on matters affecting the partnership and may be required to sell their common units </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at an undesirable time or price. The Fund’s investments in MLPs will be limited to no more than 25% of its assets in order for the Fund to meet the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">requirements necessary to qualify as a “regulated investment company” under the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”).</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;">
<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">U.S. Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Foreign (non-U.S.) companies that list their stocks on U.S. exchanges may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exempt from certain accounting and corporate governance standards that apply to U.S. companies that list on the same exchange. Performance of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">stocks can be impacted by political and financial instability in the home country of a particular foreign company, and delisting of these stocks could impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund‘s ability to transact in such securities and could significantly impact their liquidity and market price.</span></div>
</td>
</tr>
</table></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Exposure Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to non-U.S. issuers carries potential risks not associated with exposure to U.S. issuers. Such risks may include, but are not limited to: (1) political and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial instability, (2) less liquidity, (3) greater volatility, and (4) different government regulation The Fund’s exposure to a foreign issuer may subject the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to regulatory, political, currency, security, economic and other risks associated with that country, including tariffs, trade disputes and sanctions. Global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic and financial markets have become increasingly interconnected and conditions (including recent volatility, terrorism, war and political instability) and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Growth Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met or decrease, the prices of these stocks may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline, sometimes sharply, even if earnings showed an absolute increase. The Fund’s investments in growth companies may be more sensitive to company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If an assessment of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prospects for a company’s growth is incorrect, then the price of the company’s stock may fall or not approach the value placed on it. Growth company stocks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may also lack the dividend yield that can cushion stock price declines in market downturns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other factors, which may negatively affect the Fund’s performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The financial markets generally move in cycles, with periods of rising prices followed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods of declining prices. The value of your investment may reflect these fluctuations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. During a general downturn in the securities markets, multiple </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may decline in value simultaneously. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Even when certain securities prices have generally increased over time, there have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> been periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">during those times, resulting in</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> losses for investors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, which are likely to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> occur again in the future.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Geopolitical and other events, including war, terrorism, trade disputes, pandemics, public health crises, natural disasters, and cybersecurity incidents, have led, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and in the future may continue to lead, to general instability in world economies and markets and reduced liquidity in securities, which may negatively affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of your investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policies established</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> by the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. government and/or Federal Reserve and economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">circumstances</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> within the U.S. and abroad, such as inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes in interest rates, recessions, changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government leadership, a government’s inability</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to agree on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">budget, high public debt</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the threat or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government’s debt limit, which could result in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a default on the government’s obligations, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect investor and consumer confidence and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impact financial markets and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">broader economy, perhaps suddenly and to a significant degree.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Markets and market participants are increasingly reliant upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">public</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and proprietary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems. Data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or technology malfunctions and inaccuracies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disrupt markets and lead to negative consequences for market participants like the Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in the Fund may be increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some countries, including the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appears to be continuing globally. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The economies of all</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> nations, including the U.S., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are subject to the risks of slowing global economic growth, protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade policies, inflationary pressures, limits imposed by international trade and security agreements, political or economic dysfunction, poor consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sentiment, and reduced demand for goods due to fluctuating commodity prices and currency values, and these risks may create significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in ways that cannot be foreseen at the present time. These economic risks could have a negative impact on the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The U.S. Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and certain foreign central banks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> started to lower interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, though economic or other factors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> could stop or reverse such</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes. It is difficult to accurately predict the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">various economic and political factors that influence the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pace at which interest rates might change, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Changes in interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lead to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> an economic slowdown in the U.S. and abroad</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and reduced</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> liquidity in certain sectors of the market.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tensions, war, or open conflict between nations, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among the United States, Israel and Iran, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">between Russia and Ukraine, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Middle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">East or in eastern Asia could affect the economies of many nations, including the United States</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and may contribute to increased volatility and uncertainty in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the financial markets. The extent and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> duration of ongoing hostilities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and related sanctions and the repercussions of such</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> events cannot be predicted. Those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have presented and could continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">present material uncertainty and risk with respect to markets globally</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including in the oil and gas markets and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potentially other industries and sectors, and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> the performance of the Fund and its investments or operations could be negatively impacted. </span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advancements in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and liquidity. As artificial intelligence is used more widely, which can occur relatively rapidly, the profitability and growth of certain issuers and industries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be negatively impacted in ways that cannot be foreseen and could adversely impact issuer and market performance. As a consequence, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and its overall performance could be negatively impacted</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Global climate change may affect</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">change in ways that cannot be foreseen</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impacts of legislation, regulation and international accords related to climate change, as well as any indirect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consequences </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that may not be foreseen, may negatively impact certain issuers, industries and regions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Micro-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Micro-capitalization companies are subject to substantially greater risks of loss and price fluctuations, sometimes rapidly and unpredictably, because their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">earnings and revenues tend to be less predictable. Since micro-capitalization companies may not have an operating history, product lines, or financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resources, their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations, and they can be sensitive </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to changes in overall economic conditions, interest rates, borrowing costs and earnings. The shares of micro-capitalization companies tend to trade less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mid-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since mid-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity, and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment companies in addition to the Fund’s direct fees and expenses. To the extent the Fund invests in other investment companies that invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in those companies, including but not limited to the following:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in government money market funds are subject to interest rate risk, credit risk, and market risk. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Interest rate risk is the risk that rising interest rates could cause the value of such an investment to decline. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Credit risk is the risk that the issuer, guarantor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or insurer of an obligation, or the counterparty to a transaction, may fail or become less able or unwilling, to make timely payment of interest or principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or otherwise honor its obligations, or that it may default completely.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Heavy redemptions could hurt the Fund’s performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. During periods of heavy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemptions, the Fund may borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sector Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When the Fund focuses its investments in certain sectors of the economy, its performance could fluctuate more widely than if the Fund were invested more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">evenly across sectors. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unfavorable developments in that economic sector than funds that invest more broadly. Additionally, individual sectors may be more volatile, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">perform differently, than the broader market. As the Fund’s portfolio changes over time, the Fund’s exposure to a particular sector may become higher or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lower.</span></div><div>
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<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Industrials Sector Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Industrials sector includes companies engaged in the construction, engineering, machinery, energy services, transportation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">professional services, and aerospace and defense industries. Companies in the industrials sector may be adversely affected by changes in government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulation, world events and economic conditions. In addition, companies in the industrials sector may be adversely affected by environmental damage, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">product and environmental liability claims, changes in commodity prices and exchange rates, changes in the supply and demand for their products and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">services, and for industrials sector products generally, and product obsolescence, among other factors.</span></div>
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<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
</td>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Information Technology Sector Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Information Technology sector includes companies engaged in software and services, technology hardware and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">storage peripherals, electronic equipment and components, and semiconductors and semiconductor equipment. Information technology companies face </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have limited product lines, markets, financial resources or personnel. The products of information technology companies may face rapid product </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obsolescence due to technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their products could have a material adverse effect on a company’s business. Companies in the Information Technology sector also may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increased government scrutiny or adverse government or regulatory action. Additionally, companies in the Information Technology sector are heavily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dependent on intellectual property and the loss of patent, copyright or trademark protections may adversely affect the profitability of these companies. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market prices of information technology-related securities tend to exhibit a greater degree of market risk and sharp price fluctuations than other types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Lending Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent the Fund lends its securities, it may be subject to the following risks: (i) the securities in which the Fund reinvests cash collateral may decrease in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, causing the Fund to incur a loss, or may not perform sufficiently to cover the Fund’s payment to the borrower of a pre-negotiated fee or “rebate” for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the use of that cash collateral in connection with the loan; (ii) non-cash collateral may decline in value, resulting in the Fund becoming under-secured; (iii) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">delays may occur in the recovery of loaned securities from borrowers, which could result in the Fund being unable to vote proxies or settle transactions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the Fund to incur increased costs; and (iv) if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to enforce its rights in its collateral.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to its performance index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Small-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of small-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since small-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets, and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div>
Fund Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">well as an additional index with characteristics that are similar to those of the Fund, for the periods indicated.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The chart and the table show the performance of the Fund’s Investor Class shares for all periods. In the table below, for the period prior to April 30, 2019, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance for the Fund’s R6 Class shares reflects the returns of the Fund’s R5 Class shares. The R6 Class shares would have had similar annual returns to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5 Class shares because the shares of each class represent investments in the same portfolio securities. However, as reflected in the “Fees and Expenses of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund” section of this Fund Summary, the expenses of the R5 Class shares differ from those of the R6 Class shares, which would affect performance. To the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">extent that the Fund’s R5 Class shares may have had lower expenses than the R6 Class shares prior to April 30, 2019, the performance of the R5 Class shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">would likely have been higher than the performance the R6 Class shares would have realized during the same period. The performance of the R6 Class shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shown in the table has not been adjusted for differences in operating expenses between that share class and the R5 Class shares.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C Class shares automatically convert to A Class shares 8 years after purchase, if the conversion is available through your financial intermediary. In the table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below, the performance for C Class shares reflects the performance as though C Class shares were held for the full 10 year period. You may obtain updated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance information on the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not necessarily an indication </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of how the Fund will perform in the future.</span></div>
The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as well as an additional index with characteristics that are similar to those of the Fund, for the periods indicated.
www.americanbeaconfunds.com
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Calendar year total returns for Investor Class Shares. Year Ended 12/31
<div><img alt="image" src="pr2741img004.jpg" style="border:solid 1px #7F7F7F"/></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Highest
Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>37.56%</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">
2nd Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2016
through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Lowest
Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>-22.26% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1st
Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2016
through 12/31/2025</span></div>
Highest
Quarterly Return:37.56%
2nd Quarter 202001/01/2016
through 12/31/2025
0.3756
2020-06-30
Lowest
Quarterly Return:-22.26% 1st
Quarter 202001/01/2016
through 12/31/2025
-0.2226
2020-03-31
Average annual total returns for periods ended December 31, 2025
2005-12-01
0.115
0.0448
0.1091
0.0882
0.019
0.0803
0.0881
0.0321
0.0834
2012-02-24
0.0517
0.0326
0.1025
2012-02-24
0.1179
0.0473
0.1117
2019-04-30
0.1192
0.0482
0.1127
2006-08-31
0.1182
0.048
0.1124
0.1788
0.1442
0.1482
0.1301
0.0318
0.0957
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes.
The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, the after-tax returns do not apply to your situation.
After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share classes will vary.
-0.0067
0.0478
0.0215
0.0008
0.1042
0.0469
0.1647
-0.042
0.0174
0.0215
0.2685
0.0518
0.1343
-0.1679
0.1348
0.0671
0.0773
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investment objective is capital growth.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">discounts if you and your eligible family members invest, or agree to invest in the future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> More information about these and other discounts is available from your financial professional and in “Choosing Your Share Class” on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">38</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Prospectus and “Additional Purchase and Sale Information for A Class Shares” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">45</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Statement of Additional Information (“SAI”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Appendix A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to the Fund’s Prospectus entitled “Intermediary Sales Charge Discounts, Waivers and Other Information.”</span></div>
You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in all classes of the American Beacon Funds on an aggregated basis.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0.01
0
0
0
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
0.0135
0.0135
0.0135
0.0135
0.0135
0.0025
0.01
0
0
0
0.0056
0.0052
0.0054
0.0044
0.0002
0.0002
0.0002
0.0002
0.0002
0.0194
0.0265
0.0167
0.0156
0.0193
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">(‘‘CDSC’’) of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.</span>
April 30, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">your investment has a 5% return each year and that the Fund’s operating expenses remain the same</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, except that this Example reflects the fee waiver/expense </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reimbursement arrangement for each share class through April 30, 2027</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C Class shares automatically convert to A Class shares 8 years after purchase, if the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for the full 10-year period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div>
<div>
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<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$761 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,200 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,664 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,944 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$368 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$876 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,510 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,215 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$170 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$581 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,018 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,234 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$159 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$549 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$965 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,126 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$196 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$660 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,151 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,503 </span></div>
</td>
</tr>
</table></div>
761
1200
1664
2944
368
876
1510
3215
170
581
1018
2234
159
549
965
2126
196
660
1151
2503
Assuming no redemption of shares:
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$268 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$876 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,510 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,215 </span></div>
</td>
</tr>
</table></div>
268
876
1510
3215
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover is based on the lesser of long-term purchases or sales divided by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average long-term fair value during a period. The Fund did not invest in any long-term securities during the most recent fiscal year. As a result, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">portfolio turnover rate for the Fund’s most recent fiscal year is not provided.</span></div>
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund seeks to achieve its investment objective by implementing a quantitative trading strategy and systematic investment process designed to capitalize </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on price trends (up and/or down) in a broad range of around 120 global markets by utilizing derivative instruments to seek exposure to stock indices, bonds, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currencies, and interest rates. As the owner of a “long” position in a derivative instrument, the Fund may benefit from an increase in the price of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying investment and, as the owner of a “short” position, the Fund may benefit from a decrease in the price of the underlying investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund invests primarily in derivatives, including futures contracts (such as equity index futures, bond index futures, interest rate futures, treasury futures, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and non-U.S. currency futures), and foreign currency forward contracts, including non-deliverable forwards (“NDFs”). The Fund also may invest in swaps, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other types of derivative instruments linked to stock indices, currencies, bonds, interest rates and commodity instruments. The Fund expects that, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">normal market conditions, the notional value of its derivatives exposure generally will exceed that of its net assets. In order to meet collateral requirements in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">connection with the Fund’s use of derivatives, which may be used for hedging purposes or for exposure to a market, the Fund may hold significant amounts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of (1) U.S. government securities, including U.S. Treasury securities, (2) other foreign developed market sovereign short-term bonds issued by countries such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">France, Germany, Japan and other developed countries, (3) short-term investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(4) cash and (5) time deposits. The Fund may obtain market exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in an affiliated exchange-traded fund (“ETF”)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> with respect to which the Manager </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">receives a management fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and the sub-advisor receives an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment advisory fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Additionally, the Fund may invest in bonds and zero coupon securities,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. and non-U.S. currencies and instruments denominated in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-U.S. currencies. The Fund’s investments are generally made without restriction as to issuer market capitalization, country, currency, or maturity. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may invest in issuers in the U.S. and foreign developed and emerging markets.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund seeks to gain exposure to the commodity futures markets by investing up to 25% of its total assets in a wholly-owned subsidiary, which is organized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">under the laws of the Cayman Islands (the “Subsidiary”). Generally, the Subsidiary invests primarily in commodity futures, but it may also invest in financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">futures and forwards and swap contracts, fixed income securities, pooled investment vehicles, including open-end investment companies, and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments intended to serve as margin or collateral for the Subsidiary’s derivative positions. The Fund invests in the Subsidiary in order to gain exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the commodities markets within the limitations of the federal tax law, rules and regulations that apply to “regulated investment companies.” Unlike the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Subsidiary may invest without limitation in commodity-linked derivatives, however, the Subsidiary and the Fund, in the aggregate, comply with applicable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">requirements for derivatives transactions set forth in Rule 18f-4 under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">addition, the Fund and the Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, and the Subsidiary follows the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">compliance policies and procedures as the Fund to the extent those restrictions, policies and procedures are applicable to the investment activities of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Subsidiary. Unlike the Fund, the Subsidiary does not, and will not, seek to qualify as a “regulated investment company” under Subchapter M of Chapter 1 of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Subtitle A of the Internal Revenue Code of 1986, as amended (“Subchapter M”). The Fund is the sole shareholder of the Subsidiary and does not expect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares of the Subsidiary to be offered or sold to other investors.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor employs computerized processes to identify investment opportunities across a wide range of markets around the world. Investment decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are executed via the sub-advisor’s proprietary execution strategy. The investment decision process is quantitative and primarily directional in nature, meaning </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that investment decisions are driven by mathematical models based on market trends and other historical relationships. It is underpinned by risk control, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ongoing research, diversification and the quest for efficiency. The Fund’s holdings may be frequently adjusted to reflect the sub-advisor’s assessment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changing risks, which could result in high portfolio turnover. The sub-advisor’s strategy is designed to provide an excess return with a stable level of volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regardless of market conditions. The sub-advisor seeks to do this by using systematic algorithms (a mathematical model) to scale positions based on the net </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset value (“NAV”) of the Fund. The algorithm measures the degree of volatility in a particular market. As volatilities increase, the algorithm will look to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reduce exposure. Conversely, it will increase exposure, subject to risk limits, if the market is calm and volatilities are decreasing. This technique is called </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">`volatility scaling’ and can be applied at various levels to achieve a balanced risk exposure through time, and across different asset classes. Volatility scaling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aims to achieve a certain target level of volatility which is stable through time. The Fund has set an annualized volatility target of 10% of its NAV. Volatility is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">defined as the annualized standard deviation of returns. It is important to note that both the short and long term realized volatility of the Fund can and will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">differ from the targeted volatility and can be dependent on prevailing market conditions. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The cornerstone of the sub-advisor’s investment philosophy is that the financial markets exhibit trends and other inefficiencies. Trends are a manifestation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">serial correlation in financial markets — the phenomenon whereby past price movements influence price behavior. Although price trends vary in their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intensity, duration and frequency they typically recur across sectors and markets. Trends are an attractive focus for active trading styles applied across a range </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of global markets. In implementing its investment program, the Fund may hold significant cash positions from time to time. The Fund may have significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exposure to issuers located in, or with economic ties to, Europe and Japan. However, as the sector and geographic composition of the Fund’s portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes over time, the Fund’s exposure to Europe and/or Japan may decline, and the Fund’s exposure to other geographic areas may increase.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is non-diversified, which means that it is not limited to a percentage of assets that it may invest in any one issuer.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you could lose part or all of your investment in the Fund. </span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Allocation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The allocations among strategies, asset classes and market exposures may be less than optimal and may adversely affect the Fund’s performance. There can be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">no assurance, particularly during periods of market disruption and stress, that judgments about allocations will be correct. The Fund’s allocations may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invested in strategies, asset classes and market exposures during a period when such strategies, asset classes and market exposures underperform.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Asset Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Assets selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to other funds with similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">objective</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Commodities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investments in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, commodity price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as changes in supply and demand, resource availability, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">speculation in the commodities markets, drought, floods, weather, livestock disease, pandemics, embargoes, tariffs, war, acts of terrorism and international </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic, political and regulatory developments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest significantly in a particular sector of the commodities market (such as oil, metal or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">agricultural products). As a result, the Fund may be more susceptible to risks associated with those sectors.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> No active trading market may exist for certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">commodities investments. The Fund’s investments in commodity-related instruments may lead to losses in excess of the Fund’s investment in such products, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">some commodity-linked derivatives can have the potential for unlimited losses. Such losses can significantly and adversely affect the net asset value (“NAV”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">per share of the Fund and, consequently, a shareholder’s interest in the Fund. Because the Fund’s performance is linked to the performance of potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatile commodities, investors should be willing to assume the risks of significant fluctuations in the value of the Fund’s shares.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Counterparty Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that a party or participant to a transaction, such as a broker or a derivative counterparty, will be unwilling or unable to satisfy its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Credit Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the issuer, guarantor or insurer of an obligation, or the counterparty to a transaction, may fail, or become less able or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unwilling, to make timely payment of interest or principal or otherwise honor its obligations or default completely. Changes in the actual or perceived </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">creditworthiness of an issuer, or a downgrade or default affecting any of the Fund’s securities, could affect the Fund’s performance. Generally, the longer the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity and the lower the credit quality of a security, the more sensitive it is to credit risk.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Crowding/Convergence Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is significant competition among quantitatively-focused managers, and the ability of the sub-advisor to outperform other funds is dependent on its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ability to employ models that are simultaneously profitable and differentiated from those employed by other managers. To the extent that the sub-advisor is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not able to develop sufficiently differentiated models, the Fund’s investment objective may not be met, irrespective of whether the models are profitable in an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">absolute sense.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Currency Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may have exposure to foreign currencies. Foreign currencies may fluctuate significantly over short periods of time, may be affected unpredictably by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intervention, or the failure to intervene, of the U.S. or foreign governments or central banks, and may be affected by currency controls or political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and thereby affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Derivatives Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Derivatives may involve significant risk. The use of derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">directly in the securities or other instruments underlying those derivatives, including the high degree of leverage often embedded in such instruments, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potential material and prolonged deviations between the theoretical value and realizable value of a derivative. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some derivatives have the potential for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unlimited loss, regardless of the size of the Fund’s initial investment. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The use of derivatives may also increase any adverse effects resulting from the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underperformance of strategies, asset classes and market exposures to which the Fund has allocated its assets. Derivatives may at times be highly illiquid, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Certain derivatives may be difficult to value, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">valuation may be more difficult in times of market turmoil. Derivatives may also be more volatile than other types of investments. Derivative investments can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increase portfolio turnover and transaction costs. Derivatives also are subject to counterparty risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and credit risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. As a result, the Fund may not recover its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">which may expose the Fund to greater losses in the event of a default by a counterparty. Derivatives transactions requiring the Fund to post collateral may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expose the Fund to greater losses in the event of a default by a counterparty. There may be imperfect correlation between the behavior of a derivative and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that of the reference instrument underlying the derivative. An abrupt change in the price of a reference instrument could render a derivative worthless. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Derivatives may involve risks different from, and possibly greater than, the risks associated with investing directly in the reference instrument. The Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">buy or sell derivatives not traded on an exchange, which may be subject to heightened counterparty, liquidity and valuation risks. Suitable derivatives may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be available in all circumstances, and there can be no assurance that the Fund will use derivatives to reduce exposure to other risks when that might have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been beneficial. Ongoing changes to the regulation of derivatives and changes in the regulation of funds using derivative instruments could limit the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ability to pursue its investment strategies. New regulation of derivatives may make them more costly, or may otherwise adversely affect their liquidity, value or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Foreign Currency Forward Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Foreign currency forward contracts, including non-deliverable forwards (“NDFs”), are derivative instruments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pursuant to a contract where the parties agree to a fixed price for an agreed amount of foreign currency at an agreed date or to buy or sell a specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency at a future date at a price set at the time of the contract and include the risks associated with fluctuations in currency. There are no limitations on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">daily price movements of forward contracts. There can be no assurance that any strategy used will succeed. Not all forward contracts, including NDFs, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty. The use of foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency forward contracts may expose the Fund to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to if </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">it invested directly in the securities or currencies underlying the foreign currency forward contract. There are no limitations on daily price movements of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">forward contracts. There can be no assurance that any strategy used will succeed.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Futures Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Futures contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks, such as liquidity risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and counterparty risk, that it would not be subject to if it invested directly in the securities underlying those derivatives. There can be no assurance that any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategy used will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying instruments or indexes. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">has previously bought or sold, and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). The Fund may invest in the following </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">types of futures contracts:</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Foreign Currency Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Foreign currency futures contracts expose the Fund to risks associated with fluctuations in the value of foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currencies. Foreign currency futures contracts are similar to foreign currency forward contracts, except that they are traded on exchanges (and may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">margin requirements) and are standardized as to contract size and delivery date. The Fund may use foreign currency futures contracts for the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purposes as foreign currency forward contracts, subject to Commodity Futures Trading Commission (“CFTC”) regulations.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Government Bond Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Government bond futures contracts, such as treasury futures contracts, expose the Fund to price fluctuations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resulting from changes in interest rates and to potential losses if interest rates do not move as expected.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Index Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Futures contracts on indices expose the Fund to volatility in an underlying index. </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Treasury Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Treasury futures contracts expose the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Fund to price fluctuations resulting from changes in interest rates and to potential </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">losses if interest rates do not move as expected.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Swap Agreements Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Swap agreements or “swaps” are transactions in which the Fund and a counterparty agree to pay or receive payments at specified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dates based upon or calculated by reference to changes in specified prices or rates or the performance of specified securities, indices or other assets based </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on a specified amount (the “notional” amount). Swaps can involve greater risks than a direct investment in an underlying asset, because swaps typically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">include a certain amount of embedded leverage and as such are subject to leverage risk. If swaps are used as a hedging strategy, the Fund is subject to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk that the hedging strategy may not eliminate the risk that it is intended to offset, due to, among other reasons, the occurrence of unexpected price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">movements or the non-occurrence of expected price movements. Swaps also may be difficult to value. Swaps may be subject to liquidity risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risk, and swaps that are traded over-the-counter are not subject to standardized clearing requirements and may involve greater liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risks.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Emerging Markets Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When investing in emerging markets, the risks of investing in foreign securities are heightened. Emerging markets are generally smaller, less developed, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">suspensions and other restrictions on investment; delays and disruptions in securities clearing and settlement procedures; and significant limitations on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investor rights and recourse. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">accounting, auditing, financial reporting and recordkeeping standards and requirements comparable to those to which U.S. companies are subject.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Exposure Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to non-U.S. issuers carries potential risks not associated with exposure to U.S. issuers. Such risks may include, but are not limited to: (1) political and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial instability, (2) less liquidity, (3) greater volatility, and (4) different government regulation The Fund’s exposure to a foreign issuer may subject the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to regulatory, political, currency, security, economic and other risks associated with that country, including tariffs, trade disputes and sanctions. Global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic and financial markets have become increasingly interconnected and conditions (including recent volatility, terrorism, war and political instability) and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Geographic Concentration Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">From time to time, based on market or economic conditions, the Fund may invest a significant portion of its assets in the securities of issuers located in, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with significant economic ties to, a single country or geographic region, which could increase the risk that economic, market, political, business, regulatory, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">diplomatic, social and environmental conditions in that particular country or geographic region may have a significant impact on the Fund’s performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in such a manner could cause the Fund’s performance to be more volatile than the performance of more geographically diverse funds. A decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the economies or financial markets of one country or region may adversely affect the economies or financial markets of another.</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">European Securities Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund’s performance may be affected by political, social and economic conditions in Europe, such as growth of economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">output (the gross national product of the countries in the region), the rate of inflation, the rate at which capital is reinvested into European economies, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">success of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries, the monetary exchange rates between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">European countries, and conflict between European countries. The European financial markets have experienced and may continue to experience volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and adverse trends due to concerns relating to economic downturns; rising government debt levels and the possible default on government debt; national </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unemployment in several European countries; public health crises; political unrest; economic sanctions; inflation; energy crises; and war and military conflict, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as the Russian invasion of Ukraine. A default or debt restructuring by any European country could adversely impact holders of that country’s debt and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sellers of credit default swaps linked to that country’s creditworthiness, which may be located in other countries. Such a default or debt restructuring could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect exposures to European countries. In addition, issuers have faced difficulties obtaining credit or refinancing existing obligations, and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have experienced extreme volatility and declines in asset values and liquidity. These events have affected the exchange rate of the Euro and may continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significantly affect European countries.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Responses to financial problems by European governments, central banks, and others, including austerity measures and other reforms, may not produce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">desired results, may result in social unrest and may limit future growth and economic recovery or may have unintended consequences. The Fund makes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in securities of issuers that are domiciled in member states of the European Union (the “EU”). The economies and markets of European </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">One or more countries may abandon the Euro and/or withdraw from the EU. The impact of these actions, especially if they occur in a disorderly fashion, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could be significant and far-reaching. The United Kingdom’s withdrawal from the EU could be an indication that one or more other countries may withdraw </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">from the EU and/or abandon the Euro. These events and actions have affected, and may in the future affect, the value and exchange rate of the Euro and </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-EU member states.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The continuing effects on the economies of European countries of the Russia/Ukraine war and Russia’s response to sanctions imposed by the U.S., EU, UK </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and others, are impossible to predict, but have been and could continue to be significant. For example, exports in Eastern Europe have been disrupted for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">certain key commodities, pushing commodity prices to record highs. Also, both wholesale energy prices and energy prices charged to consumers in Europe </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have increased significantly.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Japan Investment Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Japanese economy may be subject to economic, political and social instability, which could have an adverse effect on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Japanese securities held by the Fund. The Japanese economy, which is heavily dependent upon international trade, may be adversely affected by global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">competition, trade tariffs, other government interventions and protectionist measures, excessive regulation, changes in international trade agreements, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic conditions of its trading partners, the performance of the global economy, and regional and global conflicts. Political tensions between Japan and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">its trading partners could adversely affect the economy, especially the export sector, and destabilize the region as a whole. The domestic Japanese economy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">faces several concerns, including large government deficits, a declining domestic population and low birth rate, workforce shortages, and inflation. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Japanese government’s fiscal and monetary policies may have negative impacts on the Japanese economy. Japan is also heavily dependent on oil and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">commodity imports, and higher commodity prices could therefore have a negative impact on the Japanese economy. Currency fluctuations, which have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been significant at times, can have a considerable impact on exports and the overall Japanese economy. The Japanese yen may be affected by currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility elsewhere in Asia, especially Southeast Asia. Japanese intervention in the currency markets could cause the value of the yen to fluctuate sharply </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and unpredictably and could cause losses to investors. Natural disasters such as earthquakes, volcanic eruptions, typhoons or tsunamis, could occur in Japan </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and surrounding areas and may have a significant impact on the business operations of Japanese companies in the affected regions and Japan’s economy. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">These and other factors could have a negative impact on the Fund’s performance and increase the volatility of an investment in the Fund.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Hedging Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If the Fund uses a hedging instrument at the wrong time or judges the market conditions incorrectly, or the hedged instrument does not correlate to the risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sought to be hedged, the hedge might be unsuccessful, reduce the Fund’s return, or create a loss. In addition, hedges, even when successful in mitigating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk, may not prevent the Fund from experiencing losses on its investments. Hedging instruments may also reduce or eliminate gains that may otherwise have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been available had the Fund not used the hedging instruments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Portfolio Turnover </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Portfolio turnover is a measure of the Fund’s trading activity over a one-year period. The Fund may engage in active and frequent trading, which could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increase the Fund’s transaction costs, have a negative impact on performance, and generate higher capital gain distributions to shareholders than if the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">had lower portfolio turnover.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Interest Rate Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Generally, the value of investments with interest rate risk, such as fixed-income securities or derivatives, will move in the opposite direction as movements in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rise, which could cause the value of the Fund’s investments to decline. Interest rate increases, including significant or rapid increases, may result in a decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of bonds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or derivatives</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> held by the Fund, make issuers less willing or able to make principal and interest payments on fixed-income investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">when due, lead to heightened volatility in the fixed-income markets and adversely affect the liquidity of certain fixed-income investments, any of which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in substantial losses to the Fund. When interest rates decline, issuers may prepay higher-yielding securities held by the Fund, resulting in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reinvesting in securities with lower yields, which may cause a decline in its income. The prices of fixed-income securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or derivatives</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> are also affected by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their durations. Fixed-income securities or derivatives with longer durations generally have greater sensitivity to changes in interest rates than those with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shorter durations. Rising interest rates may cause the value of the Fund’s investments with longer durations and terms to maturity to decline, which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adversely affect the value of the Fund. For example, if a bond has a duration of eight years, a 1% increase in interest rates could be expected to result in an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">8% decrease in the value of the bond. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fluctuations in interest rates may also affect the liquidity of fixed-income securities and instruments held by the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Leverage Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s use of derivative instruments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and taking of short positions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may have the economic effect of financial leverage. Financial leverage magnifies the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s exposure to the movements in prices of an asset or class of assets underlying a derivative instrument and may result in increased volatility, which means </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that the Fund will have the potential for greater losses than if the Fund does not use the derivative instruments that have a leveraging effect. Leverage may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in losses that exceed the amount originally invested and may accelerate the rate of losses. Leverage tends to magnify, sometimes significantly, the effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of any increase or decrease in the Fund’s exposure to an asset or class of assets and may cause the Fund’s net asset value (“NAV”) per share to be volatile. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There can be no assurance that the Fund’s use of leverage will be successful.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Liquidity Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is susceptible to the risk that certain investments held by the Fund may have limited marketability, be subject to restrictions on sale, be difficult or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impossible to purchase or sell at favorable times or prices or become less liquid in response to market developments or adverse credit events that may affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or guarantors of a security. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">advantage of other investment opportunities. Market prices for such instruments may be volatile. During periods of substantial market volatility, an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund’s ability to limit losses. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lose money if it is unable to dispose of an investment at a time that is most beneficial to the Fund. The Fund may be required to dispose of investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Judgment plays a greater role in pricing illiquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments than in investments with more active markets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other factors, which may negatively affect the Fund’s performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The financial markets generally move in cycles, with periods of rising prices followed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods of declining prices. The value of your investment may reflect these fluctuations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. During a general downturn in the securities markets, multiple </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may decline in value simultaneously. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Even when certain securities prices have generally increased over time, there have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> been periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">during those times, resulting in</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> losses for investors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, which are likely to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> occur again in the future.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Geopolitical and other events, including war, terrorism, trade disputes, pandemics, public health crises, natural disasters, and cybersecurity incidents, have led, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and in the future may continue to lead, to general instability in world economies and markets and reduced liquidity in securities, which may negatively affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of your investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policies established</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> by the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. government and/or Federal Reserve and economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">circumstances</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> within the U.S. and abroad, such as inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes in interest rates, recessions, changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government leadership, a government’s inability</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to agree on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">budget, high public debt</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the threat or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government’s debt limit, which could result in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a default on the government’s obligations, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect investor and consumer confidence and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impact financial markets and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">broader economy, perhaps suddenly and to a significant degree.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Markets and market participants are increasingly reliant upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">public</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and proprietary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems. Data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or technology malfunctions and inaccuracies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disrupt markets and lead to negative consequences for market participants like the Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in the Fund may be increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some countries, including the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appears to be continuing globally. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The economies of all</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> nations, including the U.S., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are subject to the risks of slowing global economic growth, protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade policies, inflationary pressures, limits imposed by international trade and security agreements, political or economic dysfunction, poor consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sentiment, and reduced demand for goods due to fluctuating commodity prices and currency values, and these risks may create significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in ways that cannot be foreseen at the present time. These economic risks could have a negative impact on the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The U.S. Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and certain foreign central banks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> started to lower interest rates</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, though economic or other factors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> could stop or reverse such</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes. It is difficult to accurately predict the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">various economic and political factors that influence the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pace at which interest rates might change, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Changes in interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lead to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> an economic slowdown in the U.S. and abroad</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and reduced</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> liquidity in certain sectors of the market.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tensions, war, or open conflict between nations, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among the United States, Israel and Iran, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">between Russia and Ukraine, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Middle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">East or in eastern Asia could affect the economies of many nations, including the United States</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and may contribute to increased volatility and uncertainty in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the financial markets. The extent and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> duration of ongoing hostilities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and related sanctions and the repercussions of such</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> events cannot be predicted. Those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have presented and could continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">present material uncertainty and risk with respect to markets globally</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including in the oil and gas markets and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potentially other industries and sectors, and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> the performance of the Fund and its investments or operations could be negatively impacted. </span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advancements in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and liquidity. As artificial intelligence is used more widely, which can occur relatively rapidly, the profitability and growth of certain issuers and industries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be negatively impacted in ways that cannot be foreseen and could adversely impact issuer and market performance. As a consequence, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and its overall performance could be negatively impacted</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Global climate change may affect</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">change in ways that cannot be foreseen</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impacts of legislation, regulation and international accords related to climate change, as well as any indirect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consequences </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that may not be foreseen, may negatively impact certain issuers, industries and regions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Direction Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Since the Fund will typically hold both long and short positions, an investment in the Fund will involve market risks associated with different types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment decisions than those made for a typical “long only” fund. The Fund’s results could suffer both when there is a general market advance and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund holds significant “short” positions, and when there is a general market decline and the Fund holds significant “long” positions.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Timing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk of market timing activities by investors due to the nature of the Fund’s investments, which requires the Fund, in certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instances, to fair value certain of its investments. Some investors may engage in frequent short-term trading in the Fund to take advantage of any price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">differentials that may be reflected in the net asset value (“NAV”) of the Fund’s shares. Frequent trading by Fund shareholders poses risks to other shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Fund, including (i) the dilution of the Fund’s NAV, (ii) an increase in the Fund’s expenses, and (iii) interference with the ability to execute efficient </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Model and Data/Programming Error Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The success of the sub-advisor’s investment strategy depends largely on the effectiveness of its quantitative research models and investment programs. Models </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(including quantitative models), data, and investment programs are used to screen potential investments for the Fund. When models or data prove to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks and programs may not react as expected to market events, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resulting in losses for the Fund. Some of the models used by the sub-advisor are predictive in nature. The use of predictive models has inherent risks. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">accuracy and reliability of the supplied historical data. There is no assurance that the models are complete or accurate, or representative of future market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cycles, nor will they always be beneficial to the Fund if they are accurate. Additionally, programs may become outdated or experience malfunctions which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not be identified by the sub-advisor and therefore may also result in losses to the Fund. These models and programs may negatively affect Fund performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">for various other reasons, including human judgment, inaccuracy of historical data and non-quantitative factors (such as market or trading system </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dysfunctions, investor fear or overreaction). The use of artificial intelligence or other evolving or emerging technologies presents significant risks and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exacerbate the aforementioned risks.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Models and data are known to have errors, omissions, imperfections and malfunctions (collectively, “System Events”). The sub-advisor seeks to reduce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidence and impact of System Events, to the extent feasible, through a combination of internal testing, simulation, real-time monitoring, and use of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">independent safeguards in the overall portfolio management process and often in the software code itself. Despite such testing, monitoring and independent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">safeguards, System Events will result in, among other things, the execution of unanticipated trades, the failure to execute anticipated trades, delays in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">execution of anticipated trades, the failure to properly allocate trades, the failure to properly gather and organize available data, the failure to take certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">hedging or risk reducing actions and/or the taking of actions which increase certain risk(s) - all of which may have materially adverse effects on the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">System Events in third-party provided data are generally entirely outside the control of the sub-advisor.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Non-Diversification Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is non-diversified, which means it may focus its investments in the securities of a comparatively small number of issuers. Investments in securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a limited number of issuers exposes the Fund to greater market risk, price volatility and potential losses than if assets were diversified among the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a greater number of issuers. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Obsolescence Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor is unlikely to be successful in the deployment of its quantitative, systematic, investment strategies unless the assumptions underlying the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that the models will not generate profitable trading signals. If and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to the extent that the models do not reflect certain relevant factors, and the sub-advisor does not successfully address such omission through its testing and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">evaluation by modifying the models accordingly, major losses may result — all of which will be borne by the Fund. There can be no assurance as to the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(positive or negative) of any changes including additions, modifications and removal of the models or investment strategies on the Fund’s performance. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment companies in addition to the Fund’s direct fees and expenses. To the extent the Fund invests in other investment companies that invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in those companies, including but not limited to the following:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Because ETFs are listed on an exchange, they may be subject to trading halts, may trade at a premium or discount to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their net asset value (“NAV”) and may not be liquid. An ETF that tracks an index may not precisely replicate the returns of that index, and an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">actively-managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objectives. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Future legislative or regulatory changes, including changes in taxation, could impact the operation of ETFs. </span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Quantitative Strategy Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The success of the Fund’s investment strategy may depend in part on the effectiveness of the sub-advisor’s quantitative tools for screening securities. These </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategies may incorporate factors that are not predictive of a security’s value. The quantitative tools may not react as expected to market events, resulting in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">losses for the Fund. Additionally, a previously successful strategy may become outdated or inaccurate, which may not be identified by the sub-advisor and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">therefore may also result in losses. The use of artificial intelligence or other evolving or emerging technologies presents significant risks and may exacerbate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the aforementioned risks.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Heavy redemptions could hurt the Fund’s performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A rise in interest rates or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other market developments may cause investors to move out of fixed-income securities on a large scale.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> During periods of heavy redemptions, the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Risk Management</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Risk is an essential part of investing. No risk management program can eliminate the Fund’s exposure to adverse events; at best, it can only reduce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">possibility that the Fund will be affected by such events, and especially those risks that are not intrinsic to the Fund’s investment program. Measures taken </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with the intention of decreasing exposure to identified risks might have the unintended effect of increasing exposure to other risks.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Segregated Assets Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In connection with certain transactions that may give rise to future payment obligations, the Fund may be required to maintain a segregated amount of, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise earmark, cash or liquid securities to cover the obligation. Segregated assets generally cannot be sold while the position they are covering is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">outstanding, unless they are replaced with other assets of equal value. The need to segregate cash or other liquid securities could limit the Fund’s ability to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pursue other opportunities as they arise.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Short Position Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund will incur a loss as a result of a short position if the price of the instrument sold short increases in value between the date of the short sale and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks, including greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reliance on the sub-advisor’s ability to accurately anticipate the future value of a security or instrument. As there is potentially no limit on the amount that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security that the Fund is required to purchase may have appreciated, the Fund’s losses are potentially unlimited in a short position transaction, particularly in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cases where the Fund is unable to close out its short position. The Fund may invest the proceeds of a short sale and, therefore, be subject to the effect of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">leverage, in that short selling may amplify changes in the Fund’s NAV since it may increase the exposure of the Fund to certain markets and may increase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">losses and the volatility of returns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sovereign Debt Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Sovereign debt securities are subject to risk of payment delays or defaults due to, among other things: (1) country cash flow problems, (2) insufficient foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency reserves, (3) political considerations, (4) large debt positions relative to the country’s economy, (5) policies toward foreign lenders or investors, (6) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">failure to implement economic reforms required by the International Monetary Fund or other multilateral agencies, or (7) an inability or unwillingness to repay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">debts. A governmental entity that defaults on an obligation may request additional time in which to repay loans, may request further loans, or may seek to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">restructure its obligations to reduce interest rates or outstanding principal. There is no legal process for collecting sovereign debt that a government does not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Subsidiary Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments if held directly by the Fund. The principal risks of the Subsidiary are listed in this section of the Prospectus as principal risks of the Fund. There can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be no assurance that the investment objective of the Subsidiary will be achieved or that, as a result, the investment objective of the Fund will be achieved. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Investment Company Act. In addition, changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Subsidiary to operate as described in this Prospectus and the SAI and could adversely affect the Fund’s performance.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Tax Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“RIC”), the Fund must, among other requirements, derive at least 90% of its gross income for each taxable year from “qualifying income,” which is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">described in more detail in the “Tax Information” section of the SAI. Income from certain commodity-linked derivative instruments in which the Fund invests is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not considered qualifying income. The Fund will therefore restrict its income from direct investments in those instruments, such as commodity-linked swaps, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to a maximum of 10% of its gross income for each taxable year. The Fund’s investment in the Subsidiary is expected to provide the Fund with exposure to the </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">commodities markets within the limitations of the federal tax requirements of Subchapter M. Treasury regulations provide that income inclusions of a RIC from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a controlled foreign corporation (“CFC”), such as the Subsidiary, in which the RIC invests as part of its business of investing in stocks or securities, are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">qualifying income for the RIC whether or not the CFC makes distributions to the RIC out of its associated earnings and profits for the applicable taxable year. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">See “Tax Information” in the SAI for further information regarding RIC’s federal income tax treatment of income from CFCs and commodity-linked </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instruments. The federal income tax treatment of the Fund’s commodity-linked investments and income from the Subsidiary may be materially adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affected by future legislation, other Treasury regulations, and/or guidance issued by the IRS that could affect whether income from such investments is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">qualifying income under Subchapter M or otherwise materially affect the character, timing or recognition, and/or amount of the Fund’s taxable income and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">net capital gains and, therefore, the distributions the Fund makes.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Trading System and Execution of Orders Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor relies extensively on computer programs, systems, technology, data and models to implement its execution strategies and algorithms. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sub-advisor’s investment strategies, trading strategies and algorithms depend on its ability to establish and maintain an overall market position in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">combination of financial instruments selected by the sub-advisor. There is a risk that the sub-advisor’s proprietary algorithmic trading systems may not be able </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to adequately react to a market event without serious disruption. Further, trading strategies and algorithms may malfunction, causing severe losses. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">successful operation of the computer programs, systems, technology, data and models depends in part on the sub-advisor’s ability to ensure those systems </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">remain operational and that appropriate disaster recovery procedures are in place. While the sub-advisor has employed tools to allow for human intervention </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to respond to significant system malfunctions, it cannot be guaranteed that losses will not occur in such circumstances as unforeseen market events, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disruptions and execution system issues.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>U.S. Government Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. U.S. government securities are also subject to credit risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rate risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. government securities due to potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">higher costs for the U.S. government to obtain new financing.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>U.S. Treasury Obligations Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The market value of U.S. Treasury obligations may vary due to fluctuations in interest rates. In addition, changes to the financial condition or credit rating of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the U.S. government may cause the value of the Fund’s investments in obligations issued by the U.S. Treasury to decline. Certain political events in the U.S., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as a prolonged government shutdown or potential default on the national debt, may also cause investors to lose confidence in the U.S. government and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may cause the value of U.S. Treasury obligations to decline.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Valuation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Certain of the Fund’s assets may be valued at a price different from the price at which they can be sold. This risk may be especially pronounced for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments that are illiquid or may become illiquid, or securities that trade in relatively thin markets and/or markets that experience extreme volatility. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">valuation of the Fund’s investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as pricing services or accounting agents.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Zero Coupon Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Zero</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> coupon securities are debt securities that do not make periodic interest payments prior to maturity or a specified redemption date (or cash payment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">date). Accordingly, zero coupon securities usually trade at a deep discount from their face or par value and will be subject to greater fluctuations in market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value in response to changing interest rates than debt obligations of comparable</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturities that make current distribution of interest in cash. While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">payments are not made on such securities, the Fund accrues income with respect to these securities for federal income tax and accounting purposes. Longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">term zero-coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds.</span></div>
Fund Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">well as an additional market index with characteristics that are similar to those of the Fund, for the periods indicated.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The chart and the table show the performance of the Fund’s Investor Class shares for all periods. C Class shares automatically convert to A Class shares 8 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">years after purchase, if the conversion is available through your financial intermediary. In the table below, the performance for C Class shares reflects the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance as though C Class shares were held for the full 10-year period.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may obtain updated performance information on the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">necessarily an indication of how the Fund will perform in the future.</span></div>
The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as well as an additional market index with characteristics that are similar to those of the Fund, for the periods indicated.
www.americanbeaconfunds.com
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Calendar year total returns for Investor Class Shares. Year Ended 12/31
<div><img alt="image" src="pr2748img003.jpg" style="border:solid 1px #7F7F7F"/></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Highest
Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>9.59% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1st
Quarter 2022</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2016
through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Lowest
Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>-5.80%</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">
4th Quarter 2022</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2016
through 12/31/2025</span></div>
Highest
Quarterly Return:9.59% 1st
Quarter 202201/01/2016
through 12/31/2025
0.0959
2022-03-31
Lowest
Quarterly Return:-5.80%
4th Quarter 202201/01/2016
through 12/31/2025
-0.058
2022-12-31
Average annual total returns for periods ended December 31, 2025
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investor Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>08/19/2014</b></span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns Before Taxes</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.15%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.95%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.61%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.96%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.69%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.93%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions and Sales of Fund Shares</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.27%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.27%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.19%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Share Class</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Before Taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">08/19/2014</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-3.77%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.76%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.99%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">08/19/2014</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.51%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.27%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.88%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">08/19/2014</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.42%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.26%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.92%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">08/19/2014</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.54%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.35%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.00%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Index</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Reflects no deduction for fees, expenses or taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">S&P 500® Index TR</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.88%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.42%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.82%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ICE BofA US 3-Month Treasury Bill Index</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.18%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.17%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.18%</span></div>
</td>
</tr>
</table></div>
2014-08-19
0.0215
0.0395
0.0361
-0.0096
0.0169
0.0193
0.0127
0.0227
0.0219
2014-08-19
-0.0377
0.0276
0.0299
2014-08-19
0.0051
0.0327
0.0288
2014-08-19
0.0242
0.0426
0.0392
2014-08-19
0.0254
0.0435
0.04
0.1788
0.1442
0.1482
0.0418
0.0317
0.0218
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes.
The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, the after-tax returns do not apply to your situation.
After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share classes will vary.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investment objective is capital growth.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">discounts if you and your eligible family members invest, or agree to invest in the future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> More information about these and other discounts is available from your financial professional and in “Choosing Your Share Class” on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">38</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Prospectus and “Additional Purchase and Sale Information for A Class Shares” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">45</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Statement of Additional Information (“SAI”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Appendix A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to the Fund’s Prospectus entitled “Intermediary Sales Charge Discounts, Waivers and Other Information.”</span></div>
You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in all classes of the American Beacon Funds on an aggregated basis.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0.01
0
0
0
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
0.009
0.009
0.009
0.009
0.009
0.0025
0.01
0
0
0
0.0039
0.0038
0.0031
0.0072
0.0168
0.0229
0.0128
0.0121
0.0162
0.0144
0.0229
0.0128
0.0104
0.0162
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">(‘‘CDSC’’) of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.</span>
April 30, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that this Example reflects the fee waiver/expense </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reimbursement arrangement for A Class and R5 Class shares through April 30, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2027</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. C Class shares automatically convert to A Class shares 8 years after </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchase, if the conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">10-year period. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$713 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,052 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,414 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,429 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$332 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$715 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,225 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,626 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$130 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$406 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$702 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,545 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$106 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$367 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$649 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,451 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$165 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$511 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$881 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,922 </span></div>
</td>
</tr>
</table></div>
713
1052
1414
2429
332
715
1225
2626
130
406
702
1545
106
367
649
1451
165
511
881
1922
Assuming no redemption of shares:
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$232 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$715 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,225 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,626 </span></div>
</td>
</tr>
</table></div>
232
715
1225
2626
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">313%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div>
3.13
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund seeks to achieve its investment objective by allocating all or substantially all of its assets across equities, bonds (including inflation index-linked </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bonds), interest rates, corporate credit, and commodities primarily through derivative instruments. The Fund implements its strategy by utilizing a proprietary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">quantitative model, which is designed to provide a stable level of volatility regardless of market conditions.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund invests primarily in futures (including equity index futures, bond index futures, interest rate futures, bond futures and government bond futures, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as treasury futures), swaps (including commodity swaps, credit default swaps, and total return swaps) and foreign currency forward contracts, but also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may invest in other types of derivative instruments. The Fund uses derivative instruments to enhance total return, to manage certain investment risks or to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">substitute for the purchase or sale of the underlying securities, and to hedge against currency exchange rates. The Fund expects that, under normal market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions, the notional value of its derivatives exposure generally will exceed that of its net assets. In connection with the Fund’s use of derivatives, the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">also may hold significant amounts of</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. Treasury securities and other foreign developed market sovereign short-term bonds issued by countries such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">France, Germany, the United Kingdom and other developed countries, or short-term investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cash and time deposits in order to meet collateral </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">requirements. The Fund may also invest in zero coupon securities. The Fund’s use of derivatives will have the economic effect of financial leverage. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments are generally made without restriction as to issuer market capitalization, country, currency, or maturity. The Fund may invest in derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instruments that provide exposure to below investment grade securities, which are commonly referred to as “junk bonds” and to issuers in the U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">foreign developed and emerging markets, including sovereign debt. The Fund may invest in non-US currencies, instruments denominated in non-U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currencies, foreign currency forward contracts, including non-deliverable forwards (“NDFs”), and non-U.S. currency futures contracts. The Fund also may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invest in government obligations.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor’s strategy is designed to provide an excess return with a stable level of volatility regardless of market conditions. The sub-advisor seeks to do </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">this by using systematic algorithms (a mathematical model) to scale positions based on the net asset value (“NAV”) of the Fund. The algorithm measures the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">degree of volatility in a particular market. As volatilities increase, the algorithm will look to reduce exposure. Conversely, it will increase exposure, subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk limits, if the market is calm and volatilities are decreasing. This technique is called ‘volatility scaling’ and can be applied at various levels to achieve a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">balanced risk exposure through time, and across different asset classes. Volatility scaling aims to achieve a certain target level of volatility which is stable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">through time. The Fund has set an annualized volatility target of 10% of its NAV. Volatility is defined as the annualized standard deviation of returns. It is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">important to note that both the short and long term realized volatility of the Fund can and will differ from the targeted volatility and can be dependent on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prevailing market conditions.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition to the volatility scaling described above, the strategy utilizes additional systematic overlays to control downside risk. The first of these is a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">momentum overlay, which uses past price behavior to identify periods when a market is in a downtrend. The strategy uses this information to scale down </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">positions depending upon the strength of that trend, thereby reducing risk in falling markets. The second is a volatility switching mechanism, which reacts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">quickly to spikes in volatility by using a formula that is designed to minimize market transactions during periods of low volatility and increase market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transactions during periods of heightened market volatility in order to maintain the Fund’s target level of volatility. Volatility switching is used to react more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dynamically to market events. The third uses intraday data to identify dangerous environments in which fixed income assets no longer act as a hedge to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">equities and other assets. The combination of these overlays aims to reduce losses and improve risk-adjusted returns.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund seeks to gain exposure to the commodity markets by investing up to 25% of its total assets in a wholly-owned subsidiary, which is organized under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the laws of the Cayman Islands (the “Subsidiary”). Generally, the Subsidiary invests primarily in commodity swaps, but it may also invest in financial futures </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and forwards, fixed income securities, pooled investment vehicles, including open-end investment companies, and other investments intended to serve as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">margin or collateral for the Subsidiary’s derivative positions. The Fund invests in the Subsidiary in order to gain exposure to the commodities markets within </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the limitations of the federal tax law, rules and regulations that apply to “regulated investment companies.” Unlike the Fund, the Subsidiary may invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">without limitation in commodity-linked derivatives; however, the Subsidiary and the Fund, in the aggregate, comply with applicable requirements for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">derivatives transactions set forth in Rule 18f-4 under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund and the Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, and the Subsidiary follows the same compliance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">policies and procedures as the Fund to the extent those restrictions, policies and procedures are applicable to the investment activities of the Subsidiary. Unlike </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund, the Subsidiary does not, and will not, seek to qualify as a “regulated investment company” under Subchapter M of Chapter 1 of Subtitle A of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Internal Revenue Code of 1986, as amended (“Subchapter M”). The Fund is the sole shareholder of the Subsidiary and does not expect shares of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Subsidiary to be offered or sold to other investors.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s holdings may be frequently adjusted to reflect the sub-advisor’s assessment of changing risks, which could result in high portfolio turnover. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund may have significant exposure to issuers located in, or with economic ties to, Europe. However, as the sector and geographic composition of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">portfolio changes over time, the Fund’s exposure to Europe may decline, and the Fund’s exposure to other geographic areas may increase.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is non-diversified, which means that it is not limited to a percentage of assets that it may invest in any one issuer.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you could lose part or all of your investment in the Fund. </span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Allocation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The allocations among strategies, asset classes and market exposures may be less than optimal and may adversely affect the Fund’s performance. There can be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">no assurance, particularly during periods of market disruption and stress, that judgments about allocations will be correct. The Fund’s allocations may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invested in strategies, asset classes and market exposures during a period when such strategies, asset classes and market exposures underperform.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Asset Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Assets selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to other funds with similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">objective</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Commodities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investments in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, commodity price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as changes in supply and demand, resource availability, </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">speculation in the commodities markets, drought, floods, weather, livestock disease, pandemics, embargoes, tariffs, war, acts of terrorism and international </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic, political and regulatory developments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest significantly in a particular sector of the commodities market (such as oil, metal or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">agricultural products). As a result, the Fund may be more susceptible to risks associated with those sectors.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> No active trading market may exist for certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">commodities investments. The Fund’s investments in commodity-related instruments may lead to losses in excess of the Fund’s investment in such products, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">some commodity-linked derivatives can have the potential for unlimited losses. Such losses can significantly and adversely affect the net asset value (“NAV”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">per share of the Fund and, consequently, a shareholder’s interest in the Fund. Because the Fund’s performance is linked to the performance of potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatile commodities, investors should be willing to assume the risks of significant fluctuations in the value of the Fund’s shares.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Counterparty Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that a party or participant to a transaction, such as a broker or a derivative counterparty, will be unwilling or unable to satisfy its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Credit Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the issuer, guarantor or insurer of an obligation, or the counterparty to a transaction, may fail, or become less able or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unwilling, to make timely payment of interest or principal or otherwise honor its obligations or default completely. Changes in the actual or perceived </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">creditworthiness of an issuer, or a downgrade or default affecting any of the Fund’s securities, could affect the Fund’s performance. Generally, the longer the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity and the lower the credit quality of a security, the more sensitive it is to credit risk.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Crowding/Convergence Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is significant competition among quantitatively-focused managers, and the ability of the sub-advisor to outperform other funds is dependent on its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ability to employ models that are simultaneously profitable and differentiated from those employed by other managers. To the extent that the sub-advisor is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not able to develop sufficiently differentiated models, the Fund’s investment objective may not be met, irrespective of whether the models are profitable in an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">absolute sense.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Currency Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may have exposure to foreign currencies. Foreign currencies may fluctuate significantly over short periods of time, may be affected unpredictably by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intervention, or the failure to intervene, of the U.S. or foreign governments or central banks, and may be affected by currency controls or political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and thereby affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Derivatives Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Derivatives may involve significant risk. The use of derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">directly in the securities or other instruments underlying those derivatives, including the high degree of leverage often embedded in such instruments, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potential material and prolonged deviations between the theoretical value and realizable value of a derivative. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some derivatives have the potential for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unlimited loss, regardless of the size of the Fund’s initial investment. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The use of derivatives may also increase any adverse effects resulting from the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underperformance of strategies, asset classes and market exposures to which the Fund has allocated its assets. Derivatives may at times be highly illiquid, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Certain derivatives may be difficult to value, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">valuation may be more difficult in times of market turmoil. Derivatives may also be more volatile than other types of investments. Derivative investments can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increase portfolio turnover and transaction costs. Derivatives also are subject to counterparty risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and credit risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. As a result, the Fund may not recover its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">which may expose the Fund to greater losses in the event of a default by a counterparty. Derivatives transactions requiring the Fund to post collateral may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expose the Fund to greater losses in the event of a default by a counterparty. There may be imperfect correlation between the behavior of a derivative and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that of the reference instrument underlying the derivative. An abrupt change in the price of a reference instrument could render a derivative worthless. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Derivatives may involve risks different from, and possibly greater than, the risks associated with investing directly in the reference instrument. The Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">buy or sell derivatives not traded on an exchange, which may be subject to heightened counterparty, liquidity and valuation risks. Suitable derivatives may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be available in all circumstances, and there can be no assurance that the Fund will use derivatives to reduce exposure to other risks when that might have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been beneficial. Ongoing changes to the regulation of derivatives and changes in the regulation of funds using derivative instruments could limit the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ability to pursue its investment strategies. New regulation of derivatives may make them more costly, or may otherwise adversely affect their liquidity, value or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Foreign Currency Forward Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Foreign currency forward contracts, including non-deliverable forwards (“NDFs”), are derivative instruments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pursuant to a contract where the parties agree to a fixed price for an agreed amount of foreign currency at an agreed date or to buy or sell a specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency at a future date at a price set at the time of the contract and include the risks associated with fluctuations in currency. There are no limitations on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">daily price movements of forward contracts. There can be no assurance that any strategy used will succeed. Not all forward contracts, including NDFs, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty. The use of foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency forward contracts may expose the Fund to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to if </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">it invested directly in the securities or currencies underlying the foreign currency forward contract. There are no limitations on daily price movements of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">forward contracts. There can be no assurance that any strategy used will succeed.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Futures Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Futures contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks, such as liquidity risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and counterparty risk, that it would not be subject to if it invested directly in the securities underlying those derivatives. There can be no assurance that any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategy used will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying instruments or indexes. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">has previously bought or sold, and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). The Fund may invest in the following </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">types of futures contracts:</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Swap Agreements Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Swap agreements or “swaps” are transactions in which the Fund and a counterparty agree to pay or receive payments at specified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dates based upon or calculated by reference to changes in specified prices or rates or the performance of specified securities, indices or other assets based </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on a specified amount (the “notional” amount). Swaps can involve greater risks than a direct investment in an underlying asset, because swaps typically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">include a certain amount of embedded leverage and as such are subject to leverage risk. If swaps are used as a hedging strategy, the Fund is subject to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk that the hedging strategy may not eliminate the risk that it is intended to offset, due to, among other reasons, the occurrence of unexpected price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">movements or the non-occurrence of expected price movements. Swaps also may be difficult to value. Swaps may be subject to liquidity risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risk, and swaps that are traded over-the-counter are not subject to standardized clearing requirements and may involve greater liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in the following types of swaps:</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Commodities Swaps Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Commodities swaps may be subject to commodities risk.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Credit Default Swaps Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Credit default swaps may also be subject to credit risk and the risks associated with the purchase and sale of credit protection.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Total Return Swaps Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Total return swaps may also be subject to market risk and, if the underlying securities are bonds or other debt obligations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rate risk.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Emerging Markets Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When investing in emerging markets, the risks of investing in foreign securities are heightened. Emerging markets are generally smaller, less developed, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">suspensions and other restrictions on investment; delays and disruptions in securities clearing and settlement procedures; and significant limitations on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investor rights and recourse. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">accounting, auditing, financial reporting and recordkeeping standards and requirements comparable to those to which U.S. companies are subject.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Exposure Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to non-U.S. issuers carries potential risks not associated with exposure to U.S. issuers. Such risks may include, but are not limited to: (1) political and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial instability, (2) less liquidity, (3) greater volatility, and (4) different government regulation The Fund’s exposure to a foreign issuer may subject the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to regulatory, political, currency, security, economic and other risks associated with that country, including tariffs, trade disputes and sanctions. Global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic and financial markets have become increasingly interconnected and conditions (including recent volatility, terrorism, war and political instability) and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Geographic Concentration Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">From time to time, based on market or economic conditions, the Fund may invest a significant portion of its assets in the securities of issuers located in, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with significant economic ties to, a single country or geographic region, which could increase the risk that economic, market, political, business, regulatory, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">diplomatic, social and environmental conditions in that particular country or geographic region may have a significant impact on the Fund’s performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in such a manner could cause the Fund’s performance to be more volatile than the performance of more geographically diverse funds. A decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the economies or financial markets of one country or region may adversely affect the economies or financial markets of another.</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">European Securities Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund’s performance may be affected by political, social and economic conditions in Europe, such as growth of economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">output (the gross national product of the countries in the region), the rate of inflation, the rate at which capital is reinvested into European economies, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">success of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries, the monetary exchange rates between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">European countries, and conflict between European countries. The European financial markets have experienced and may continue to experience volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and adverse trends due to concerns relating to economic downturns; rising government debt levels and the possible default on government debt; national </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unemployment in several European countries; public health crises; political unrest; economic sanctions; inflation; energy crises; and war and military conflict, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as the Russian invasion of Ukraine. A default or debt restructuring by any European country could adversely impact holders of that country’s debt and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sellers of credit default swaps linked to that country’s creditworthiness, which may be located in other countries. Such a default or debt restructuring could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect exposures to European countries. In addition, issuers have faced difficulties obtaining credit or refinancing existing obligations, and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have experienced extreme volatility and declines in asset values and liquidity. These events have affected the exchange rate of the Euro and may continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significantly affect European countries.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Responses to financial problems by European governments, central banks, and others, including austerity measures and other reforms, may not produce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">desired results, may result in social unrest and may limit future growth and economic recovery or may have unintended consequences. The Fund makes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in securities of issuers that are domiciled in member states of the European Union (the “EU”). The economies and markets of European </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">One or more countries may abandon the Euro and/or withdraw from the EU. The impact of these actions, especially if they occur in a disorderly fashion, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could be significant and far-reaching. The United Kingdom’s withdrawal from the EU could be an indication that one or more other countries may withdraw </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">from the EU and/or abandon the Euro. These events and actions have affected, and may in the future affect, the value and exchange rate of the Euro and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-EU member states.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The continuing effects on the economies of European countries of the Russia/Ukraine war and Russia’s response to sanctions imposed by the U.S., EU, UK </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and others, are impossible to predict, but have been and could continue to be significant. For example, exports in Eastern Europe have been disrupted for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">certain key commodities, pushing commodity prices to record highs. Also, both wholesale energy prices and energy prices charged to consumers in Europe </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have increased significantly.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Hedging Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If the Fund uses a hedging instrument at the wrong time or judges the market conditions incorrectly, or the hedged instrument does not correlate to the risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sought to be hedged, the hedge might be unsuccessful, reduce the Fund’s return, or create a loss. In addition, hedges, even when successful in mitigating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk, may not prevent the Fund from experiencing losses on its investments. Hedging instruments may also reduce or eliminate gains that may otherwise have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been available had the Fund not used the hedging instruments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Portfolio Turnover </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Portfolio turnover is a measure of the Fund’s trading activity over a one-year period. A portfolio turnover rate of 100% would indicate that the Fund sold and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">replaced the entire value of its securities holdings during the period. The Fund may engage in active and frequent trading and may have a high portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">turnover rate, which could increase the Fund’s transaction costs, have a negative impact on performance, and generate higher capital gain distributions to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shareholders than if the Fund had a lower portfolio turnover rate.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High-Yield Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to high-yield, below investment-grade securities (commonly referred to as “junk bonds”) generally involves significantly greater risks than an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in investment grade securities. High-yield debt securities may fluctuate more widely in price and yield and may fall in price when the economy is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">weak or expected to become weak. These securities also may be difficult to sell at the time and price the Fund desires. High-yield securities are considered to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be speculative with respect to an issuer’s ability to pay interest and principal and carry a greater risk that the issuers of lower-rated securities will default on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timely payment of principal and interest. High-yield securities may experience greater price volatility and less liquidity than investment grade securities. Issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inflation Index-Linked Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unlike a conventional bond, whose issuer makes regular fixed interest payments and repays the face value of the bond at maturity, an inflation index-linked </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security provides principal payments and interest payments that vary as the principal and/or interest are adjusted over time to reflect a rise or a drop in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reference inflation-related index. For inflation index-linked debt securities for which repayment of the original principal upon maturity (as adjusted for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inflation) is not guaranteed, the adjusted principal value of the securities repaid at maturity may be less than the original principal value. The value of inflation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">index-linked securities is expected to change in response to real interest rates, which are in turn tied to the relationship between nominal interest rates and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the rate of inflation. There can be no assurance that an inflation index that is used will accurately measure the real rate of inflation. The price of an inflation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">index-linked security generally falls when real interest rates rise and rises when real interest rates fall. Interest payments on such securities are unpredictable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and will fluctuate as the principal and interest are adjusted to reflect movements in the inflation-related index. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In periods of deflation, the Fund may have no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">income at all from such investments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The principal value of an investment in the Fund is not protected or otherwise guaranteed by the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in inflation index-linked securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Interest Rate Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Generally, the value of investments with interest rate risk, such as fixed-income securities or derivatives, will move in the opposite direction as movements in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rise, which could cause the value of the Fund’s investments to decline. Interest rate increases, including significant or rapid increases, may result in a decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of bonds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or derivatives</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> held by the Fund, make issuers less willing or able to make principal and interest payments on fixed-income investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">when due, lead to heightened volatility in the fixed-income markets and adversely affect the liquidity of certain fixed-income investments, any of which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in substantial losses to the Fund. When interest rates decline, issuers may prepay higher-yielding securities held by the Fund, resulting in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reinvesting in securities with lower yields, which may cause a decline in its income. The prices of fixed-income securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or derivatives</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> are also affected by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their durations. Fixed-income securities or derivatives with longer durations generally have greater sensitivity to changes in interest rates than those with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shorter durations. Rising interest rates may cause the value of the Fund’s investments with longer durations and terms to maturity to decline, which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adversely affect the value of the Fund. For example, if a bond has a duration of eight years, a 1% increase in interest rates could be expected to result in an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">8% decrease in the value of the bond. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fluctuations in interest rates may also affect the liquidity of fixed-income securities and instruments held by the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Leverage Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s use of derivative instruments may have the economic effect of financial leverage. Financial leverage magnifies the Fund’s exposure to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">movements in prices of an asset or class of assets underlying a derivative instrument and may result in increased volatility, which means that the Fund will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have the potential for greater losses than if the Fund does not use the derivative instruments that have a leveraging effect. Leverage may result in losses that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exceed the amount originally invested and may accelerate the rate of losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decrease in the Fund’s exposure to an asset or class of assets and may cause the Fund’s net asset value (“NAV”) per share to be volatile. There can be no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assurance that the Fund’s use of leverage will be successful.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Liquidity Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is susceptible to the risk that certain investments held by the Fund may have limited marketability, be subject to restrictions on sale, be difficult or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impossible to purchase or sell at favorable times or prices or become less liquid in response to market developments or adverse credit events that may affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or guarantors of a security. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">advantage of other investment opportunities. Market prices for such instruments may be volatile. During periods of substantial market volatility, an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund’s ability to limit losses. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lose money if it is unable to dispose of an investment at a time that is most beneficial to the Fund. The Fund may be required to dispose of investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Judgment plays a greater role in pricing illiquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments than in investments with more active markets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other factors, which may negatively affect the Fund’s performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The financial markets generally move in cycles, with periods of rising prices followed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods of declining prices. The value of your investment may reflect these fluctuations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. During a general downturn in the securities markets, multiple </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may decline in value simultaneously. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Even when certain securities prices have generally increased over time, there have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> been periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">during those times, resulting in</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> losses for investors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, which are likely to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> occur again in the future.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Geopolitical and other events, including war, terrorism, trade disputes, pandemics, public health crises, natural disasters, and cybersecurity incidents, have led, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and in the future may continue to lead, to general instability in world economies and markets and reduced liquidity in securities, which may negatively affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of your investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policies established</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> by the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. government and/or Federal Reserve and economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">circumstances</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> within the U.S. and abroad, such as inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes in interest rates, recessions, changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government leadership, a government’s inability</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to agree on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">budget, high public debt</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the threat or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government’s debt limit, which could result in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a default on the government’s obligations, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect investor and consumer confidence and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impact financial markets and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">broader economy, perhaps suddenly and to a significant degree.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Markets and market participants are increasingly reliant upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">public</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and proprietary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems. Data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or technology malfunctions and inaccuracies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disrupt markets and lead to negative consequences for market participants like the Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in the Fund may be increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some countries, including the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appears to be continuing globally. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The economies of all</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> nations, including the U.S., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are subject to the risks of slowing global economic growth, protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade policies, inflationary pressures, limits imposed by international trade and security agreements, political or economic dysfunction, poor consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sentiment, and reduced demand for goods due to fluctuating commodity prices and currency values, and these risks may create significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in ways that cannot be foreseen at the present time. These economic risks could have a negative impact on the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The U.S. Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and certain foreign central banks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> started to lower interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, though economic or other factors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> could stop or reverse such</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes. It is difficult to accurately predict the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">various economic and political factors that influence the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pace at which interest rates might change, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Changes in interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lead to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> an economic slowdown in the U.S. and abroad</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and reduced</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> liquidity in certain sectors of the market.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tensions, war, or open conflict between nations, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among the United States, Israel and Iran, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">between Russia and Ukraine, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Middle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">East or in eastern Asia could affect the economies of many nations, including the United States</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and may contribute to increased volatility and uncertainty in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the financial markets. The extent and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> duration of ongoing hostilities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and related sanctions and the repercussions of such</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> events cannot be predicted. Those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have presented and could continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">present material uncertainty and risk with respect to markets globally</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including in the oil and gas markets and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potentially other industries and sectors, and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> the performance of the Fund and its investments or operations could be negatively impacted. </span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advancements in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and liquidity. As artificial intelligence is used more widely, which can occur relatively rapidly, the profitability and growth of certain issuers and industries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be negatively impacted in ways that cannot be foreseen and could adversely impact issuer and market performance. As a consequence, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and its overall performance could be negatively impacted</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Global climate change may affect</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">change in ways that cannot be foreseen</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impacts of legislation, regulation and international accords related to climate change, as well as any indirect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consequences </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that may not be foreseen, may negatively impact certain issuers, industries and regions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
</td>
</tr>
</table></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Timing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk of market timing activities by investors due to the nature of the Fund’s investments, which requires the Fund, in certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instances, to fair value certain of its investments. Some investors may engage in frequent short-term trading in the Fund to take advantage of any price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">differentials that may be reflected in the net asset value (“NAV”) of the Fund’s shares. Frequent trading by Fund shareholders poses risks to other shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Fund, including (i) the dilution of the Fund’s NAV, (ii) an increase in the Fund’s expenses, and (iii) interference with the ability to execute efficient </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Model and Data/Programming Error Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The success of the sub-advisor’s investment strategy depends largely on the effectiveness of its quantitative research models and investment programs. Models </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(including quantitative models), data, and investment programs are used to screen potential investments for the Fund. When models or data prove to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks and programs may not react as expected to market events, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resulting in losses for the Fund. Some of the models used by the sub-advisor are predictive in nature. The use of predictive models has inherent risks. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">accuracy and reliability of the supplied historical data. There is no assurance that the models are complete or accurate, or representative of future market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cycles, nor will they always be beneficial to the Fund if they are accurate. Additionally, programs may become outdated or experience malfunctions which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not be identified by the sub-advisor and therefore may also result in losses to the Fund. These models and programs may negatively affect Fund performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">for various other reasons, including human judgment, inaccuracy of historical data and non-quantitative factors (such as market or trading system </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dysfunctions, investor fear or overreaction). The use of artificial intelligence or other evolving or emerging technologies presents significant risks and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exacerbate the aforementioned risks.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Models and data are known to have errors, omissions, imperfections and malfunctions (collectively, “System Events”). The sub-advisor seeks to reduce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidence and impact of System Events, to the extent feasible, through a combination of internal testing, simulation, real-time monitoring, and use of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">independent safeguards in the overall portfolio management process and often in the software code itself. Despite such testing, monitoring and independent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">safeguards, System Events will result in, among other things, the execution of unanticipated trades, the failure to execute anticipated trades, delays in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">execution of anticipated trades, the failure to properly allocate trades, the failure to properly gather and organize available data, the failure to take certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">hedging or risk reducing actions and/or the taking of actions which increase certain risk(s) - all of which may have materially adverse effects on the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">System Events in third-party provided data are generally entirely outside the control of the sub-advisor.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Non-Diversification Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is non-diversified, which means it may focus its investments in the securities of a comparatively small number of issuers. Investments in securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a limited number of issuers exposes the Fund to greater market risk, price volatility and potential losses than if assets were diversified among the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a greater number of issuers. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Obsolescence Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor is unlikely to be successful in the deployment of its quantitative, systematic, investment strategies unless the assumptions underlying the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that the models will not generate profitable trading signals. If and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to the extent that the models do not reflect certain relevant factors, and the sub-advisor does not successfully address such omission through its testing and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">evaluation by modifying the models accordingly, major losses may result — all of which will be borne by the Fund. There can be no assurance as to the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(positive or negative) of any changes including additions, modifications and removal of the models or investment strategies on the Fund’s performance. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Quantitative Strategy Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The success of the Fund’s investment strategy may depend in part on the effectiveness of the sub-advisor’s quantitative tools for screening securities. These </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategies may incorporate factors that are not predictive of a security’s value. The quantitative tools may not react as expected to market events, resulting in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">losses for the Fund. Additionally, a previously successful strategy may become outdated or inaccurate, which may not be identified by the sub-advisor and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">therefore may also result in losses. The use of artificial intelligence or other evolving or emerging technologies presents significant risks and may exacerbate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the aforementioned risks.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Heavy redemptions could hurt the Fund’s performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A rise in interest rates or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other market developments may cause investors to move out of fixed-income securities on a large scale.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> During periods of heavy redemptions, the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Risk Management</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Risk is an essential part of investing. No risk management program can eliminate the Fund’s exposure to adverse events; at best, it can only reduce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">possibility that the Fund will be affected by such events, and especially those risks that are not intrinsic to the Fund’s investment program. Measures taken </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with the intention of decreasing exposure to identified risks might have the unintended effect of increasing exposure to other risks.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Segregated Assets Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In connection with certain transactions that may give rise to future payment obligations, the Fund may be required to maintain a segregated amount of, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise earmark, cash or liquid securities to cover the obligation. Segregated assets generally cannot be sold while the position they are covering is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">outstanding, unless they are replaced with other assets of equal value. The need to segregate cash or other liquid securities could limit the Fund’s ability to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pursue other opportunities as they arise.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sovereign Debt Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Sovereign debt securities are subject to risk of payment delays or defaults due to, among other things: (1) country cash flow problems, (2) insufficient foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency reserves, (3) political considerations, (4) large debt positions relative to the country’s economy, (5) policies toward foreign lenders or investors, (6) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">failure to implement economic reforms required by the International Monetary Fund or other multilateral agencies, or (7) an inability or unwillingness to repay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">debts. A governmental entity that defaults on an obligation may request additional time in which to repay loans, may request further loans, or may seek to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">restructure its obligations to reduce interest rates or outstanding principal. There is no legal process for collecting sovereign debt that a government does not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Subsidiary Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments if held directly by the Fund. The principal risks of the Subsidiary are listed in this section of the Prospectus as principal risks of the Fund. There can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be no assurance that the investment objective of the Subsidiary will be achieved or that, as a result, the investment objective of the Fund will be achieved. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Investment Company Act. In addition, changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Subsidiary to operate as described in this Prospectus and the SAI and could adversely affect the Fund’s performance.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Tax Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“RIC”), the Fund must, among other requirements, derive at least 90% of its gross income for each taxable year from “qualifying income,” which is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">described in more detail in the “Tax Information” section of the SAI. Income from certain commodity-linked derivative instruments in which the Fund invests is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not considered qualifying income. The Fund will therefore restrict its income from direct investments in those instruments, such as commodity-linked swaps, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to a maximum of 10% of its gross income for each taxable year. The Fund’s investment in the Subsidiary is expected to provide the Fund with exposure to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">commodities markets within the limitations of the federal tax requirements of Subchapter M. Treasury regulations provide that income inclusions of a RIC from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a controlled foreign corporation (“CFC”), such as the Subsidiary, in which the RIC invests as part of its business of investing in stocks or securities, are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">qualifying income for the RIC whether or not the CFC makes distributions to the RIC out of its associated earnings and profits for the applicable taxable year. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">See “Tax Information” in the SAI for further information regarding RIC’s federal income tax treatment of income from CFCs and commodity-linked </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instruments. The federal income tax treatment of the Fund’s commodity-linked investments and income from the Subsidiary may be materially adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affected by future legislation, other Treasury regulations, and/or guidance issued by the IRS that could affect whether income from such investments is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">qualifying income under Subchapter M or otherwise materially affect the character, timing or recognition, and/or amount of the Fund’s taxable income and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">net capital gains and, therefore, the distributions the Fund makes.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Trading System and Execution of Orders Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor relies extensively on computer programs, systems, technology, data and models to implement its execution strategies and algorithms. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sub-advisor’s investment strategies, trading strategies and algorithms depend on its ability to establish and maintain an overall market position in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">combination of financial instruments selected by the sub-advisor. There is a risk that the sub-advisor’s proprietary algorithmic trading systems may not be able </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to adequately react to a market event without serious disruption. Further, trading strategies and algorithms may malfunction, causing severe losses. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">successful operation of the computer programs, systems, technology, data and models depends in part on the sub-advisor’s ability to ensure those systems </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">remain operational and that appropriate disaster recovery procedures are in place. While the sub-advisor has employed tools to allow for human intervention </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to respond to significant system malfunctions, it cannot be guaranteed that losses will not occur in such circumstances as unforeseen market events, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disruptions and execution system issues.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>U.S. Government Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. U.S. government securities are also subject to credit risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rate risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. government securities due to potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">higher costs for the U.S. government to obtain new financing.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>U.S. Treasury Obligations Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The market value of U.S. Treasury obligations may vary due to fluctuations in interest rates. In addition, changes to the financial condition or credit rating of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the U.S. government may cause the value of the Fund’s investments in obligations issued by the U.S. Treasury to decline. Certain political events in the U.S., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as a prolonged government shutdown or potential default on the national debt, may also cause investors to lose confidence in the U.S. government and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may cause the value of U.S. Treasury obligations to decline.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Valuation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Certain of the Fund’s assets may be valued at a price different from the price at which they can be sold. This risk may be especially pronounced for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments that are illiquid or may become illiquid, or securities that trade in relatively thin markets and/or markets that experience extreme volatility. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">valuation of the Fund’s investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as pricing services or accounting agents.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Zero Coupon Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Zero</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> coupon securities are debt securities that do not make periodic interest payments prior to maturity or a specified redemption date (or cash payment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">date). Accordingly, zero coupon securities usually trade at a deep discount from their face or par value and will be subject to greater fluctuations in market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value in response to changing interest rates than debt obligations of comparable</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturities that make current distribution of interest in cash. While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">payments are not made on such securities, the Fund accrues income with respect to these securities for federal income tax and accounting purposes. Longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">term zero-coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds.</span></div>
Fund Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">well as an additional composite index with characteristics that are similar to those of the Fund, and the two indices that comprise the composite index, for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods indicated.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The chart and the table show the performance of the Fund’s Investor Class shares for all periods. In the table below, for the period prior to April 30, 2019, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance of the A Class and C Class shares reflects the returns of the Investor Class shares of the Fund. The newer share classes would have had similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">annual returns to the Investor Class shares because the shares of each class represent investments in the same portfolio securities. However, as reflected in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">“Fees and Expenses of the Fund” section of this Fund Summary, the expenses of the Investor Class shares differ from those of the newer share classes, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">would affect performance. To the extent that the Investor Class shares had lower expenses than a newer share class, the performance of the Investor Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares would likely have been higher than the newer share class would have realized during the same period. The performance of the newer share classes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shown in the table has not been adjusted for differences in operating expenses between those share classes and the Investor Class shares, but the A Class and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C Class shares performance has been adjusted for the impact of the maximum applicable sales charge.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may obtain updated performance information on the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">necessarily an indication of how the Fund will perform in the future.</span></div>
The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as well as an additional composite index with characteristics that are similar to those of the Fund, and the two indices that comprise the composite index, for the periods indicated.
www.americanbeaconfunds.com
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Calendar year total returns for Investor Class Shares. Year Ended 12/31
<div><img alt="image" src="pr2748img004.jpg" style="border:solid 1px #7F7F7F"/></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Highest
Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>12.00%</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">
1st Quarter 2019</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2019
through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Lowest
Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>-9.83% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2nd
Quarter 2022</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2019
through 12/31/2025</span></div>
Highest
Quarterly Return:12.00%
1st Quarter 201901/01/2019
through 12/31/2025
0.12
2019-03-31
Lowest
Quarterly Return:-9.83% 2nd
Quarter 202201/01/2019
through 12/31/2025
-0.0983
2022-06-30
Average annual total returns for periods ended December 31, 2025
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>(12/31/2018)</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investor Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>12/31/2018</b></span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns Before Taxes</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.73%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.25%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.35%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.46%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.29%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.91%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions and Sales of Fund Shares</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.56%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.04%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.78%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>(12/31/2018)</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Share Class</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Before Taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">04/30/2019</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.92%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.10%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.50%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">04/30/2019</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.13%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.54%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.65%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12/31/2018</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.18%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.57%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.67%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12/31/2018</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.44%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.69%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.77%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>(12/31/2018)</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Index</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Reflects no deduction for fees, expenses or taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">S&P 500® Index TR</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.88%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.42%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.43%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">60% MSCI® World Index (Hedged to USD) / 40% Bloomberg Global-Aggregate Total Return Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Value Hedged USD</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.29%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.30%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.37%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI® World Index (Hedged to USD)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">19.04%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.67%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.75%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg Global-Aggregate Total Return Index Value Hedged USD</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.86%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.34%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.17%</span></div>
</td>
</tr>
</table></div>
2018-12-31
0.0773
0.0425
0.0735
0.0446
0.0129
0.0491
0.0456
0.0204
0.0478
2019-04-30
0.0192
0.031
0.065
2019-04-30
0.0613
0.0354
0.0665
2018-12-31
0.0818
0.0457
0.0767
2018-12-31
0.0844
0.0469
0.0777
0.1788
0.1442
0.1743
0.1329
0.083
0.1037
0.1904
0.1367
0.1575
0.0486
0.0034
0.0217
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes.
The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, the after-tax returns do not apply to your situation.
After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share classes will vary.
1Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge (‘‘CDSC’’) of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.
2During the fiscal year ended December 31, 2025, the Fund paid amounts to American Beacon Advisors, Inc. (the “Manager”) that were previously waived and/or reimbursed under a contractual fee waiver/expense reimbursement agreement for the Fund’s A Class, C Class, Y Class, R6 Class, R5 Class, and Investor Class shares in the amount of 0.05% for the A Class, 0.04% for the C Class, 0.03% for the Y Class, 0.05% for the R6 Class, 0.04% for the R5 Class, and 0.05% for the Investor Class shares.
3The Manager has contractually agreed to waive fees and/or reimburse expenses of the Fund’s A Class, C Class, Y Class, R6 Class, R5 Class and Investor Class shares, as applicable, through April 30, 2027, to the extent that Total Annual Fund Operating Expenses exceed 1.09% for the A Class, 1.83% for the C Class, 0.83% for the Y Class, 0.77% for the R6 Class, 0.80% for the R5 Class, and 1.12% for the Investor Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). The contractual expense reimbursement can be changed or terminated only in the discretion and with the approval of a majority of the Fund’s Board of Trustees (the “Board”). The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager can be reimbursed by the Fund for any contractual fee waivers or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment.
1Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge (‘‘CDSC’’) of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.
1Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge (‘‘CDSC’’) of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.
2During the fiscal year ended December 31, 2025, the Fund paid amounts to American Beacon Advisors, Inc. (the “Manager”) that were previously waived and/or reimbursed under a contractual fee waiver/expense reimbursement agreement for the Fund’s A Class and R6 Class shares in the amount of 0.03% for the A Class shares and 0.01% for the R6 Class shares.
3The Manager has contractually agreed to waive fees and/or reimburse expenses of the Fund’s A Class, C Class, Y Class, R6 Class, R5 Class and Investor Class shares, as applicable, through April 30, 2027, to the extent that Total Annual Fund Operating Expenses exceed 1.20% for the A Class, 1.94% for the C Class, 0.95% for the Y Class, 0.88% for the R6 Class, 0.89% for the R5 Class, and 1.15% for the Investor Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). The contractual expense reimbursement can be changed or terminated only in the discretion and with the approval of a majority of the Fund’s Board of Trustees (the “Board”). The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager can be reimbursed by the Fund for any contractual fee waivers or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment.
1Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge (‘‘CDSC’’) of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.
2During the fiscal year ended December 31, 2025, the Fund paid amounts to American Beacon Advisors, Inc. (the “Manager”) that were previously waived and/or reimbursed by the Manager under a contractual fee waiver/expense reimbursement agreement for the Fund’s A Class shares in the amount of 0.02%.
3The Manager has contractually agreed to waive fees and/or reimburse expenses of the Fund’s A Class, C Class, Y Class, R6 Class, R5 Class and Investor Class shares, as applicable, through April 30, 2027, to the extent that Total Annual Fund Operating Expenses exceed 1.28% for the A Class, 2.06% for the C Class, 1.05% for the Y Class, 0.96% for the R6 Class, 0.99% for the R5 Class, and 1.27% for the Investor Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). The contractual expense reimbursement can be changed or terminated only in the discretion and with the approval of a majority of the Fund’s Board of Trustees (the “Board”). The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager can be reimbursed by the Fund for any contractual fee waivers or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment.
*Performance for the 5 Years and 10 Years period has been adjusted to align with the Fund’s audited Financial Highlights for the fiscal year ended December 31, 2021, which reflect the correction of an expense accrual. If performance had been calculated based on the net asset value (“NAV”) per share as of December 31, 2021 without the expense accrual adjustment, performance would have been higher.
1Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge (‘‘CDSC’’) of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.
2During the fiscal year ended December 31, 2025, the Fund paid amounts to American Beacon Advisors, Inc. (the “Manager”) that were previously waived and/or reimbursed by the Manager under a contractual fee waiver/expense reimbursement agreement for the Fund’s Investor Class shares in the amount of 0.02%.
3The table above has been restated to reflect Acquired Fund Fees and Expenses that are expected to occur during the current fiscal year.
4The Manager has contractually agreed to waive fees and/or reimburse expenses of the Fund’s A Class, C Class, Y Class, R5 Class, and Investor Class shares, as applicable, through April 30, 2027, to the extent that Total Annual Fund Operating Expenses exceed 1.92% for the A Class, 2.63% for the C Class, 1.65% for the Y Class, 1.54% for the R5 Class, and 1.91% for the Investor Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). In addition, the sub-advisor has contractually agreed to waive 0.60% of its investment advisory fee through April 30, 2027 on the portion of the Fund that is invested in the American Beacon AHL Trend ETF. The contractual expense reimbursement and fee waiver by the Manager and the contractual fee waiver by the sub-advisor can be changed or terminated only in the discretion and with the approval of a majority of the Fund’s Board of Trustees (“Board”). The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager can be reimbursed by the Fund for any contractual fee waivers or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment.
1Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge (‘‘CDSC’’) of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.
2During the fiscal year ended December 31, 2025, the Fund paid amounts to American Beacon Advisors, Inc. (the “Manager”) that were previously waived and/or reimbursed by the Manager under a contractual fee waiver/expense reimbursement agreement for the Fund’s A Class shares in the amount of 0.02%.
3The Manager has contractually agreed to waive fees and/or reimburse expenses of the Fund’s A Class and R5 Class shares, through April 30, 2027, to the extent that Total Annual Fund Operating Expenses exceed 1.44% for the A Class shares and 1.04% for the R5 Class shares (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). The contractual expense reimbursement can be changed or terminated only in the discretion and with the approval of a majority of the Fund’s Board of Trustees. The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager can be reimbursed by the Fund for any contractual fee waivers or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment.