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style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Advantage Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">86</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage based on the lesser of the offering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price or NAV at redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0 0.01 0 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:33.955909961871214%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:12.584434939129427%"></td> <td style="height:1px;width:12.584434939129427%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.37%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.38%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.52%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.38%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.26%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.02%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.92%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.03%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.91%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.17%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.93%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.10%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.85%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.20%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.99%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.95%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.81%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.0065 0.0065 0.0065 0.0065 0.0065 0 0.0025 0.0075 0.01 0 0.0037 0.0038 0.0052 0.0038 0.0026 0.0102 0.0128 0.0192 0.0203 0.0091 0.0017 0.0008 0.0093 0.0008 0.001 0.0085 0.012 0.0099 0.0195 0.0081 “Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangement for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the section of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$87</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$308 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$547</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,232 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$641 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$902 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,183 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,982 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$101 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$513 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$950</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,168 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$298 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$629 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,086 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,159 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$83</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$280 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$494</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,110 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 87 308 547 1232 641 902 1183 1982 101 513 950 2168 298 629 1086 2159 83 280 494 1110 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$87</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$308 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$547</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,232 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$641 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$902 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,183 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,982 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$101 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$513 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$950</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,168 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$198 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$629 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,086 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,159 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$83</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$280 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$494</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,110 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 87 308 547 1232 641 902 1183 1982 101 513 950 2168 198 629 1086 2159 83 280 494 1110 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">61%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.61 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">established companies with capitalizations within the range of companies included in the Russell 1000® Growth Index. As of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">December 31, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2025</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, these market capitalizations ranged between $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1.6</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> billion and $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">4.5</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> trillion.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser typically invests in companies it believes have strong name recognition and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sustainable competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">strong balance sheets and an attractive risk/reward. The Adviser typically focuses a significant portion of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in a limited number of issuers, which may be in the same industry, sector or geographic region.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser actively integrates sustainability into the investment process by using environmental, social and governance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“ESG”) factors as a lens for additional fundamental research, which can contribute to investment decision-making. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeks to understand how environmental and social initiatives within companies can create value by strengthening durable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser generally engages with company management teams to discuss their ESG practices, with the aim of identifying how </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sustainability themes present opportunities and risks that can be material to the value of the security over the long-term. Other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">aspects of the investment process include a proprietary, systematic evaluation of governance policies, specifically focusing on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">compensation alignment on long-term value creation. Although consideration of ESG factors is incorporated into the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment process, it is only one of many tools the Adviser utilizes to make investment decisions.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in foreign securities, which may include emerging market securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition to common stocks, the Fund may invest in other types of equity securities. The Fund may also invest in privately </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">placed and restricted securities.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> market countries may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Private Placements and Restricted Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments may include privately placed and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, which are generally subject to resale or transfer restrictions or prohibitions. Private placements and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities may not be listed on an exchange and may have no active trading market. The Fund may be unable to dispose of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">privately placed and restricted securities promptly or may be able to sell privately placed and restricted securities only at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">disadvantageous times or prices, especially under adverse market or economic conditions or in the event of adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in the financial condition of the issuer. There is no assurance that a liquid market will exist for privately placed and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">restricted securities and these securities could have the effect of increasing the level of Fund illiquidity. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market for certain investments deemed liquid at the time of purchase may become illiquid under adverse market or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions. Restricted securities, including privately placed securities, may be difficult to value and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">experience significant price volatility, and there is typically less information available about issuers of private placements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and restricted securities and there is no assurance that the information obtained by the Adviser is reliable. Private </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">placements and restricted securities may involve a high degree of business and financial risk and may result in substantial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses to the Fund.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector. Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and ten year periods and since inception compare with those of a broad measure of market performance and one or more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">additional indexes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The additional index(es) in the table provides a means to compare the Fund’s average annual total returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to a benchmark that the Adviser believes is representative of the Fund’s investment universe. The performance of the other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes, which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s returns in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an indication of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(800) 869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and ten year periods and since inception compare with those of a broad measure of market performance and one or more additional indexes. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im (800) 869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17308img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">46.33%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-37.97%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.4633 Low Quarter 2022-06-30 -0.3797 Average Annual Total Returns1(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.42235856542861%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.445700350320323%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup><b>1</b></sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 6/30/2008)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.96%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.58%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.01%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.95%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-1.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.48%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.57%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.23%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.24%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.87%</span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/21/2010)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.31%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.83%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.40%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.41%</span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup><b>1</b></sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 6/30/2008)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.76%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.44%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.23%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.87%</span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.48%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.35%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.06%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 9/13/2013)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">19.01%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.62%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.41%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.99%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">S&P 500® Index (reflects no deduction for fees, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.88%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.42%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.82%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.19%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>5</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell 1000® Growth Index (reflects no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>6</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.56%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.57%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>5</sup></span></span></div> </td> </tr> </table></div> 0.1896 0.0058 0.1236 0.1201 0.1895 -0.0165 0.1048 0.1057 0.1123 -0.0024 0.0965 0.0987 0.1231 -0.0083 0.114 0.1341 0.1876 0.0044 0.1223 0.1187 0.1665 -0.0048 0.1135 0.1106 0.1901 0.0062 0.1241 0.1299 0.1788 0.1442 0.1482 0.1219 0.1856 0.1532 0.1813 0.1457 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Global Endurance Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">86</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on the lesser of the offering price or NAV at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0.01 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:35.93036750483559%"></td> <td style="height:1px;width:15.388781431334623%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.16%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.33%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.40%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.98%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.96%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.38%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.20%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.78%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.96%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.03%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.10%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.83%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.35%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.10%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.008 0.008 0.008 0.008 0 0.0025 0.01 0 0.0116 0.0133 0.014 0.0798 0.0196 0.0238 0.032 0.0878 0.0096 0.0103 0.011 0.0783 0.01 0.0135 0.021 0.0095 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$522</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$968</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,208 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$655 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,135 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,640 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,024 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$313 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$884</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,578 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,238 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,856 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,484 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$7,045 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 102 522 968 2208 655 1135 1640 3024 313 884 1578 3238 97 1856 3484 7045 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$522</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$968</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,208 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$655 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,135 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,640 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,024 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$213 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$884</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,578 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,238 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,856 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,484 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$7,045 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 102 522 968 2208 655 1135 1640 3024 213 884 1578 3238 97 1856 3484 7045 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">176%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 1.76 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities of established and emerging companies located throughout the world, with capitalizations within the range of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies included in the MSCI All Country World Index.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser seeks to invest in companies with strong name recognition and sustainable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages. The Adviser typically favors companies with rising returns on invested capital, above-average </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">business visibility, strong free cash flow generation and an attractive risk/reward. The Adviser typically focuses a significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portion of the Fund’s investments in a limited number of issuers, which may be in the same industry, sector or geographic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">region.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund will make long-term investments in companies globally that the Adviser believes have the most durable long-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages. The Fund may also invest in more moderate growth companies, companies with lower earnings </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatility and/or companies with some cyclicality in their end markets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in foreign securities, which may include emerging market securities. Under normal market conditions, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund typically invests at least 40% of its total assets in the securities of issuers located outside of the United States, unless the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser determines, in its sole discretion, that conditions are not favorable. If the Adviser determines that conditions are not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">favorable, the Fund may invest under 40% of its total assets in the securities of issuers located outside the United States, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">provided that the Fund will not invest less than 30% of its total assets in such securities except for temporary defensive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purposes. In addition, under normal market conditions, the Fund invests in the securities of issuers from at least three different </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries, which may include the United States.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition to common stocks, the Fund may invest in other types of equity securities, including exchange-traded funds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“ETFs”) (including those which may be managed by the Adviser or its affiliates).</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Private Placements and Restricted Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments may include privately placed and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, which are generally subject to resale or transfer restrictions or prohibitions. Private placements and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities may not be listed on an exchange and may have no active trading market. The Fund may be unable to dispose of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">privately placed and restricted securities promptly or may be able to sell privately placed and restricted securities only at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">disadvantageous times or prices, especially under adverse market or economic conditions or in the event of adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in the financial condition of the issuer. There is no assurance that a liquid market will exist for privately placed and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">restricted securities and these securities could have the effect of increasing the level of Fund illiquidity. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market for certain investments deemed liquid at the time of purchase may become illiquid under adverse market or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions. Restricted securities, including privately placed securities, may be difficult to value and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">experience significant price volatility, and there is typically less information available about issuers of private placements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and restricted securities and there is no assurance that the information obtained by the Adviser is reliable. Private </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">placements and restricted securities may involve a high degree of business and financial risk and may result in substantial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses to the Fund.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> market countries may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ETFs.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Shares of ETFs have many of the same risks as direct investments in common stocks or bonds and their market value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may differ from their NAV because the supply and demand in the market for ETF shares at any point in time is not always </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">identical to the supply and demand in the market for the underlying securities. As a shareholder in an ETF, the Fund would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bear its ratable share of that entity’s expenses while continuing to pay its own investment management fees and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses. As a result, the Fund and its shareholders will, in effect, be absorbing fees at two levels. Furthermore, disruptions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the markets for the securities underlying ETFs purchased or sold by the Fund could result in losses on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in ETFs.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector. Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Healthcare Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The profitability of companies in the healthcare sector may be adversely affected by, among other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">things, extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">medical products and services, pricing pressure, costs associated with obtaining and protecting patents, product liability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and other claims, an increased emphasis on outpatient services, changes in the demand for medical products and services, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a limited number of products, industry innovation, changes in technologies and other market, economic and public health </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments. To the extent that the Fund concentrates its investments in one or more individual industries comprising the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">healthcare sector (such as, but not limited to, biotechnology, pharmaceuticals, medical equipment and supplies, healthcare </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology, healthcare providers and services, and life sciences tools and services companies), the Fund will be particularly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">susceptible to the risks associated with such industry or industries, which may include the risks described above as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other risks specific to such industry or industries.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Portfolio Turnover.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Consistent with its investment policies, the Fund will purchase and sell securities without regard to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">effect on portfolio turnover. Higher portfolio turnover will cause the Fund to incur additional transaction costs.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">five year periods and since inception compare with those of a broad measure of market performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other classes, which is shown in the table below, will differ because the classes have different ongoing fees.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><a href="DUMMY_17308_0_11"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and five year periods and since inception compare with those of a broad measure of market performance. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17308img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">75.29%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-40.60%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.7529 Low Quarter 2022-06-30 -0.406 Average Annual Total Returns (for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:71.02405790930382%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.702518048270656%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/31/2018)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">24.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-3.35%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.69%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">24.43%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-3.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.19%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-2.60%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.31%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/31/2018)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.78%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-4.72%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.43%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/31/2018)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-4.39%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.46%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/31/2018)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">24.72%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-3.31%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.74%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI All Country World Net Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.34%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.19%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.2463 -0.0335 0.1269 0.2443 -0.038 0.1219 0.1465 -0.026 0.1031 0.1778 -0.0472 0.1143 0.2228 -0.0439 0.1146 0.2472 -0.0331 0.1274 0.2234 0.1119 0.14 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Global Insight Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">86</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage based on the lesser of the offering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price or NAV at redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0 0.01 0 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:32.957206727698534%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:12.584434939129427%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.74%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.46%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.79%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.93%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.53%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.79%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.01%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.59%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.53%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.47%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.16%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.49%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.78%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.32%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.85%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.10%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.008 0.008 0.008 0.008 0.008 0 0.0025 0.0075 0.01 0 0.0073 0.0074 0.0146 0.0079 0.0493 0.0153 0.0179 0.0301 0.0259 0.0573 0.0053 0.0047 0.0116 0.0049 0.0478 0.01 0.0132 0.0185 0.021 0.0095 “Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangement for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the section of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:61.28283492591589%"></td> <td style="height:1px;width:9.050640256876475%"></td> <td style="height:1px;width:9.630933498394521%"></td> <td style="height:1px;width:9.630933498394521%"></td> <td style="height:1px;width:9.630933498394521%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$431</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$784</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,778 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$652 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,015 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,402 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,483 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$188 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$821</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,480 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,245 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$313 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$759</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,332 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,693 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,281 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,447 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$5,290 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 102 431 784 1778 652 1015 1402 2483 188 821 1480 3245 313 759 1332 2693 97 1281 2447 5290 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:61.28283492591589%"></td> <td style="height:1px;width:9.050640256876475%"></td> <td style="height:1px;width:9.630933498394521%"></td> <td style="height:1px;width:9.630933498394521%"></td> <td style="height:1px;width:9.630933498394521%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$431</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$784</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,778 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$652 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,015 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,402 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,483 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$188 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$821</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,480 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,245 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$213 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$759</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,332 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,693 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,281 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,447 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$5,290 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 102 431 784 1778 652 1015 1402 2483 188 821 1480 3245 213 759 1332 2693 97 1281 2447 5290 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">66%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.66 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">established and emerging companies located throughout the world, with capitalizations within the range of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">included in the MSCI All Country World Net Index.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser typically invests in unique companies it believes have sustainable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, strong </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">balance sheets and an attractive risk/reward. The Adviser typically focuses a significant portion of the Fund’s investments in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited number of issuers, which may be in the same industry, sector or geographic region.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser actively integrates sustainability into the investment process by using environmental, social and governance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“ESG”) factors as a lens for additional fundamental research, which can contribute to investment decision-making. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeks to understand how environmental and social initiatives within companies can create value by strengthening durable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser generally engages with company management teams to discuss their ESG practices, with the aim of identifying how </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sustainability themes present opportunities and risks that can be material to the value of the security over the long-term. Other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">aspects of the investment process include a proprietary, systematic evaluation of governance policies, specifically focusing on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">compensation alignment on long-term value creation. Although consideration of ESG factors is incorporated into the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment process, it is only one of many tools the Adviser utilizes to make investment decisions.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in foreign securities, which may include emerging market securities. Under normal market conditions, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund typically invests at least 40% of its total assets in the securities of issuers located outside of the United States, unless the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser determines, in its sole discretion, that conditions are not favorable. If the Adviser determines that conditions are not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">favorable, the Fund may invest under 40% of its total assets in the securities of issuers located outside the United States, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">provided that the Fund will not invest less than 30% of its total assets in such securities except for temporary defensive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purposes. In addition, under normal market conditions, the Fund invests in the securities of issuers from at least three different </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries, which may include the United States.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition to common stocks, the Fund may invest in other types of equity securities. The Fund may also invest in privately </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">placed and restricted securities.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Private Placements and Restricted Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments may include privately placed and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, which are generally subject to resale or transfer restrictions or prohibitions. Private placements and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities may not be listed on an exchange and may have no active trading market. The Fund may be unable to dispose of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">privately placed and restricted securities promptly or may be able to sell privately placed and restricted securities only at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">disadvantageous times or prices, especially under adverse market or economic conditions or in the event of adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in the financial condition of the issuer. There is no assurance that a liquid market will exist for privately placed and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">restricted securities and these securities could have the effect of increasing the level of Fund illiquidity. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market for certain investments deemed liquid at the time of purchase may become illiquid under adverse market or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions. Restricted securities, including privately placed securities, may be difficult to value and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">experience significant price volatility, and there is typically less information available about issuers of private placements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and restricted securities and there is no assurance that the information obtained by the Adviser is reliable. Private </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">placements and restricted securities may involve a high degree of business and financial risk and may result in substantial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses to the Fund.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector. Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and ten year periods and since inception compare with those of a broad measure of market performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the other classes, which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and ten year periods and since inception compare with those of a broad measure of market performance. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17308img005.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">57.81%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-36.62%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.5781 Low Quarter 2022-06-30 -0.3662 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.42235856542861%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.445700350320323%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/28/2010)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.07%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-1.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.43%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.90%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.07%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-3.35%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.61%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.19%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.51%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-1.33%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.90%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.62%</span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/28/2010)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-2.55%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.48%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.16%</span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/28/2010)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-2.02%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.48%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.98%</span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.85%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-2.24%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.39%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.39%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom: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>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 6/14/2021)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">N/A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">N/A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-1.00%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI All Country World Net Index (reflects no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.34%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.19%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.72%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.85%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> </table></div> 0.1607 -0.0119 0.1243 0.119 0.1607 -0.0335 0.1061 0.1019 0.0951 -0.0133 0.099 0.0962 0.0963 -0.0255 0.1148 0.1116 0.1513 -0.0202 0.1148 0.1098 0.1385 -0.0224 0.1139 0.1039 0.1608 -0.01 0.2234 0.1119 0.1172 0.0985 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Global Permanence Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">86</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on the lesser of the offering price or NAV at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0.01 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:35.93036750483559%"></td> <td style="height:1px;width:15.388781431334623%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.36%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.93%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.07%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.62%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.16%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.98%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.87%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.42%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.16%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.77%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.47%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.35%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.10%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.008 0.008 0.008 0.008 0 0.0025 0.01 0 0.0736 0.0793 0.0807 0.1562 0.0816 0.0898 0.0987 0.1642 0.0716 0.0763 0.0777 0.1547 0.01 0.0135 0.021 0.0095 “Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,746 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,288 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,736 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$655 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,350 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,912 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$7,304 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$313 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,147 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,896 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$7,466 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,135 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$5,519 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,467 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 102 1746 3288 6736 655 2350 3912 7304 313 2147 3896 7466 97 3135 5519 9467 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,746 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,288 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,736 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$655 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,350 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,912 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$7,304 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$213 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,147 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,896 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$7,466 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,135 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$5,519 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,467 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 102 1746 3288 6736 655 2350 3912 7304 213 2147 3896 7466 97 3135 5519 9467 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">86%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.86 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities of established companies located throughout the world, with capitalizations within the range of companies included </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the MSCI All Country World Index.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser typically invests in companies it believes have strong name recognition and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sustainable competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">strong balance sheets and an attractive risk/reward. The Adviser typically focuses a significant portion of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in a limited number of issuers, which may be in the same industry, sector or geographic region.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund will make long-term investments in companies globally that the Adviser believes have the most durable long-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages. The Fund may also invest in more moderate growth companies, companies with lower earnings </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatility and/or companies with some cyclicality in their end markets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser actively integrates sustainability into the investment process by using environmental, social and governance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“ESG”) factors as a lens for additional fundamental research, which can contribute to investment decision-making. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeks to understand how environmental and social initiatives within companies can create value by strengthening durable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser generally engages with company management teams to discuss their ESG practices, with the aim of identifying how </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sustainability themes present opportunities and risks that can be material to the value of the security over the long-term. Other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">aspects of the investment process include a proprietary, systematic evaluation of governance policies, specifically focusing on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">compensation alignment on long-term value creation. Although consideration of ESG factors is incorporated into the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment process, it is only one of many tools the Adviser utilizes to make investment decisions.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in foreign securities, which may include emerging market securities. Under normal market conditions, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund typically invests at least 40% of its total assets in the securities of issuers located outside of the United States, unless the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser determines, in its sole discretion, that conditions are not favorable. If the Adviser determines that conditions are not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">favorable, the Fund may invest under 40% of its total assets in the securities of issuers located outside the United States, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">provided that the Fund will not invest less than 30% of its total assets in such securities except for temporary defensive </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purposes. In addition, under normal market conditions, the Fund invests in the securities of issuers from at least three different </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries, which may include the United States.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition to common stocks, the Fund may invest in other types of equity securities.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Private Placements and Restricted Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments may include privately placed and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, which are generally subject to resale or transfer restrictions or prohibitions. Private placements and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities may not be listed on an exchange and may have no active trading market. The Fund may be unable to dispose of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">privately placed and restricted securities promptly or may be able to sell privately placed and restricted securities only at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">disadvantageous times or prices, especially under adverse market or economic conditions or in the event of adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in the financial condition of the issuer. There is no assurance that a liquid market will exist for privately placed and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">restricted securities and these securities could have the effect of increasing the level of Fund illiquidity. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market for certain investments deemed liquid at the time of purchase may become illiquid under adverse market or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions. Restricted securities, including privately placed securities, may be difficult to value and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">experience significant price volatility, and there is typically less information available about issuers of private placements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and restricted securities and there is no assurance that the information obtained by the Adviser is reliable. Private </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">placements and restricted securities may involve a high degree of business and financial risk and may result in substantial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses to the Fund.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Industrials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests significantly in the industrials sector, the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly susceptible to the risks associated with companies operating in this sector. For example, the value of securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issued by companies in the industrials sector may be adversely affected by changes in government regulations, domestic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and world events and economic conditions. In addition, companies in the industrials sector may be adversely affected by, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among other developments, environmental damages, product liability claims, commodity prices and exchange rates as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as changes in the supply of and demand for both their specific products or services and for industrials sector products in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">general.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Portfolio Turnover.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Consistent with its investment policies, the Fund will purchase and sell securities without regard to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">effect on portfolio turnover. Higher portfolio turnover will cause the Fund to incur additional transaction costs.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year to year and by showing how the Fund’s average annual returns for the past one and five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">year periods and since inception compare with those of a broad measure of market performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other classes, which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year and by showing how the Fund’s average annual returns for the past one and five year periods and since inception compare with those of a broad measure of market performance. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17308img006.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">26.97%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-17.69%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.2697 Low Quarter 2020-03-31 -0.1769 Average Annual Total Returns (for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:71.02405790930382%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.702518048270656%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2019)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">27.96%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.44%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.69%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.83%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.72%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.54%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.03%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.31%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2019)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">20.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.87%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.40%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2019)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">25.52%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.24%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.47%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2019)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">27.95%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.49%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.75%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI All Country World Net Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.34%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.19%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.22%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.2796 0.1044 0.1269 0.1883 0.0663 0.0972 0.1654 0.0703 0.0931 0.208 0.0887 0.114 0.2552 0.0924 0.1147 0.2795 0.1049 0.1275 0.2234 0.1119 0.1222 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Growth Portfolio (the “Fund”) seeks long-term capital appreciation by investing primarily in growth-oriented equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities of large capitalization companies.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">86</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage based on the lesser of the offering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price or NAV at redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0 0.01 0 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:37.5171773085335%"></td> <td style="height:1px;width:12.483790427158535%"></td> <td style="height:1px;width:12.483790427158535%"></td> <td style="height:1px;width:12.483790427158535%"></td> <td style="height:1px;width:12.483790427158535%"></td> <td style="height:1px;width:12.549596454216426%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.42%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.42%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.42%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.42%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.42%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.21%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.22%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.23%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.22%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.11%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.63%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.89%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.40%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.64%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.53%</span></div> </td> </tr> </table></div> 0.0042 0.0042 0.0042 0.0042 0.0042 0 0.0025 0.0075 0.01 0 0.0021 0.0022 0.0023 0.0022 0.0011 0.0063 0.0089 0.014 0.0164 0.0053 “Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">section of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$64 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$202 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$351 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$786 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$611 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$794 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$992 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,564 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$143 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$443 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$766 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,680 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$267 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$517 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$892 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,743 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$54</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$170 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$296 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$665</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 64 202 351 786 611 794 992 1564 143 443 766 1680 267 517 892 1743 54 170 296 665 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$64</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$202 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$351 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$786</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$611 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$794 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$992 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,564 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$143 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$443 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$766 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,680 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$167 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$517 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$892 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,743 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$54</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$170 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$296 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$665</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 64 202 351 786 611 794 992 1564 143 443 766 1680 167 517 892 1743 54 170 296 665 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">53%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.53 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">established and emerging companies, with capitalizations within the range of companies included in the Russell 1000® Growth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Index. As of December 31, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2025</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, these market capitalizations ranged between $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1.6</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> billion and $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">4.5</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> trillion.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser typically invests in unique companies it believes have sustainable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, strong </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">balance sheets and an attractive risk/reward. The Adviser typically focuses a significant portion of the Fund’s investments in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited number of issuers, which may be in the same industry, sector or geographic region.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser actively integrates sustainability into the investment process by using environmental, social and governance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“ESG”) factors as a lens for additional fundamental research, which can contribute to investment decision-making. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeks to understand how environmental and social initiatives within companies can create value by strengthening durable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser generally engages with company management teams to discuss their ESG practices, with the aim of identifying how </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sustainability themes present opportunities and risks that can be material to the value of the security over the long-term. Other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">aspects of the investment process include a proprietary, systematic evaluation of governance policies, specifically focusing on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">compensation alignment on long-term value creation. Although consideration of ESG factors is incorporated into the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment process, it is only one of many tools the Adviser utilizes to make investment decisions.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition to common stocks, the Fund may invest in other types of equity securities. The Fund may also invest in privately </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">placed and restricted securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser may invest up to 25% of the Fund’s total assets in foreign securities, including emerging market securities and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities classified as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), American Depositary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares (“ADSs”) or Global Depositary Shares (“GDSs”), foreign U.S. dollar-denominated securities that are traded on a U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange or local shares of non-U.S. issuers.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector. Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Private Placements and Restricted Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments may include privately placed and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, which are generally subject to resale or transfer restrictions or prohibitions. Private placements and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities may not be listed on an exchange and may have no active trading market. The Fund may be unable to dispose of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">privately placed and restricted securities promptly or may be able to sell privately placed and restricted securities only at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">disadvantageous times or prices, especially under adverse market or economic conditions or in the event of adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in the financial condition of the issuer. There is no assurance that a liquid market will exist for privately placed and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">restricted securities and these securities could have the effect of increasing the level of Fund illiquidity. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market for certain investments deemed liquid at the time of purchase may become illiquid under adverse market or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions. Restricted securities, including privately placed securities, may be difficult to value and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">experience significant price volatility, and there is typically less information available about issuers of private placements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and restricted securities and there is no assurance that the information obtained by the Adviser is reliable. Private </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">placements and restricted securities may involve a high degree of business and financial risk and may result in substantial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses to the Fund.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and ten year periods and since inception compare with those of a broad measure of market performance and one or more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">additional indexes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The additional index(es) in the table provides a means to compare the Fund’s average annual total returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to a benchmark that the Adviser believes is representative of the Fund’s investment universe. The performance of the other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes, which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s returns in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an indication of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><a href="DUMMY_17308_2_9"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and ten year periods and since inception compare with those of a broad measure of market performance and one or more additional indexes. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17308img007.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">58.32%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-41.20%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.5832 Low Quarter 2022-06-30 -0.412 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.42235856542861%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.445700350320323%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/2/1991)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">24.78%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.83%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.01%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.00%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">24.78%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.06%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.38%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align: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;;">10.21%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.67%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.92%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.45%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align: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;;">9.81%</span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 1/2/1996)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.89%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.48%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.14%</span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/27/2012)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">23.83%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.07%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.02%</span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2015)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.50%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.82%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.02%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.36%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 9/13/2013)</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">24.90%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.92%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.11%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.96%</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.42235856542861%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.445700350320323%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell 1000® Index (reflects no deduction for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.37%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.59%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.59%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.92%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell 1000® Growth Index (reflects no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>5</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.56%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.29%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> </table></div> 0.2478 0.0183 0.1601 0.12 0.2478 0.0006 0.1338 0.1467 0.0092 0.1245 0.1789 0.0048 0.1508 0.1114 0.2383 0.0107 0.1513 0.1502 0.225 0.0082 0.1502 0.1436 0.249 0.0192 0.1611 0.1596 0.1737 0.1359 0.1459 0.1092 0.1856 0.1532 0.1813 0.1129 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Inception Portfolio (the “Fund”) seeks long-term capital appreciation by investing primarily in growth-oriented equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities of small capitalization companies.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">86</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage based on the lesser of the offering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price or NAV at redemption)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Redemption Fee (as a percentage of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">amount redeemed on redemptions made </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">within 30 days of purchase)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0 0.01 0 0.01 0 -0.02 -0.02 -0.02 -0.02 -0.02 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:32.957206727698534%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:12.584434939129427%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.92%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.92%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.92%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.92%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.92%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.27%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.33%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.37%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.20%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.50%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.47%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.29%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.12%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.62%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.35%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.85%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.10%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.93%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.0092 0.0092 0.0092 0.0092 0.0092 0 0.0025 0.0075 0.01 0 0.0027 0.0033 0.008 0.0037 0.002 0.0119 0.015 0.0247 0.0229 0.0112 0.0019 0.0015 0.0062 0.0019 0.0019 0.01 0.0135 0.0185 0.021 0.0093 “Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$359 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$636</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,426 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$655 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$960 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,287 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,209 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$188 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$710 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,260 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,759 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$313 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$697 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,208 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,412 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$95</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$337 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$599</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,346 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 102 359 636 1426 655 960 1287 2209 188 710 1260 2759 313 697 1208 2412 95 337 599 1346 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$359 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$636</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,426 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$655 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$960 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,287 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,209 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$188 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$710 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,260 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,759 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$213 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$697 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,208 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,412 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$95</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$337 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$599</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,346 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 102 359 636 1426 655 960 1287 2209 188 710 1260 2759 213 697 1208 2412 95 337 599 1346 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">97%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.97 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">established and emerging companies with capitalizations within the range of companies included in the Russell 2000® Growth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Index. As of December 31, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2025</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, these market capitalizations ranged between $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">13.7</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> million and $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">26.0</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> billion.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser typically invests in unique companies it believes have sustainable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, strong </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">balance sheets and an attractive risk/reward. The Adviser typically focuses a significant portion of the Fund’s investments in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited number of issuers, which may be in the same industry, sector or geographic region.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser actively integrates sustainability into the investment process by using environmental, social and governance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“ESG”) factors as a lens for additional fundamental research, which can contribute to investment decision-making. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeks to understand how environmental and social initiatives within companies can create value by strengthening durable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser generally engages with company management teams to discuss their ESG practices, with the aim of identifying how </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sustainability themes present opportunities and risks that can be material to the value of the security over the long-term. Other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">aspects of the investment process include a proprietary, systematic evaluation of governance policies, specifically focusing on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">compensation alignment on long-term value creation. Although consideration of ESG factors is incorporated into the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment process, it is only one of many tools the Adviser utilizes to make investment decisions.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition to common stocks, the Fund may invest in other types of equity securities. The Fund may also invest in privately </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">placed and restricted securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser may invest up to 25% of the Fund’s total assets in foreign securities, including emerging market securities and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities classified as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), American Depositary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares (“ADSs”) or Global Depositary Shares (“GDSs”), foreign U.S. dollar-denominated securities that are traded on a U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange or local shares of non-U.S. issuers.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Private Placements and Restricted Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments may include privately placed and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, which are generally subject to resale or transfer restrictions or prohibitions. Private placements and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities may not be listed on an exchange and may have no active trading market. The Fund may be unable to dispose of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">privately placed and restricted securities promptly or may be able to sell privately placed and restricted securities only at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">disadvantageous times or prices, especially under adverse market or economic conditions or in the event of adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in the financial condition of the issuer. There is no assurance that a liquid market will exist for privately placed and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">restricted securities and these securities could have the effect of increasing the level of Fund illiquidity. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market for certain investments deemed liquid at the time of purchase may become illiquid under adverse market or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions. Restricted securities, including privately placed securities, may be difficult to value and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">experience significant price volatility, and there is typically less information available about issuers of private placements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and restricted securities and there is no assurance that the information obtained by the Adviser is reliable. Private </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">placements and restricted securities may involve a high degree of business and financial risk and may result in substantial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses to the Fund.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small cap companies may involve greater risks than investments in larger, more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">established companies. The securities issued by small cap companies may be less liquid and such companies may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">more limited markets, financial resources and product lines, and may lack the depth of management of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector. Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Healthcare Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The profitability of companies in the healthcare sector may be adversely affected by, among other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">things, extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">medical products and services, pricing pressure, costs associated with obtaining and protecting patents, product liability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and other claims, an increased emphasis on outpatient services, changes in the demand for medical products and services, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a limited number of products, industry innovation, changes in technologies and other market, economic and public health </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments. To the extent that the Fund concentrates its investments in one or more individual industries comprising the </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">healthcare sector (such as, but not limited to, biotechnology, pharmaceuticals, medical equipment and supplies, healthcare </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology, healthcare providers and services, and life sciences tools and services companies), the Fund will be particularly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">susceptible to the risks associated with such industry or industries, which may include the risks described above as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other risks specific to such industry or industries.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Portfolio Turnover.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Consistent with its investment policies, the Fund will purchase and sell securities without regard to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">effect on portfolio turnover. Higher portfolio turnover will cause the Fund to incur additional transaction costs.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and ten year periods and since inception compare with those of a broad measure of market performance and one or more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">additional indexes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The additional index(es) in the table provides a means to compare the Fund’s average annual total returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to a benchmark that the Adviser believes is representative of the Fund’s investment universe. The performance of the other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes, which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s returns in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an indication of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><a href="DUMMY_17308_4_7"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and ten year periods and since inception compare with those of a broad measure of market performance and one or more additional indexes. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17308img008.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">72.82%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-36.24%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.7282 Low Quarter 2022-06-30 -0.3624 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.42235856542861%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.445700350320323%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past </b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 11/1/1989)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.07%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-4.51%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.17%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.07%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-6.10%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.43%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">8.56%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-3.81%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.14%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">8.44%</span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 1/2/1996)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-4.51%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-5.84%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.81%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.22%</span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 11/11/2011)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.23%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-5.38%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.78%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.07%</span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/31/2017)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-5.56%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">N/A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.88%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 9/13/2013)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.12%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-4.48%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.82%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.87%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell 3000® Index (reflects no deduction for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.29%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.79%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell 2000® Growth Index (reflects no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>5</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.01%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.18%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.57%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.13%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> </table></div> 0.0107 -0.0451 0.1275 0.1117 0.0107 -0.061 0.0943 0.0063 -0.0381 0.0914 -0.0451 -0.0584 0.1181 0.1022 0.0023 -0.0538 0.1178 0.1107 -0.01 -0.0556 0.1188 0.0112 -0.0448 0.1282 0.0987 0.1715 0.1315 0.1429 0.1079 0.1301 0.0318 0.0957 0.0813 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Permanence Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">86</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on the lesser of the offering price or NAV at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0.01 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:35.93036750483559%"></td> <td style="height:1px;width:15.388781431334623%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.07%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.43%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.34%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.97%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.99%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.43%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.77%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.85%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.20%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.95%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.0065 0.0065 0.0065 0.0065 0 0.0025 0.01 0 0.0563 0.0607 0.1143 0.0834 0.0628 0.0697 0.1308 0.0899 0.0543 0.0577 0.1113 0.0819 0.0085 0.012 0.0195 0.008 “Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$87</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,378 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,637 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$5,645 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$641 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,985 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,277 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,290 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$298 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,680 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$4,778 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$8,111 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$82</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,881 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,540 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$7,141 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 87 1378 2637 5645 641 1985 3277 6290 298 2680 4778 8111 82 1881 3540 7141 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$87</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,378 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,637 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$5,645 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$641 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,985 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,277 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,290 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$198 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,680 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$4,778 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$8,111 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$82</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,881 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,540 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$7,141 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 87 1378 2637 5645 641 1985 3277 6290 198 2680 4778 8111 82 1881 3540 7141 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">61%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.61 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities of established companies located in the United States, with capitalizations within the range of companies included in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the S&P 500</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index. </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser typically invests in companies it believes have strong name recognition and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sustainable competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">strong balance sheets and an attractive risk/reward. The Adviser typically focuses a significant portion of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in a limited number of issuers, which may be in the same industry, sector or geographic region.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund will make long-term investments in companies that the Adviser believes have the most durable long-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages. The Fund may also invest in more moderate growth companies, companies with lower earnings </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatility and/or companies with some cyclicality in their end markets. </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser actively integrates sustainability into the investment process by using environmental, social and governance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“ESG”) factors as a lens for additional fundamental research, which can contribute to investment decision-making. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeks to understand how environmental and social initiatives within companies can create value by strengthening durable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser generally engages with company management teams to discuss their ESG practices, with the aim of identifying how </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sustainability themes present opportunities and risks that can be material to the value of the security over the long-term. Other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">aspects of the investment process include a proprietary, systematic evaluation of governance policies, specifically focusing on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">compensation alignment on long-term value creation. Although consideration of ESG factors is incorporated into the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment process, it is only one of many tools the Adviser utilizes to make investment decisions.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition to common stocks, the Fund may invest in other types of equity securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in foreign securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which may include emerging market securities. </span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Private Placements and Restricted Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments may include privately placed and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, which are generally subject to resale or transfer restrictions or prohibitions. Private placements and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities may not be listed on an exchange and may have no active trading market. The Fund may be unable to dispose of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">privately placed and restricted securities promptly or may be able to sell privately placed and restricted securities only at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">disadvantageous times or prices, especially under adverse market or economic conditions or in the event of adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in the financial condition of the issuer. There is no assurance that a liquid market will exist for privately placed and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">restricted securities and these securities could have the effect of increasing the level of Fund illiquidity. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market for certain investments deemed liquid at the time of purchase may become illiquid under adverse market or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions. Restricted securities, including privately placed securities, may be difficult to value and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">experience significant price volatility, and there is typically less information available about issuers of private placements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and restricted securities and there is no assurance that the information obtained by the Adviser is reliable. Private </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">placements and restricted securities may involve a high degree of business and financial risk and may result in substantial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses to the Fund.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector. Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Industrials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests significantly in the industrials sector, the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly susceptible to the risks associated with companies operating in this sector. For example, the value of securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issued by companies in the industrials sector may be adversely affected by changes in government regulations, domestic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and world events and economic conditions. In addition, companies in the industrials sector may be adversely affected by, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among other developments, environmental damages, product liability claims, commodity prices and exchange rates as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as changes in the supply of and demand for both their specific products or services and for industrials sector products in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">general.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Portfolio Turnover.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Consistent with its investment policies, the Fund will purchase and sell securities without regard to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">effect on portfolio turnover. Higher portfolio turnover will cause the Fund to incur additional transaction costs.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">five year periods</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and since inception compare with those of a broad measure of market performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other classes, which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and five year periods and since inception compare with those of a broad measure of market performance. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17308img009.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/25</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.86%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-15.49%</span></div> </td> </tr> </table></div> High Quarter 2025-06-30 0.1786 Low Quarter 2022-06-30 -0.1549 Average Annual Total Returns (for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:71.02405790930382%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.702518048270656%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 3/31/2020)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.20%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.56%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.89%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.03%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.01%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.13%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.34%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.47%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.46%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 3/31/2020)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.53%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.01%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.41%</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:71.02405790930382%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.702518048270656%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 3/31/2020)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.77%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.34%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.58%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 3/31/2020)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.62%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.94%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">S&P 500® Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.88%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.42%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">20.25%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.182 0.0956 0.1689 0.1303 0.0601 0.1313 0.1234 0.0647 0.1246 0.1153 0.0801 0.1541 0.1577 0.0834 0.1558 0.1813 0.0962 0.1694 0.1788 0.1442 0.2025 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Vitality Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">86</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on the lesser of the offering price or NAV at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0.01 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:35.93036750483559%"></td> <td style="height:1px;width:15.388781431334623%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.93%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">19.64%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">20.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">19.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.68%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">20.64%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">21.83%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">20.55%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">19.34%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">19.78%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">19.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.30%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.05%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.90%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.0075 0.0075 0.0075 0.0075 0 0.0025 0.01 0 0.1293 0.1964 0.2008 0.198 0.1368 0.2064 0.2183 0.2055 0.1273 0.1934 0.1978 0.1965 0.0095 0.013 0.0205 0.009 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:35.93036750483559%"></td> <td style="height:1px;width:15.388781431334623%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,702 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$4,874 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$8,855</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$650 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$4,097 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,550 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$10,017 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$308 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,978 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,586 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$10,065 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$92</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,731 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,326 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$10,008 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 97 2702 4874 8855 650 4097 6550 10017 308 3978 6586 10065 92 3731 6326 10008 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:35.93036750483559%"></td> <td style="height:1px;width:15.388781431334623%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,702 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$4,874 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$8,855</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$650 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$4,097 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,550 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$10,017 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$208 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,978 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,586 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$10,065 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$92</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,731 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,326 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$10,008 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 97 2702 4874 8855 650 4097 6550 10017 208 3978 6586 10065 92 3731 6326 10008 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">27%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.27 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities of companies located in the United States that are principally engaged in the discovery, development, production, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distribution of products or services related to advances in healthcare. These companies include, but are not limited to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">biotechnology, pharmaceuticals, medical equipment and supplies, healthcare technology, healthcare providers and services, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and life sciences tools and services. The Fund may also allocate to industries related to the healthcare industry, but are not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">primarily engaged in the scientific advancement of healthcare. The allocation among these areas will vary depending on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relative potential the Adviser sees within each area and the outlook for the overall healthcare sector. </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser typically invests in unique companies it believes have sustainable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages, strong research and development and productive new product flow, financial strength, and an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">attractive risk/reward profile. The Fund generally seeks investments in companies that are developing new and effective </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">medicines, enabling novel and more efficient research and development efforts, as well as companies whose business models </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce costs or improve quality in healthcare systems. The Adviser typically focuses a significant portion of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in a limited number of issuers, which may be in the same industry, sector or geographic region.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser actively integrates sustainability into the investment process by using environmental, social and governance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“ESG”) factors as a lens for additional fundamental research, which can contribute to investment decision-making. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeks to understand how environmental and social initiatives within companies can create value by strengthening durable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser generally engages with company management teams to discuss their ESG practices, with the aim of identifying how </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sustainability themes present opportunities and risks that can be material to the value of the security over the long-term. Other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">aspects of the investment process include a proprietary, systematic evaluation of governance policies, specifically focusing on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">compensation alignment on long-term value creation. Although consideration of ESG factors is incorporated into the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment process, it is only one of many tools the Adviser utilizes to make investment decisions.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund has a fundamental policy (i.e., one that cannot be changed without shareholder approval) of investing 25% or more of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its total assets in the group of industries comprising the healthcare sector. Companies in the healthcare sector include </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">biotechnology companies, pharmaceutical companies, medical equipment and supplies, healthcare technology, healthcare </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers and services, and life sciences tools and services. Because the Fund is concentrated in the healthcare sector, it is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">less diversified than stock funds that invest in a broader range of industries and, therefore, the Fund could experience </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significant volatility.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund will invest primarily in equity securities. The Fund may also invest in privately placed and restricted securities and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">special purpose acquisition companies (“SPACs”).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser may invest up to 25% of the Fund’s total assets in foreign securities, including emerging market securities and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities classified as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), American Depositary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares (“ADSs”) or Global Depositary Shares (“GDSs”), foreign U.S. dollar-denominated securities that are traded on a U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange or local shares of non-U.S. issuers.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The equity securities in which the Fund primarily invests include common and preferred stocks, convertible securities and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity-linked securities, rights, warrants, depositary receipts, limited partnership interests, exchange-traded funds (“ETFs”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and open-end and closed-end investment companies (including those which may be managed by the Adviser or its affiliates) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and initial public offerings (“IPOs”).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may use certain derivatives for the purposes of hedging, risk management, portfolio management or to earn income.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Convertible Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> A convertible security is a bond, debenture, note, preferred stock, right, warrant or other security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">different issuer or into cash within a particular period of time at a specified price or formula. To the extent that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests in convertible securities, and the convertible security’s investment value is greater than its conversion value, its price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will be likely to increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying security.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Private Placements and Restricted Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments may include privately placed and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, which are generally subject to resale or transfer restrictions or prohibitions. Private placements and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities may not be listed on an exchange and may have no active trading market. The Fund may be unable to dispose of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">privately placed and restricted securities promptly or may be able to sell privately placed and restricted securities only at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">disadvantageous times or prices, especially under adverse market or economic conditions or in the event of adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in the financial condition of the issuer. There is no assurance that a liquid market will exist for privately placed and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">restricted securities and these securities could have the effect of increasing the level of Fund illiquidity. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market for certain investments deemed liquid at the time of purchase may become illiquid under adverse market or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions. Restricted securities, including privately placed securities, may be difficult to value and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">experience significant price volatility, and there is typically less information available about issuers of private placements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and restricted securities and there is no assurance that the information obtained by the Adviser is reliable. Private </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">placements and restricted securities may involve a high degree of business and financial risk and may result in substantial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses to the Fund.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Preferred Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Preferred securities have many of the characteristics of and are subject to many of the risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with both fixed-income securities and equity securities. Preferred securities may pay fixed or adjustable rates of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">return. As with fixed-income securities, the market value of preferred securities is sensitive to changes in interest rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Preferred securities generally decrease in value if interest rates rise and increase in value if interest rates fall. In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">preferred securities are also subject to risks applicable generally to equity securities, such as issuer-specific and market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">risks. A company’s preferred securities generally pay dividends only after the company makes required payments to </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of its bonds and other debt, so the value of preferred securities will usually react more strongly than bonds and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other debt to actual or perceived changes in the company’s financial condition or prospects.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ETFs.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Shares of ETFs have many of the same risks as direct investments in common stocks or bonds and their market value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may differ from their NAV because the supply and demand in the market for ETF shares at any point in time is not always </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">identical to the supply and demand in the market for the underlying securities. As a shareholder in an ETF, the Fund would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bear its ratable share of that entity’s expenses while continuing to pay its own investment management fees and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses. As a result, the Fund and its shareholders will, in effect, be absorbing fees at two levels. Furthermore, disruptions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the markets for the securities underlying ETFs purchased or sold by the Fund could result in losses on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in ETFs.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Healthcare Concentration Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The Fund will concentrate its investments in the group of industries comprising the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">healthcare sector and, from time to time, may concentrate its investments in one or more individual industries in the group </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of industries comprising the healthcare sector. By concentrating its investments in the group of industries comprising the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">healthcare sector, the Fund has greater exposure to the potential adverse economic, regulatory, political and other changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affecting companies operating within such sector. The profitability of companies in the healthcare sector may be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by, among other things, extensive government regulation, restrictions on government reimbursement for medical </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses, rising costs of medical products and services, pricing pressure, costs associated with obtaining and protecting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">patents, product liability and other claims, an increased emphasis on outpatient services, changes in the demand for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">medical products and services, a limited number of products, industry innovation, changes in technologies and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market, economic and public health developments. To the extent that the Fund concentrates its investments in one or more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual industries comprising the healthcare sector (such as, but not limited to, biotechnology, pharmaceuticals, medical </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equipment and supplies, healthcare technology, healthcare providers and services, and life sciences tools and services </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies), the Fund will be particularly susceptible to the risks associated with such industry or industries.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Biotechnology, healthcare technology, pharmaceutical and life sciences tools and services companies are heavily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dependent on patents and intellectual property rights and the loss or impairment of such rights will negatively impact a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company’s profitability. In addition, these companies are subject to the risk of new technologies and competition, large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenditures on research and development of products and services that may not prove commercially successful, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulations and restrictions imposed by the Food and Drug Administration, the Environmental Protection Agency, state and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">local governments and foreign regulatory authorities, and thin capitalization. Medical equipment and supply companies are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">heavily dependent on patent protection and may be subject to extensive litigation based on product liability and similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">claims. In addition, medical equipment companies are subject to the risk that products can become obsolete due to industry </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">innovation, changes in technology or other market developments, and may not receive necessary regulatory approvals to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">become commercially viable. Healthcare providers and services companies are particularly subject to certain risks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including restrictions on government reimbursement for medical expenses, an increased emphasis on outpatient services, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rising costs of medical products and public health conditions.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>IPOs.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may purchase shares issued as part of, or a short period after, a company’s IPO, and may at times dispose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of those shares shortly after their acquisition. The Fund’s purchase of shares issued in IPOs exposes it to the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with companies that have little operating history as public companies. The market for IPO issuers may be volatile, and share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">prices of newly-public companies have fluctuated significantly over short periods of time. IPOs may produce high, double-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">digit returns. Such returns are highly unusual and may not be sustainable.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>SPACs.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring or merging with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">existing company. An investment in a SPAC is subject to the risks that any proposed acquisition or merger may not obtain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the requisite approval of SPAC shareholders, may require governmental or other approvals that it fails to obtain or that an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">acquisition or merger, once effected, may prove unsuccessful and lose value. In addition, among other conflicts of interest, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the economic interests of the management, directors, officers and related parties of a SPAC can differ from the economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interests of public shareholders, which may lead to conflicts as they evaluate, negotiate and recommend business </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">combination transactions to shareholders. An investment in a SPAC is also subject to the risk that a significant portion of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds raised by the SPAC may be expended during the search for a target acquisition or merger. </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one year </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">period and since inception compare with those of a broad measure of market performance and one or more additional indexes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The additional index(es) in the table provides a means to compare the Fund’s average annual total returns to a benchmark that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Adviser believes is representative of the Fund’s investment universe. The performance of the other classes, which is shown </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s returns in the table include the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><a href="DUMMY_17308_6_5"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one year period and since inception compare with those of a broad measure of market performance and one or more additional indexes. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17308img010.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12/31/25</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.10%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-24.06%</span></div> </td> </tr> </table></div> High Quarter 2025-12-31 0.151 Low Quarter 2022-06-30 -0.2406 Average Annual Total Returns (for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:67.17827626918536%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/31/2021)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.10%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-8.88%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.45%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-9.28%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.99%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-6.68%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/31/2021)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.66%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/31/2021)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-9.89%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/31/2021)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.95%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-8.84%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell 3000® Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.22%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell 3000® Health Care Net Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.02%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.98%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.151 -0.0888 0.1445 -0.0928 0.0899 -0.0668 0.0866 -0.1039 0.1263 -0.0989 0.1495 -0.0884 0.1715 0.1022 0.1402 0.0298 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Asia Opportunity Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">67</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on the lesser of the offering price or NAV at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemption)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Redemption Fee (as a percentage of the amount redeemed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on redemptions made within 30 days of purchase)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0.01 0.01 0 -0.02 -0.02 -0.02 -0.02 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.51%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.53%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.57%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.45%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.31%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.58%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.37%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.21%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.17%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.20%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.10%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.45%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.20%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.05%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.008 0.008 0.008 0.008 0 0.0025 0.01 0 0.0051 0.0053 0.0057 0.0045 0.0131 0.0158 0.0237 0.0125 0.0021 0.0013 0.0017 0.002 0.011 0.0145 0.022 0.0105 “Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$112 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$395 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$698</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,561 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$665 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$986 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,329 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,294 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$323 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$723 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,250 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,496 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$107 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$377 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$667</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,494 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 112 395 698 1561 665 986 1329 2294 323 723 1250 2496 107 377 667 1494 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$112 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$395 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$698</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,561 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$665 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$986 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,329 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,294 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$223 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$723 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,250 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,496 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$107 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$377 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$667</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,494 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 112 395 698 1561 665 986 1329 2294 223 723 1250 2496 107 377 667 1494 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">20%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.20 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities of issuers located in Asia (excluding Japan), with capitalizations within the range of companies included in the MSCI </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">All Country Asia ex Japan Index.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser seeks high quality established and emerging companies that the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">believes are undervalued at the time of purchase. Fundamental research drives the investment process. The Adviser typically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">favors companies it believes have sustainable competitive advantages that can be monetized through growth. The investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">process integrates analysis of sustainability with respect to disruptive change, financial strength, environmental and social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">externalities and governance (also referred to as ESG). The Adviser typically focuses a significant portion of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in a limited number of issuers, which may be in the same industry, sector or geographic region. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">generally considers selling a portfolio holding when it determines that the holding no longer satisfies its investment criteria.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser views incorporating ESG-related potential risks and opportunities within the investment process as important to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ensure long-term stewardship of capital. Over extended time horizons, the Adviser believes that ESG risks are more likely to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">materialize and externalities not borne by the company are more likely to be priced into the value of securities. Since ESG risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">could potentially impact the risk and reward profile of investment opportunities, the Adviser typically engages company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management in constructive discussions on a range of ESG issues the Adviser deems materially important.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may also invest in privately placed and restricted securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, at least 80% of the Fund’s assets will be invested in equity securities of issuers located in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Asia, excluding Japan. This policy may be changed without shareholder approval; however, you would be notified upon 60 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">days’ notice in writing of any changes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Adviser considers an issuer to be located in Asia if (i) its principal securities trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market is in Asia, (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue or profits from goods </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">produced, sales made or services performed in Asia or has at least 50% of its assets in Asia or (iii) it is organized under the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">laws of, or has a principal office in, a country located in Asia. By applying this test, it is possible that a particular issuer could be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">deemed to be from more than one country.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purposes of maintaining exposure of at least 80% of the Fund’s assets to equity securities of issuers located in Asia, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may also invest in American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and other types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">depositary receipts with respect to issuers located in Asia. The Fund may invest in China A-Shares (shares of publicly traded </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies based in mainland China) listed and traded on the Shanghai Stock Exchange through the Shanghai-Hong Kong </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Stock Connect program, as well as China A-Shares listed and traded on the Shenzhen-Hong Kong Stock Connect program </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(collectively, “Stock Connect”).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund invests primarily in securities of companies located in China, Hong Kong, India, Indonesia, Korea, Malaysia, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Philippines, Singapore, Taiwan and Thailand, but additional opportunities are also sought, whenever regulations permit, in any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the developed, emerging, and frontier countries and markets in the Asian region.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities and related instruments decline in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Asia Market.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The small size of securities markets and the low trading volume in many countries in Asia may lead to a lack of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity. The share prices of companies in the region tend to be volatile and there is a significant possibility of loss. Many of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the countries in the region are developing, both politically and economically, and as a result companies in the region may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to risks like nationalization or other forms of government interference, and/or may be heavily reliant on only a few </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or commodities. Investments in the region may also be subject to currency risks, such as restrictions on the flow </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of money in and out of the country, extreme volatility relative to the U.S. dollar and devaluation, all of which could decrease </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the value of the Fund. Some countries in the region have previously experienced currency devaluations that resulted in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">higher interest rates, reductions in economic activity and drops in securities prices. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition, because the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">concentrates in a single region of the world, the Fund’s performance may be more volatile than that of a fund that invests </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">globally. Consequently, if Asian securities fall out of favor, it may cause the Fund to underperform funds that do not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">concentrate in a single region of the world.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>China Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in securities of Chinese issuers involve risks associated with investments in foreign markets as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as special considerations not typically associated with investments in the U.S. markets or other foreign (including emerging) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets. For example, the Chinese government has historically exercised substantial control over virtually every sector of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese economy through administrative regulation, state ownership and/or other involvement. Actions of the Chinese </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">central and local government authorities continue to have a substantial effect on economic conditions in China and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations of particular Chinese companies. In addition, the Chinese government has actively intervened in Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies’ operations and structures and taken (and may continue to take) actions that influenced the prices at which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">certain goods may be sold, encouraged companies to invest or concentrate in particular industries, induced mergers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between companies in certain industries and induced private companies to publicly offer their securities. Investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China involve risk of a total loss due to government action or inaction or other adverse circumstances.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions, trading policies and taxation of imports of its primary trading partners, such as the United States, Japan and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">South Korea, would adversely impact the Chinese economy and the Fund’s investments. Moreover, a slowdown in other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significant economies of the world, such as the United States, the European Union and certain Asian countries, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect economic growth or the value of investments in China. An economic downturn in China would adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact the Fund’s investments. In addition, certain securities are, or may in the future, become restricted and/or sanctioned </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by the U.S. government or other governments and the Fund may be forced to sell or unable to sell such securities and incur </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a loss as a result and the Fund may be unable to purchase securities of Chinese issuers from time to time.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. relations with China are strained, because of, among other things, a series of trade, international treaty, tax, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sanctions actions taken by the United States and China against each other, including the designation of China as a “foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversary” of the U.S., as well as countersanctions or countermeasures from the Chinese government that have been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">triggered or are expected to be triggered. Moreover, recent developments in relations between the U.S., other trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">partners and China have heightened concerns (and the realization) of increased tariffs and restrictions on trade between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">two countries, such as the potential for an escalation in trade tensions or a trade war. Increases in tariffs or trade restrictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(and threats thereof) could lead to a significant reduction in international trade, which could have a negative impact on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China’s export industry, Chinese issuers, the liquidity or price of the Fund’s direct or indirect investments in China and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">therefore, the Fund’s investments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These and other developments, including government actions or inactions, would likely result in significant illiquidity risk or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses or forced disposition for Chinese investments. The Chinese securities markets are emerging markets characterized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by a relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price volatility (caused by, among other things, military, diplomatic, or trade conflicts and government intervention in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic and securities markets), and potentially fewer investment opportunities for the Fund. The Fund’s investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities are also subject to additional risks associated with differing regulatory and audit requirements in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities market as compared to the U.S. securities market, including a lack of reliable audits and other financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information regarding many Chinese companies and heightened risk of market manipulation and fraud, which may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increased through actions taken by the Chinese government. In addition, the relationship between China and Taiwan is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly sensitive, and hostilities between China and Taiwan, including continued threats by China to invade and control </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Taiwan, present a significant risk to the Fund’s investments in China. Ongoing political tension between the People’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Republic of China and the Hong Kong Special Administrative Region may have impacts on the economy of Hong Kong, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">these impacts remain uncertain.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:12pt;margin-left:0pt;"><i>Risks of Investing through Stock Connect.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may invest in A-shares listed and traded through Stock Connect, or on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such other stock exchanges in China which participate in Stock Connect from time to time or in the future. Trading through </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Stock Connect is subject to a number of restrictions that may affect the Fund’s investments and returns. Moreover, Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Connect A-shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">accordance with applicable rules. The Stock Connect program is a relatively new program and may be subject to further </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interpretation and guidance. There can be no assurance as to the program’s continued existence or whether future </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments regarding the program may restrict or adversely affect the Fund’s investments or returns. Because certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions through Stock Connect may not be subject to certain investor protection programs, the Fund may be exposed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the risks of default of the broker(s) they engage in their trading in China A Shares.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Variable Interest Entities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Chinese operating companies sometimes rely on variable interest entity (“VIE”) structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">raise capital from non-Chinese investors because of Chinese government limitations or prohibitions on direct foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in certain industries. In a VIE structure, a series of contractual arrangements are entered into between a holding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company domiciled outside of China and a Chinese operating company or companies, which are intended to mimic direct </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in the operating company, but in many cases these arrangements have not been tested in court and it is not clear </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contracts are enforceable or that the structures will otherwise work as intended. The offshore holding company, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which is not a Chinese operating company, then issues exchange-traded shares that are sold to the public, including non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese investors (such as the Fund). In addition to the risks generally associated with investing in China and a Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company, the shares of the holding company purchased by the Fund would not be equity ownership interests in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese operating company and the Fund’s interest would be subject to substantial legal, operational and other risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with the company’s use of the VIE structure. For example, the Chinese government has not approved VIE </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese operating companies. If any of these or similar risks or developments materialize, the Fund’s investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holding company may suddenly and significantly decline in value or become worthless because of, among other things, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">difficulty enforcing (or the inability to enforce) the contractual arrangements or materially adverse effects on the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company’s performance. In these circumstances, the Fund could experience significant or total losses with no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">recourse available. From time to time, the Fund’s investments in U.S.-listed shell companies relying on VIE structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obtain exposure to Chinese operating companies could be significant. A decline or worsening in diplomatic or other relations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between the U.S. and China could increase the risks associated with the VIE structure.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>India Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in Indian issuers, the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets may be adversely affected by political, economic, social and religious factors impacting Indian businesses and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Indian economy, changes in Indian law or regulations and the status of India’s relations with other countries. Indian </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government actions in the future could have a significant effect on the Indian economy, which could affect private sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies and the Fund, market conditions, and prices and yields of securities in the Fund’s portfolio. To the extent the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund invests a significant portion of its assets in Indian businesses and the Indian economy, factors that have an adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on Indian businesses and the Indian economy may have a disproportionate impact on the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and ten</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> year periods and since inception compare with those of a broad measure of market performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The performance of </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the other classes, which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and ten year periods and since inception compare with those of a broad measure of market performance. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17270img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/19</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">25.05%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-18.81%</span></div> </td> </tr> </table></div> High Quarter 2019-03-31 0.2505 Low Quarter 2022-03-31 -0.1881 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:61.385410416707%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.704453519654713%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/29/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.50%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-6.11%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.27%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.30%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-6.43%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.90 %</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.93%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.39%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-4.55%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.51 %</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.54%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/29/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.38%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-7.40%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.33%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.37%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/29/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.35%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-7.09%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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 style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/29/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.59%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-6.04%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.33%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.36%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI All Country Asia ex Japan Net Index (reflects no deduction for fees, expenses or </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:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.26%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.73%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.55%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.52%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> </table></div> 0.055 -0.0611 0.0927 0.093 0.0425 -0.0643 0.089 0.0893 0.0339 -0.0455 0.0751 0.0754 -0.0038 -0.074 0.0833 0.0837 0.0335 -0.0709 0.0828 0.083 0.0559 -0.0604 0.0933 0.0936 0.3226 0.0373 0.0855 0.0852 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Developing Opportunity Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">67</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on the lesser of the offering price or NAV at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemption)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Redemption Fee (as a percentage of the amount redeemed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on redemptions made within 30 days of purchase)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0.01 0.01 0 -0.02 -0.02 -0.02 -0.02 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:35.93036750483559%"></td> <td style="height:1px;width:15.388781431334623%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.90%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.90%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.90%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.90%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>,</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.04%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.16%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.16%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">20.84%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.94%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.31%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.06%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">21.74%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.78%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">20.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.16%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.51%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.26%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.11%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.009 0.009 0.009 0.009 0 0.0025 0.01 0 0.0104 0.0116 0.0116 0.2084 0.0194 0.0231 0.0306 0.2174 0.0078 0.008 0.008 0.2063 0.0116 0.0151 0.0226 0.0111 “Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$118 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$534</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$975</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,201</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$671 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,136 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,627 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,973</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$329 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$870</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,536 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,142</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$113 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,906 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,535 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$10,099 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 118 534 975 2201 671 1136 1627 2973 329 870 1536 3142 113 3906 6535 10099 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$118 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$534</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$975</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,201</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$671 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,136 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,627 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,973</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$229 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$870</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,536 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,142</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$113 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,906 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,535 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$10,099 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 118 534 975 2201 671 1136 1627 2973 229 870 1536 3142 113 3906 6535 10099 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">51%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.51 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities of issuers located or operating in developing or emerging market countries, with capitalizations within the range of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies included in the MSCI Emerging Markets Net Index.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser seeks high quality companies within developing markets that the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">believes are undervalued at the time of purchase. Fundamental research drives the investment process. The Adviser typically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">favors companies it believes have sustainable competitive advantages that can be monetized through growth. The investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">process integrates analysis of sustainability with respect to disruptive change, financial strength, environmental and social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">externalities and governance (also referred to as ESG). The Adviser typically focuses a significant portion of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in a limited number of issuers, which may be in the same industry, sector or geographic region. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">generally considers selling a portfolio holding when it determines that the holding no longer satisfies its investment criteria. </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser views incorporating ESG-related potential risks and opportunities within the investment process as important to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ensure long-term stewardship of capital. Over extended time horizons, the Adviser believes that ESG risks are more likely to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">materialize and externalities not borne by the company are more likely to be priced into the value of securities. Since ESG risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">could potentially impact the risk and reward profile of investment opportunities, the Adviser typically engages company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management in constructive discussions on a range of ESG issues the Adviser deems materially important.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may also invest in privately placed and restricted securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, at least 80% of the Fund’s assets will be invested in equity securities of issuers located or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating in developing markets. This policy may be changed without shareholder approval; however, you would be notified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">upon 60 days’ notice in writing of any changes.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser considers an issuer to be located in a developing market if (i) its principal securities trading market is in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developing market, (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue or profits from goods </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">produced, sales made or services performed in developing markets or has at least 50% of its assets in developing markets or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(iii) it is organized under the laws of, or has a principal office in, a developing market. By applying this test, it is possible that a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particular issuer could be deemed to be from more than one market/country.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">A country is considered a developing market based on classification in the Fund’s benchmark index or similar classification as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developing economy by an organization such as the International Monetary Fund, the United Nations or World Bank. Developing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market countries are countries that major international financial institutions or the Fund’s benchmark index generally consider </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to be less economically mature than developed nations, such as the United States or most nations in Western Europe.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purposes of the Fund’s 80% policy, developing market countries will include frontier emerging market countries. The term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“frontier emerging markets” refers to those emerging market countries outside the “mainstream” emerging markets, whose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capital markets have traditionally been difficult for foreign investors to enter or are in early stages of capital market and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic development. The countries that comprise frontier emerging markets may change from time to time.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purposes of this prospectus, “developing markets,” “developing market countries,” “emerging markets” and “emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market countries” and similar terms are used interchangeably but refer to the same underlying markets and countries.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purposes of maintaining exposure of at least 80% of the Fund’s assets to equity securities of issuers located or operating in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developing markets, the Fund may also invest in American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and other types of depositary receipts with respect to issuers located or operating in developing markets. The Fund may invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in China A-Shares (shares of publicly traded companies based in mainland China) listed and traded on the Shanghai Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Exchange through the Shanghai-Hong Kong Stock Connect program, as well as China A-Shares listed and traded on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shenzhen-Hong Kong Stock Connect program (collectively, “Stock Connect”).</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund. Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>China Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in securities of Chinese issuers involve risks associated with investments in foreign markets as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as special considerations not typically associated with investments in the U.S. markets or other foreign (including emerging) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets. For example, the Chinese government has historically exercised substantial control over virtually every sector of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese economy through administrative regulation, state ownership and/or other involvement. Actions of the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">central and local government authorities continue to have a substantial effect on economic conditions in China and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations of particular Chinese companies. In addition, the Chinese government has actively intervened in Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies’ operations and structures and taken (and may continue to take) actions that influenced the prices at which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">certain goods may be sold, encouraged companies to invest or concentrate in particular industries, induced mergers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between companies in certain industries and induced private companies to publicly offer their securities. Investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China involve risk of a total loss due to government action or inaction or other adverse circumstances.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions, trading policies and taxation of imports of its primary trading partners, such as the United States, Japan and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">South Korea, would adversely impact the Chinese economy and the Fund’s investments. Moreover, a slowdown in other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significant economies of the world, such as the United States, the European Union and certain Asian countries, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect economic growth or the value of investments in China. An economic downturn in China would adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact the Fund’s investments. In addition, certain securities are, or may in the future, become restricted and/or sanctioned </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by the U.S. government or other governments and the Fund may be forced to sell or unable to sell such securities and incur </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a loss as a result and the Fund may be unable to purchase securities of Chinese issuers from time to time.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. relations with China are strained, because of, among other things, a series of trade, international treaty, tax, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sanctions actions taken by the United States and China against each other, including the designation of China as a “foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversary” of the U.S., as well as countersanctions or countermeasures from the Chinese government that have been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">triggered or are expected to be triggered. Moreover, recent developments in relations between the U.S., other trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">partners and China have heightened concerns (and the realization) of increased tariffs and restrictions on trade between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">two countries, such as the potential for an escalation in trade tensions or a trade war. Increases in tariffs or trade restrictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(and threats thereof) could lead to a significant reduction in international trade, which could have a negative impact on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China’s export industry, Chinese issuers, the liquidity or price of the Fund’s direct or indirect investments in China and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">therefore, the Fund’s investments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These and other developments, including government actions or inactions, would likely result in significant illiquidity risk or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses or forced disposition for Chinese investments. The Chinese securities markets are emerging markets characterized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by a relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price volatility (caused by, among other things, military, diplomatic, or trade conflicts and government intervention in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic and securities markets), and potentially fewer investment opportunities for the Fund. The Fund’s investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities are also subject to additional risks associated with differing regulatory and audit requirements in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities market as compared to the U.S. securities market, including a lack of reliable audits and other financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information regarding many Chinese companies and heightened risk of market manipulation and fraud, which may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increased through actions taken by the Chinese government. In addition, the relationship between China and Taiwan is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly sensitive, and hostilities between China and Taiwan, including continued threats by China to invade and control </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Taiwan, present a significant risk to the Fund’s investments in China. Ongoing political tension between the People’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Republic of China and the Hong Kong Special Administrative Region may have impacts on the economy of Hong Kong, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">these impacts remain uncertain.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:12pt;margin-left:0pt;"><i>Risks of Investing through Stock Connect.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may invest in A-shares listed and traded through Stock Connect, or on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such other stock exchanges in China which participate in Stock Connect from time to time or in the future. Trading through </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Stock Connect is subject to a number of restrictions that may affect the Fund’s investments and returns. Moreover, Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Connect A-shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">accordance with applicable rules. The Stock Connect program is a relatively new program and may be subject to further </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interpretation and guidance. There can be no assurance as to the program’s continued existence or whether future </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments regarding the program may restrict or adversely affect the Fund’s investments or returns. Because certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions through Stock Connect may not be subject to certain investor protection programs, the Fund may be exposed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the risks of default of the broker(s) they engage in their trading in China A Shares.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Variable Interest Entities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Chinese operating companies sometimes rely on variable interest entity (“VIE”) structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">raise capital from non-Chinese investors because of Chinese government limitations or prohibitions on direct foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in certain industries. In a VIE structure, a series of contractual arrangements are entered into between a holding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company domiciled outside of China and a Chinese operating company or companies, which are intended to mimic direct </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in the operating company, but in many cases these arrangements have not been tested in court and it is not clear </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contracts are enforceable or that the structures will otherwise work as intended. The offshore holding company, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which is not a Chinese operating company, then issues exchange-traded shares that are sold to the public, including non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese investors (such as the Fund). In addition to the risks generally associated with investing in China and a Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company, the shares of the holding company purchased by the Fund would not be equity ownership interests in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese operating company and the Fund’s interest would be subject to substantial legal, operational and other risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with the company’s use of the VIE structure. For example, the Chinese government has not approved VIE </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese operating companies. If any of these or similar risks or developments materialize, the Fund’s investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holding company may suddenly and significantly decline in value or become worthless because of, among other things, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">difficulty enforcing (or the inability to enforce) the contractual arrangements or materially adverse effects on the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company’s performance. In these circumstances, the Fund could experience significant or total losses with no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">recourse available. From time to time, the Fund’s investments in U.S.-listed shell companies relying on VIE structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obtain exposure to Chinese operating companies could be significant. A decline or worsening in diplomatic or other relations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between the U.S. and China could increase the risks associated with the VIE structure.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>India Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in Indian issuers, the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets may be adversely affected by political, economic, social and religious factors impacting Indian businesses and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Indian economy, changes in Indian law or regulations and the status of India’s relations with other countries. Indian </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government actions in the future could have a significant effect on the Indian economy, which could affect private sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies and the Fund, market conditions, and prices and yields of securities in the Fund’s portfolio. To the extent the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund invests a significant portion of its assets in Indian businesses and the Indian economy, factors that have an adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on Indian businesses and the Indian economy may have a disproportionate impact on the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Frontier Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investing in the securities of issuers operating in frontier emerging markets involves </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a high degree of risk and special considerations not typically associated with investing in the securities of other foreign or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. issuers. In addition, the risks associated with investing in the securities of issuers operating in emerging market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries are magnified when investing in frontier emerging market countries. These types of investments could be affected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by factors not usually associated with investments in U.S. issuers, including risks associated with expropriation and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">nationalization, political or social instability, pervasiveness of corruption and crime, armed conflict, the impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy of civil war, religious or ethnic unrest and the withdrawal or non-renewal of any license enabling the Fund to trade </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in securities of a particular country, confiscatory taxation, restrictions on transfers of assets, lack of uniform accounting, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">auditing and financial reporting standards, less publicly available financial and other information, less stringent investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">protections and disclosure standards, diplomatic development which could affect U.S. investments in those countries and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potential difficulties in enforcing contractual obligations. These risks and special considerations make investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies operating in frontier emerging market countries highly speculative in nature and, accordingly, an investment in </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund must be viewed as highly speculative in nature and may not be suitable for an investor who is not able to afford </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the loss of his or her entire investment. To the extent that the Fund invests a significant percentage of its assets in a single </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frontier emerging market country, the Fund will be subject to heightened risk associated with investing in frontier emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market countries and additional risks associated with that particular country.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> A government of a frontier emerging market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">country may limit or cause delay in the convertibility or repatriation of its currency and therefore could adversely affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. dollar value and/or liquidity of investments denominated in that currency. Certain foreign investments may become less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquid in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market turmoil. When the Fund holds illiquid investments, its portfolio may be harder to value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">From time to time, certain of the companies in which the Fund expects to invest may operate in, or have dealings with, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or countries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">identified by the U.S. Government as state sponsors of terrorism. A company may suffer damage to its reputation if it is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">identified as such a company and, as an investor in such companies, the Fund will be indirectly subject to those risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain frontier market countries may be subject to less stringent requirements regarding accounting, auditing, financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reporting and record keeping and therefore, material information related to an investment may not be available or reliable. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition, the Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">jurisdictions outside of the United States, in particular, in frontier markets countries. In addition, a substantial portion of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s investments in foreign issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value of those investments will fluctuate with U.S. dollar exchange rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Economic sanctions may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar governmental actions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities or groups of securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value. In addition, as a result of economic sanctions, the Fund may be forced to sell or otherwise dispose of investments at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inopportune times or prices.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year to year and by showing how the Fund’s average annual returns for the past one </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">year periods</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and since inception compare with those of a broad measure of market performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other classes, which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year and by showing how the Fund’s average annual returns for the past one and five year periods and since inception compare with those of a broad measure of market performance. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17270img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">09/30/24</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.06%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-18.91%</span></div> </td> </tr> </table></div> High Quarter 2024-09-30 0.1406 Low Quarter 2022-03-31 -0.1891 Average Annual Total Returns (for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:71.02405790930382%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.702518048270656%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 2/14/2020)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.29%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-5.48%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.54%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.04%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-5.56%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.47%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.99%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-4.07%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.17%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 2/14/2020)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.29%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-6.79%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.31%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 2/14/2020)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.10%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-6.50%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.44%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 2/14/2020)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-5.44%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.59%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI Emerging Markets Net Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">33.57%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.20%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.69%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.0829 -0.0548 0.0154 0.0804 -0.0556 0.0147 0.0499 -0.0407 0.0117 0.0229 -0.0679 0.0031 0.061 -0.065 0.0044 0.083 -0.0544 0.0159 0.3357 0.042 0.0669 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Global Opportunity Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">67</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage based on the lesser of the offering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price or NAV at redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0 0.01 0 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:35.02041922310179%"></td> <td style="height:1px;width:12.983142044244877%"></td> <td style="height:1px;width:12.983142044244877%"></td> <td style="height:1px;width:12.983142044244877%"></td> <td style="height:1px;width:12.983142044244877%"></td> <td style="height:1px;width:13.04701259991871%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.21%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.24%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.29%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.22%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.12%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.94%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.22%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.77%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.95%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.85%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.45%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.94%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.22%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.32%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.95%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.85%</span></div> </td> </tr> </table></div> 0.0073 0.0073 0.0073 0.0073 0.0073 0 0.0025 0.0075 0.01 0 0.0021 0.0024 0.0029 0.0022 0.0012 0.0094 0.0122 0.0177 0.0195 0.0085 0 0 0.0045 0 0 0.0094 0.0122 0.0132 0.0195 0.0085 “Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$96</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$300 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$520</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,155 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$643 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$892 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,160 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,925 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$134 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$513 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$917</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,047 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$298 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$612 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,052 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,086 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$87</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$271 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$471</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,049 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 96 300 520 1155 643 892 1160 1925 134 513 917 2047 298 612 1052 2086 87 271 471 1049 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$96</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$300 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$520</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,155 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$643 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$892 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,160 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,925 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$134 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$513 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$917</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,047 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$198 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$612 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,052 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,086 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$87</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$271 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$471</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,049 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 96 300 520 1155 643 892 1160 1925 134 513 917 2047 198 612 1052 2086 87 271 471 1049 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">11%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.11 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">established and emerging companies located throughout the world, with capitalizations within the range of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">included in the MSCI All Country World Index.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser seeks high quality established and emerging companies that the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">believes are undervalued at the time of purchase. Fundamental research drives the investment process. The Adviser typically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">favors companies it believes have sustainable competitive advantages that can be monetized through growth. The investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">process integrates analysis of sustainability with respect to disruptive change, financial strength, environmental and social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">externalities and governance (also referred to as ESG). The Adviser typically focuses a significant portion of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in a limited number of issuers, which may be in the same industry, sector or geographic region. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">generally considers selling a portfolio holding when it determines that the holding no longer satisfies its investment criteria.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser views incorporating ESG-related potential risks and opportunities within the investment process as important to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ensure long-term stewardship of capital. Over extended time horizons, the Adviser believes that ESG risks are more likely to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">materialize and externalities not borne by the company are more likely to be priced into the value of securities. Since ESG risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">could potentially impact the risk and reward profile of investment opportunities, the Adviser typically engages company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management in constructive discussions on a range of ESG issues the Adviser deems materially important.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in China A-Shares (shares of publicly traded companies based in mainland China) listed and traded on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shanghai Stock Exchange through the Shanghai-Hong Kong Stock Connect program, as well as China A-Shares listed and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">traded on the Shenzhen-Hong Kong Stock Connect program (collectively, “Stock Connect”).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may also invest in American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and other types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">depositary receipts with respect to issuers located or operating outside of the United States. The Fund may invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities. The Fund may also invest in privately placed and restricted securities.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund. Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>China Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in securities of Chinese issuers involve risks associated with investments in foreign markets as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as special considerations not typically associated with investments in the U.S. markets or other foreign (including emerging) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets. For example, the Chinese government has historically exercised substantial control over virtually every sector of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese economy through administrative regulation, state ownership and/or other involvement. Actions of the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">central and local government authorities continue to have a substantial effect on economic conditions in China and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations of particular Chinese companies. In addition, the Chinese government has actively intervened in Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies’ operations and structures and taken (and may continue to take) actions that influenced the prices at which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">certain goods may be sold, encouraged companies to invest or concentrate in particular industries, induced mergers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between companies in certain industries and induced private companies to publicly offer their securities. Investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China involve risk of a total loss due to government action or inaction or other adverse circumstances.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions, trading policies and taxation of imports of its primary trading partners, such as the United States, Japan and </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">South Korea, would adversely impact the Chinese economy and the Fund’s investments. Moreover, a slowdown in other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significant economies of the world, such as the United States, the European Union and certain Asian countries, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect economic growth or the value of investments in China. An economic downturn in China would adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact the Fund’s investments. In addition, certain securities are, or may in the future, become restricted and/or sanctioned </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by the U.S. government or other governments and the Fund may be forced to sell or unable to sell such securities and incur </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a loss as a result and the Fund may be unable to purchase securities of Chinese issuers from time to time.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. relations with China are strained, because of, among other things, a series of trade, international treaty, tax, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sanctions actions taken by the United States and China against each other, including the designation of China as a “foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversary” of the U.S., as well as countersanctions or countermeasures from the Chinese government that have been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">triggered or are expected to be triggered. Moreover, recent developments in relations between the U.S., other trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">partners and China have heightened concerns (and the realization) of increased tariffs and restrictions on trade between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">two countries, such as the potential for an escalation in trade tensions or a trade war. Increases in tariffs or trade restrictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(and threats thereof) could lead to a significant reduction in international trade, which could have a negative impact on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China’s export industry, Chinese issuers, the liquidity or price of the Fund’s direct or indirect investments in China and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">therefore, the Fund’s investments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These and other developments, including government actions or inactions, would likely result in significant illiquidity risk or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses or forced disposition for Chinese investments. The Chinese securities markets are emerging markets characterized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by a relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price volatility (caused by, among other things, military, diplomatic, or trade conflicts and government intervention in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic and securities markets), and potentially fewer investment opportunities for the Fund. The Fund’s investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities are also subject to additional risks associated with differing regulatory and audit requirements in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities market as compared to the U.S. securities market, including a lack of reliable audits and other financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information regarding many Chinese companies and heightened risk of market manipulation and fraud, which may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increased through actions taken by the Chinese government. In addition, the relationship between China and Taiwan is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly sensitive, and hostilities between China and Taiwan, including continued threats by China to invade and control </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Taiwan, present a significant risk to the Fund’s investments in China. Ongoing political tension between the People’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Republic of China and the Hong Kong Special Administrative Region may have impacts on the economy of Hong Kong, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">these impacts remain uncertain.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:12pt;margin-left:0pt;"><i>Risks of Investing through Stock Connect.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may invest in A-shares listed and traded through Stock Connect, or on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such other stock exchanges in China which participate in Stock Connect from time to time or in the future. Trading through </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Stock Connect is subject to a number of restrictions that may affect the Fund’s investments and returns. Moreover, Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Connect A-shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">accordance with applicable rules. The Stock Connect program is a relatively new program and may be subject to further </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interpretation and guidance. There can be no assurance as to the program’s continued existence or whether future </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments regarding the program may restrict or adversely affect the Fund’s investments or returns. Because certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions through Stock Connect may not be subject to certain investor protection programs, the Fund may be exposed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the risks of default of the broker(s) they engage in their trading in China A Shares.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Variable Interest Entities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Chinese operating companies sometimes rely on variable interest entity (“VIE”) structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">raise capital from non-Chinese investors because of Chinese government limitations or prohibitions on direct foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in certain industries. In a VIE structure, a series of contractual arrangements are entered into between a holding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company domiciled outside of China and a Chinese operating company or companies, which are intended to mimic direct </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in the operating company, but in many cases these arrangements have not been tested in court and it is not clear </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contracts are enforceable or that the structures will otherwise work as intended. The offshore holding company, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which is not a Chinese operating company, then issues exchange-traded shares that are sold to the public, including non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese investors (such as the Fund). In addition to the risks generally associated with investing in China and a Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company, the shares of the holding company purchased by the Fund would not be equity ownership interests in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese operating company and the Fund’s interest would be subject to substantial legal, operational and other risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with the company’s use of the VIE structure. For example, the Chinese government has not approved VIE </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese operating companies. If any of these or similar risks or developments materialize, the Fund’s investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holding company may suddenly and significantly decline in value or become worthless because of, among other things, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">difficulty enforcing (or the inability to enforce) the contractual arrangements or materially adverse effects on the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company’s performance. In these circumstances, the Fund could experience significant or total losses with no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">recourse available. From time to time, the Fund’s investments in U.S.-listed shell companies relying on VIE structures to </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obtain exposure to Chinese operating companies could be significant. A decline or worsening in diplomatic or other relations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between the U.S. and China could increase the risks associated with the VIE structure.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Pursuant to an agreement and plan of reorganization between the Company, on behalf of the Fund, and Van Kampen Equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Trust, on behalf of the Van Kampen Global Growth Fund (the “Predecessor Fund”), on May 21, 2010 the Fund acquired </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">substantially all of the assets and substantially all of the liabilities of the Predecessor Fund in exchange for Class I and Class L </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares of the Fund (the “Reorganization”). Pursuant to the Reorganization, Class C and Class I shareholders of the Predecessor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund received Class L and Class I shares, respectively, of the Fund. As a result of the Reorganization, the Fund is the accounting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">successor of the Predecessor Fund. The historical performance information shown below reflects, for the period prior to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Reorganization, the historical performance of the Class C and Class I shares of the Predecessor Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and ten year periods and since inception compare with those of a broad measure of market performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the other classes, which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and ten year periods and since inception compare with those of a broad measure of market performance. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns — Calendar Years <div><img alt="image" src="pr17270img005.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">31.66%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-27.33%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.3166 Low Quarter 2022-06-30 -0.2733 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:61.385410416707%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.704453519654713%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/30/2008)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.40%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.67%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.78%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.89%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.50%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.74%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.58%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.10%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.14%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.55%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.72%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/21/2010)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.20%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.23%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.83%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/30/2008)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.96%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.76%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.37%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.32%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.21%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.89%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 9/13/2013)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.51%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.76%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.26%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.37%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI All Country World Net Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.34%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.19%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.72%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.67%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>5</sup></span></span></div> </td> </tr> </table></div> 0.124 0.0467 0.1419 0.1278 0.0989 0.025 0.1274 0.1158 0.091 0.0314 0.1155 0.1072 0.062 0.0325 0.1323 0.1483 0.1196 0.0428 0.1376 0.1237 0.1032 0.0363 0.1321 0.1289 0.1251 0.0476 0.1426 0.1537 0.2234 0.1119 0.1172 0.0767 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The International Advantage Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">67</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage based on the lesser of the offering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price or NAV at redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0 0.01 0 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.77%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.77%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.77%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.77%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.77%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.24%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.69%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.01%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.21%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.05%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.90%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.01%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.36%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.30%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.85%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.05%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.90%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.0077 0.0077 0.0077 0.0077 0.0077 0 0.0025 0.0075 0.01 0 0.0024 0.0028 0.0069 0.0028 0.0013 0.0101 0.013 0.0221 0.0205 0.009 0.0001 0 0.0036 0 0 0.01 0.013 0.0185 0.0205 0.009 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangement for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the section of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$321 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$557</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,235 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$650 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$915 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,200 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,010 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$188 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$657 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,152 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,516 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$308 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$643 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,103 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,187 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$92</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$287 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$498</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,108 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 102 321 557 1235 650 915 1200 2010 188 657 1152 2516 308 643 1103 2187 92 287 498 1108 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$321 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$557</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,235 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$650 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$915 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,200 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,010 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$188 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$657 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,152 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,516 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$208 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$643 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,103 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,187 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$92</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$287 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$498</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,108 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 102 321 557 1235 650 915 1200 2010 188 657 1152 2516 208 643 1103 2187 92 287 498 1108 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">13%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.13 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">established companies on an international basis, with capitalizations within the range of companies included in the MSCI All </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Country World ex USA Index.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser seeks high quality established companies that the Adviser believes are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">undervalued at the time of purchase. The Adviser typically favors companies it believes have sustainable competitive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">advantages that can be monetized through growth. The investment process integrates analysis of sustainability with respect to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">disruptive change, financial strength, environmental and social externalities and governance (also referred to as ESG). The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser typically focuses a significant portion of the Fund’s investments in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. The Adviser generally considers selling a portfolio holding when it determines that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the holding no longer satisfies its investment criteria.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser views incorporating ESG-related potential risks and opportunities within the investment process as important to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ensure long-term stewardship of capital. Over extended time horizons, the Adviser believes that ESG risks are more likely to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">materialize and externalities not borne by the company are more likely to be priced into the value of securities. Since ESG risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">could potentially impact the risk and reward profile of investment opportunities, the Adviser typically engages company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management in constructive discussions on a range of ESG issues the Adviser deems materially important.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in equity securities. The Fund may also invest in privately placed and restricted securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in China A-Shares (shares of publicly traded companies based in mainland China) listed and traded on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shanghai Stock Exchange through the Shanghai-Hong Kong Stock Connect program, as well as China A-Shares listed and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">traded on the Shenzhen-Hong Kong Stock Connect program (collectively, “Stock Connect”).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in foreign securities, which may include emerging market securities. Under normal market conditions, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund typically invests at least 80% of its assets in the securities of issuers located outside of the United States. For purposes of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">maintaining exposure of at least 80% of the Fund’s assets to equity securities of issuers located or operating outside the United </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">States, the Fund may also invest in American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">types of depositary receipts with respect to issuers located or operating outside the United States.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund. Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. Certain emerging market or developing countries are among the </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and ten year periods and since inception compare with those of a broad measure of market performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the other classes, which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and ten year periods and since inception compare with those of a broad measure of market performance. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17270img006.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">19.40%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-20.71%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.194 Low Quarter 2022-06-30 -0.2071 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:61.385410416707%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.704453519654713%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/28/2010)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.74%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.68%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.16%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.69%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.84%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.50%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.91%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.09%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.42%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.32%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.37%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.97%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/28/2010)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.34%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.23%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.98%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/28/2010)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.77%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.81%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.22%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.78%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.56%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.66%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.36%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 6/15/2018)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.85%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.78%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">N/A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.40%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI All Country World ex USA Net Index (reflects no deduction for fees, expenses or </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:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.39%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.91%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.41%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.98%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> </table></div> 0.1574 0.0168 0.1016 0.0969 0.1584 0.015 0.0991 0.0909 0.0942 0.0132 0.0837 0.0797 0.0934 0.003 0.0923 0.0898 0.1477 0.0081 0.0922 0.0878 0.1356 0.0066 0.0919 0.0836 0.1585 0.0178 0.064 0.3239 0.0791 0.0841 0.0598 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sold at the end of the relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The International Opportunity Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">67</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage based on the lesser of the offering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price or NAV at redemption)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Redemption Fee (as a percentage of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">amount redeemed on redemptions made </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">within 30 days of purchase)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0 0.01 0 0.01 0 -0.02 -0.02 -0.02 -0.02 -0.02 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:36.01912245727447%"></td> <td style="height:1px;width:12.983142044244877%"></td> <td style="height:1px;width:12.983142044244877%"></td> <td style="height:1px;width:12.983142044244877%"></td> <td style="height:1px;width:11.984438810072193%"></td> <td style="height:1px;width:13.048948071302767%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.60%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.31%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.43%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.35%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.11%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.23%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.01%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.29%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.35%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.85%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.10%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.94%</span></div> </td> </tr> </table></div> 0.008 0.008 0.008 0.008 0.008 0 0.0025 0.0075 0.01 0 0.0028 0.003 0.016 0.0031 0.0043 0.0108 0.0135 0.0315 0.0211 0.0123 0.0008 0 0.013 0.0001 0.0029 0.01 0.0135 0.0185 0.021 0.0094 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and that the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangement for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the section of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$336 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$588</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,310 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$655 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$930 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,226 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,064 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$188 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$850 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,536 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,367 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$313 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$660 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,133 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,247 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$96</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$362 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$648</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,463 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 102 336 588 1310 655 930 1226 2064 188 850 1536 3367 313 660 1133 2247 96 362 648 1463 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$336 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$588</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,310 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$655 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$930 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,226 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,064 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$188 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$850 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,536 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,367 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$213 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$660 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,133 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,247 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$96</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$362 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$648</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,463 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 102 336 588 1310 655 930 1226 2064 188 850 1536 3367 213 660 1133 2247 96 362 648 1463 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">25%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.25 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">established and emerging companies on an international basis, with capitalizations within the range of companies included in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the MSCI All Country World ex USA Index.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser seeks high quality established and emerging companies that the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">believes are undervalued at the time of purchase. Fundamental research drives the investment process. The Adviser typically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">favors companies it believes have sustainable competitive advantages that can be monetized through growth. The investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">process integrates analysis of sustainability with respect to disruptive change, financial strength, environmental and social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">externalities and governance (also referred to as ESG). The Adviser typically focuses a significant portion of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in a limited number of issuers, which may be in the same industry, sector or geographic region. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser generally considers selling a portfolio holding when it determines that the holding no longer satisfies its investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">criteria.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser views incorporating ESG-related potential risks and opportunities within the investment process as important to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ensure long-term stewardship of capital. Over extended time horizons, the Adviser believes that ESG risks are more likely to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">materialize and externalities not borne by the company are more likely to be priced into the value of securities. Since ESG risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">could potentially impact the risk and reward profile of investment opportunities, the Adviser typically engages company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management in constructive discussions on a range of ESG issues the Adviser deems materially important.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in China A-Shares (shares of publicly traded companies based in mainland China) listed and traded on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shanghai Stock Exchange through the Shanghai-Hong Kong Stock Connect program, as well as China A-Shares listed and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">traded on the Shenzhen-Hong Kong Stock Connect program (collectively, “Stock Connect”).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may also invest in American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and other types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">depositary receipts with respect to issuers located or operating outside of the United States. The Fund may invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities. The Fund may also invest in privately placed and restricted securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund invests primarily in securities of companies located in Europe, Japan, Asia, the Pacific Basin, Latin America, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Middle East and Africa. The Fund may also invest in securities of companies located in the United States to a limited extent.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund. Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>China Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in securities of Chinese issuers involve risks associated with investments in foreign markets as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as special considerations not typically associated with investments in the U.S. markets or other foreign (including emerging) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets. For example, the Chinese government has historically exercised substantial control over virtually every sector of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese economy through administrative regulation, state ownership and/or other involvement. Actions of the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">central and local government authorities continue to have a substantial effect on economic conditions in China and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations of particular Chinese companies. In addition, the Chinese government has actively intervened in Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies’ operations and structures and taken (and may continue to take) actions that influenced the prices at which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">certain goods may be sold, encouraged companies to invest or concentrate in particular industries, induced mergers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between companies in certain industries and induced private companies to publicly offer their securities. Investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China involve risk of a total loss due to government action or inaction or other adverse circumstances.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions, trading policies and taxation of imports of its primary trading partners, such as the United States, Japan and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">South Korea, would adversely impact the Chinese economy and the Fund’s investments. Moreover, a slowdown in other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significant economies of the world, such as the United States, the European Union and certain Asian countries, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect economic growth or the value of investments in China. An economic downturn in China would adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact the Fund’s investments. In addition, certain securities are, or may in the future, become restricted and/or sanctioned </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by the U.S. government or other governments and the Fund may be forced to sell or unable to sell such securities and incur </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a loss as a result and the Fund may be unable to purchase securities of Chinese issuers from time to time.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. relations with China are strained, because of, among other things, a series of trade, international treaty, tax, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sanctions actions taken by the United States and China against each other, including the designation of China as a “foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversary” of the U.S., as well as countersanctions or countermeasures from the Chinese government that have been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">triggered or are expected to be triggered. Moreover, recent developments in relations between the U.S., other trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">partners and China have heightened concerns (and the realization) of increased tariffs and restrictions on trade between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">two countries, such as the potential for an escalation in trade tensions or a trade war. Increases in tariffs or trade restrictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(and threats thereof) could lead to a significant reduction in international trade, which could have a negative impact on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China’s export industry, Chinese issuers, the liquidity or price of the Fund’s direct or indirect investments in China and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">therefore, the Fund’s investments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These and other developments, including government actions or inactions, would likely result in significant illiquidity risk or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses or forced disposition for Chinese investments. The Chinese securities markets are emerging markets characterized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by a relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price volatility (caused by, among other things, military, diplomatic, or trade conflicts and government intervention in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic and securities markets), and potentially fewer investment opportunities for the Fund. The Fund’s investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities are also subject to additional risks associated with differing regulatory and audit requirements in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities market as compared to the U.S. securities market, including a lack of reliable audits and other financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information regarding many Chinese companies and heightened risk of market manipulation and fraud, which may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increased through actions taken by the Chinese government. In addition, the relationship between China and Taiwan is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly sensitive, and hostilities between China and Taiwan, including continued threats by China to invade and control </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Taiwan, present a significant risk to the Fund’s investments in China. Ongoing political tension between the People’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Republic of China and the Hong Kong Special Administrative Region may have impacts on the economy of Hong Kong, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">these impacts remain uncertain.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:12pt;margin-left:0pt;"><i>Risks of Investing through Stock Connect.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may invest in A-shares listed and traded through Stock Connect, or on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such other stock exchanges in China which participate in Stock Connect from time to time or in the future. Trading through </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Stock Connect is subject to a number of restrictions that may affect the Fund’s investments and returns. Moreover, Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Connect A-shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">accordance with applicable rules. The Stock Connect program is a relatively new program and may be subject to further </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interpretation and guidance. There can be no assurance as to the program’s continued existence or whether future </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments regarding the program may restrict or adversely affect the Fund’s investments or returns. Because certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions through Stock Connect may not be subject to certain investor protection programs, the Fund may be exposed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the risks of default of the broker(s) they engage in their trading in China A Shares.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Variable Interest Entities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Chinese operating companies sometimes rely on variable interest entity (“VIE”) structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">raise capital from non-Chinese investors because of Chinese government limitations or prohibitions on direct foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in certain industries. In a VIE structure, a series of contractual arrangements are entered into between a holding </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company domiciled outside of China and a Chinese operating company or companies, which are intended to mimic direct </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in the operating company, but in many cases these arrangements have not been tested in court and it is not clear </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contracts are enforceable or that the structures will otherwise work as intended. The offshore holding company, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which is not a Chinese operating company, then issues exchange-traded shares that are sold to the public, including non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese investors (such as the Fund). In addition to the risks generally associated with investing in China and a Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company, the shares of the holding company purchased by the Fund would not be equity ownership interests in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese operating company and the Fund’s interest would be subject to substantial legal, operational and other risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with the company’s use of the VIE structure. For example, the Chinese government has not approved VIE </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese operating companies. If any of these or similar risks or developments materialize, the Fund’s investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holding company may suddenly and significantly decline in value or become worthless because of, among other things, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">difficulty enforcing (or the inability to enforce) the contractual arrangements or materially adverse effects on the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company’s performance. In these circumstances, the Fund could experience significant or total losses with no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">recourse available. From time to time, the Fund’s investments in U.S.-listed shell companies relying on VIE structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obtain exposure to Chinese operating companies could be significant. A decline or worsening in diplomatic or other relations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between the U.S. and China could increase the risks associated with the VIE structure.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and ten year periods and since inception compare with those of a broad measure of market performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the other classes, which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and ten year periods and since inception compare with those of a broad measure of market performance. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17270img007.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">34.02%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-26.33%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.3402 Low Quarter 2022-03-31 -0.2633 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:61.385410416707%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.704453519654713%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 3/31/2010)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.64%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-2.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.35%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.58%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-3.22%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.07%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.20%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.59%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-2.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.68%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.07%</span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 3/31/2010)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.40%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-4.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.42%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.87%</span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 3/31/2010)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.72%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-3.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.42%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.67%</span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.46%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-3.82%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.37%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.69%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 9/13/2013)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.71%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-2.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.41%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.74%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI All Country World ex USA Net Index (reflects no deduction for fees, expenses or </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:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.39%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.91%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.41%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.22%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> </table></div> 0.1264 -0.028 0.0935 0.0958 0.1275 -0.0322 0.0907 0.092 0.0759 -0.0213 0.0768 0.0807 0.064 -0.0415 0.0842 0.0887 0.1172 -0.0363 0.0842 0.0867 0.1046 -0.0382 0.0837 0.0769 0.1271 -0.0273 0.0941 0.0974 0.3239 0.0791 0.0841 0.0622 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Global Concentrated Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to $50,000 or more. More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">39</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on the lesser of the offering price or NAV at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0.01 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:35.93036750483559%"></td> <td style="height:1px;width:15.388781431334623%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.33%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.33%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.05%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.33%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.05%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.05%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.10%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.33%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.08%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.0075 0.0075 0.0075 0.0075 0 0.0025 0.01 0 0.003 0.0033 0.0033 0.063 0.0105 0.0133 0.0208 0.0705 0.0005 0 0 0.061 0.01 0.0133 0.0208 0.0095 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$329</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$575</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,278 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$653 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$924</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,216 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,042 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$311 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$652</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,119 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,219 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,534 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,913 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,120 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 102 329 575 1278 653 924 1216 2042 311 652 1119 2219 97 1534 2913 6120 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$329</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$575</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,278 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$653 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$924</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,216 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,042 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$211 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$652</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,119 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,219 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,534 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,913 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,120 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 102 329 575 1278 653 924 1216 2042 211 652 1119 2219 97 1534 2913 6120 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">51%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.51 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">non-U.S. companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser utilizes both a top-down and a bottom-up stock selection process, seeking investments in companies with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">attractive valuations, above-average appreciation potential and competitive dividend yields. In selecting securities for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment, the Adviser typically uses a combination of quantitative models and fundamental research. The Adviser primarily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">uses a sector-neutral factor model that is broadly grouped into the following four categories: momentum/risk, valuation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">quality and growth to help identify market drivers. The Adviser then couples the model’s output with in-depth analysis of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual stocks based on internal and external research. The Fund generally has wide flexibility with regard to regional and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector allocations.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks to optimize factor tilts (e.g., growth vs. value, large cap vs. small cap) using factor models that the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">believes are driving the market, and identifies stocks that will achieve the desired factor tilts using quantitative models.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s equity investments may include common and preferred stocks and equity-linked securities, rights and warrants to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purchase common stocks, depositary receipts, exchange-traded funds (“ETFs”) (including those which may be managed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Adviser or its affiliates), limited partnership interests and other specialty securities having equity features. The Fund holds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities of a relatively small number of companies.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ETFs.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Shares of ETFs have many of the same risks as direct investments in common stocks or bonds and their market value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may differ from their NAV because the supply and demand in the market for ETF shares at any point in time is not always </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">identical to the supply and demand in the market for the underlying securities. As a shareholder in an ETF, the Fund would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bear its ratable share of that entity’s expenses while continuing to pay its own investment management fees and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses. As a result, the Fund and its shareholders will, in effect, be absorbing fees at two levels. Furthermore, disruptions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the markets for the securities underlying ETFs purchased or sold by the Fund could result in losses on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in ETFs.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Preferred Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Preferred securities have many of the characteristics of and are subject to many of the risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with both fixed-income securities and equity securities. Preferred securities may pay fixed or adjustable rates of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">return. As with fixed-income securities, the market value of preferred securities is sensitive to changes in interest rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Preferred securities generally decrease in value if interest rates rise and increase in value if interest rates fall. In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">preferred securities are also subject to risks applicable generally to equity securities, such as issuer-specific and market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">risks. A company’s preferred securities generally pay dividends only after the company makes required payments to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of its bonds and other debt, so the value of preferred securities will usually react more strongly than bonds and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other debt to actual or perceived changes in the company’s financial condition or prospects.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks, and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Non-Diversification.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is non-diversified, which means that the Fund may invest a greater percentage of its assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in a smaller number of issuers than a diversified fund. Because the Fund is non-diversified, it may be more susceptible to an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adverse event affecting a single issuer or portfolio investment than a diversified portfolio and a decline in the value of that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuer’s securities or that portfolio investment may cause the Fund’s overall value to decline to a greater degree than a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversified portfolio.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">five year periods and since inception compare with those of a broad measure of market performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other classes, which is shown in the table below, will differ because the classes have different ongoing fees. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at </span><a href="DUMMY_17260_0_9"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(800)-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and five year periods and since inception compare with those of a broad measure of market performance. The performance of the other classes, which is shown in the table below, will differ because the classes have different ongoing fees. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im (800)-869-6397 <div><img alt="image" src="pr17260img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/24</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.24%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-21.14%</span></div> </td> </tr> </table></div> High Quarter 2024-03-31 0.2224 Low Quarter 2020-03-31 -0.2114 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:71.02405790930382%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.702518048270656%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/27/2016)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.59%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.06%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.07%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.76%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.80%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.78%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.79%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.99%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/27/2016)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.61%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.08%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/27/2016)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.36%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.96%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.01%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/27/2016)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.66%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.17%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.12%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI World Net Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">21.09%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.15%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.49%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.1759 0.1113 0.1206 0.1707 0.1076 0.118 0.1078 0.0879 0.0999 0.1113 0.0961 0.1108 0.1536 0.0996 0.1101 0.1766 0.1117 0.1212 0.2109 0.1215 0.1249 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Global Core Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">39</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on the lesser of the offering price or NAV at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0.01 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.82%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.85%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.91%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.84%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.57%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.85%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.66%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.59%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.57%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.56%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.64%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.35%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.10%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.0075 0.0075 0.0075 0.0075 0 0.0025 0.01 0 0.0082 0.0085 0.0091 0.1584 0.0157 0.0185 0.0266 0.1659 0.0057 0.005 0.0056 0.1564 0.01 0.0135 0.021 0.0095 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$440</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$801</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,819 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$655 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,030 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,429 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,542 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$313 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$773</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,360 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,755 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,161 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$5,556 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,498 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 102 440 801 1819 655 1030 1429 2542 313 773 1360 2755 97 3161 5556 9498 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$440</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$801</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,819 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$655 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,030 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,429 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,542 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$213 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$773</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,360 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,755 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,161 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$5,556 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,498 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 102 440 801 1819 655 1030 1429 2542 213 773 1360 2755 97 3161 5556 9498 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">39%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.39 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">non-U.S. companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser utilizes both a top-down and a bottom-up stock selection process, seeking investments in companies with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">attractive valuations, above-average appreciation potential and competitive dividend yields. In selecting securities for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment, the Adviser typically uses a combination of quantitative models and fundamental research. The Adviser primarily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">uses a sector-neutral factor model that is broadly grouped into the following four categories: momentum/risk, valuation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">quality and growth to help identify market drivers. The Adviser then couples the model’s output with in-depth analysis of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual stocks based on internal and external research.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks to optimize factor tilts (e.g., growth vs. value, large cap vs. small cap) using factor models that the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">believes are driving the market, and identifies stocks that will achieve the desired factor tilts using quantitative models.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s equity investments may include common and preferred stocks and equity-linked securities, rights and warrants to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purchase common stocks, depositary receipts, exchange-traded funds (“ETFs”) (including those which may be managed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Adviser or its affiliates), limited partnership interests and other specialty securities having equity features.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ETFs.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Shares of ETFs have many of the same risks as direct investments in common stocks or bonds and their market value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may differ from their NAV because the supply and demand in the market for ETF shares at any point in time is not always </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">identical to the supply and demand in the market for the underlying securities. As a shareholder in an ETF, the Fund would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bear its ratable share of that entity’s expenses while continuing to pay its own investment management fees and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses. As a result, the Fund and its shareholders will, in effect, be absorbing fees at two levels. Furthermore, disruptions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the markets for the securities underlying ETFs purchased or sold by the Fund could result in losses on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in ETFs.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Preferred Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Preferred securities have many of the characteristics of and are subject to many of the risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with both fixed-income securities and equity securities. Preferred securities may pay fixed or adjustable rates of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">return. As with fixed-income securities, the market value of preferred securities is sensitive to changes in interest rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Preferred securities generally decrease in value if interest rates rise and increase in value if interest rates fall. In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">preferred securities are also subject to risks applicable generally to equity securities, such as issuer-specific and market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">risks. A company’s preferred securities generally pay dividends only after the company makes required payments to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of its bonds and other debt, so the value of preferred securities will usually react more strongly than bonds and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other debt to actual or perceived changes in the company’s financial condition or prospects.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks, and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Non-Diversification.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is non-diversified, which means that the Fund may invest a greater percentage of its assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in a smaller number of issuers than a diversified fund. Because the Fund is non-diversified, it may be more susceptible to an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adverse event affecting a single issuer or portfolio investment than a diversified portfolio and a decline in the value of that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuer’s securities or that portfolio investment may cause the Fund’s overall value to decline to a greater degree than a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversified portfolio.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">five year periods and since inception compare with those of a broad measure of market performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other classes, which is shown in the table below, will differ because the classes have different ongoing fees. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at </span><a href="DUMMY_17260_2_7"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(800)-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and five year periods and since inception compare with those of a broad measure of market performance. The performance of the other classes, which is shown in the table below, will differ because the classes have different ongoing fees. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im (800)-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17260img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.29%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-22.44%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.2229 Low Quarter 2020-03-31 -0.2244 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:71.02405790930382%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.702518048270656%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/27/2016)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.96%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.35%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.87%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.31%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.58%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.93%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/27/2016)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.42%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.86%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/27/2016)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.62%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.79%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/27/2016)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.04%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.39%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.91%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI World Net Index (reflects no deductions for fees, expenses or taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">21.09%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.15%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.49%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.1796 0.1035 0.1087 0.1731 0.0994 0.1058 0.1108 0.0815 0.0893 0.1142 0.088 0.0986 0.1562 0.0913 0.0979 0.1804 0.1039 0.1091 0.2109 0.1215 0.1249 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The US Core Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">39</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on the lesser of the offering price or NAV at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0.01 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.60%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.60%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.60%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.60%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.27%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.29%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.48%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.87%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.89%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.07%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.33%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.13%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.89%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.006 0.006 0.006 0.006 0 0.0025 0.01 0 0.0027 0.0028 0.0029 0.0048 0.0087 0.0113 0.0189 0.0108 0.0007 0 0 0.0033 0.008 0.0113 0.0189 0.0075 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$82</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$271 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$475</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,066 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$634 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$865 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,115 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,827 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$292 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$594 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,021 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,014 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$77</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$311 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$563</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,287 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 82 271 475 1066 634 865 1115 1827 292 594 1021 2014 77 311 563 1287 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$82</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$271 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$475</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,066 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$634 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$865 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,115 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,827 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$192 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$594 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,021 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,014 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$77</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$311 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$563</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,287 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 82 271 475 1066 634 865 1115 1827 192 594 1021 2014 77 311 563 1287 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">42%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.42 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser utilizes both a top-down and a bottom-up stock selection process, seeking investments in companies with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">attractive valuations, above-average appreciation potential and competitive dividend yields. In selecting securities for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment, the Adviser typically uses a combination of quantitative models and fundamental research. The Adviser primarily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">uses a sector-neutral factor model that is broadly grouped into the following four categories: momentum/risk, valuation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">quality and growth to help identify market drivers. The Adviser then couples the model’s output with in-depth analysis of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual stocks based on internal and external research.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks to optimize factor tilts (e.g., growth vs. value, large cap vs. small cap) using factor models that the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">believes are driving the market, and identifies stocks that will achieve the desired factor tilts using quantitative models.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, at least 80% of the Fund’s assets will be invested in equity securities of issuers located in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">United States. This policy may be changed without shareholder approval; however, you would be notified upon 60 days’ notice </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in writing of any changes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> An issuer is considered to be within the United States if it meets the following test: (i) its securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are traded on a recognized stock exchange in the United States; (ii) alone or on a consolidated basis it derives 50% or more of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its annual revenues or profits from either goods produced, sales made or services performed in the United States; (iii) it is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">organized or has a principal office in the United States; or (iv) it has at least 50% of its assets, core business operations and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">employees in the United States. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s equity investments may include common and preferred stocks and equity-linked </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, rights and warrants to purchase common stocks, depositary receipts, exchange-traded funds (“ETFs”) (including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those which may be managed by the Adviser or its affiliates), limited partnership interests and other specialty securities having </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity features.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in foreign securities.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ETFs.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Shares of ETFs have many of the same risks as direct investments in common stocks or bonds and their market value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may differ from their NAV because the supply and demand in the market for ETF shares at any point in time is not always </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">identical to the supply and demand in the market for the underlying securities. As a shareholder in an ETF, the Fund would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bear its ratable share of that entity’s expenses while continuing to pay its own investment management fees and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses. As a result, the Fund and its shareholders will, in effect, be absorbing fees at two levels. Furthermore, disruptions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the markets for the securities underlying ETFs purchased or sold by the Fund could result in losses on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in ETFs.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Preferred Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Preferred securities have many of the characteristics of and are subject to many of the risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with both fixed-income securities and equity securities. Preferred securities may pay fixed or adjustable rates of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">return. As with fixed-income securities, the market value of preferred securities is sensitive to changes in interest rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Preferred securities generally decrease in value if interest rates rise and increase in value if interest rates fall. In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">preferred securities are also subject to risks applicable generally to equity securities, such as issuer-specific and market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">risks. A company’s preferred securities generally pay dividends only after the company makes required payments to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of its bonds and other debt, so the value of preferred securities will usually react more strongly than bonds and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other debt to actual or perceived changes in the company’s financial condition or prospects.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Non-Diversification.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is non-diversified, which means that the Fund may invest a greater percentage of its assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in a smaller number of issuers than a diversified fund. Because the Fund is non-diversified, it may be more susceptible to an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adverse event affecting a single issuer or portfolio investment than a diversified portfolio and a decline in the value of that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuer’s securities or that portfolio investment may cause the Fund’s overall value to decline to a greater degree than a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversified portfolio.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">five year periods and since inception compare with those of a broad measure of market performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other classes, which is shown in the table below, will differ because the classes have different ongoing fees. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at </span><a href="DUMMY_17260_4_5"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(800)-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and five year periods and since inception compare with those of a broad measure of market performance. The performance of the other classes, which is shown in the table below, will differ because the classes have different ongoing fees. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im (800)-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17260img005.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">26.23%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-22.25%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.2623 Low Quarter 2020-03-31 -0.2225 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:49.00226450151935%"></td> <td style="height:1px;width:16.977954980935607%"></td> <td style="height:1px;width:16.977954980935607%"></td> <td style="height:1px;width:17.0437610079935%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="2" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/27/2016)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.48%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.93%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.39%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.48%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.89%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.24%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.76%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.19%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.07%</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:49.00226450151935%"></td> <td style="height:1px;width:16.977954980935607%"></td> <td style="height:1px;width:16.977954980935607%"></td> <td style="height:1px;width:17.0437610079935%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="2" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/27/2016)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.04%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.37%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.38%</span></div> </td> </tr> <tr> <td colspan="2" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/27/2016)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.26%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.74%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.31%</span></div> </td> </tr> <tr> <td colspan="2" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/27/2016)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.54%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.97%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.43%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">S&P 500® Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.88%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.42%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.06%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.1648 0.1393 0.1439 0.1648 0.1389 0.1424 0.0976 0.1119 0.1207 0.1004 0.1237 0.1338 0.1426 0.1274 0.1331 0.1654 0.1397 0.1443 0.1788 0.1442 0.1506 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Growth Portfolio (the “Fund”) seeks long-term capital appreciation by investing primarily in growth-oriented equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities of large capitalization companies.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell Class IR shares of the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund does not charge any sales loads or other fees when you purchase or redeem Class IR shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay fees other </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:90.29941742311341%"></td> <td style="height:1px;width:9.702518048270656%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.42%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.76%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.18%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.45%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> </tr> </table></div> 0.0042 0 0.0976 0.1018 0.0945 0.0073 “Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class IR</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$75 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,089 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,900 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$7,668 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 75 2089 3900 7668 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class IR</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$75 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,089 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,900 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$7,668 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 75 2089 3900 7668 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">53%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.53 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">established and emerging companies, with capitalizations within the range of companies included in the Russell 1000® Growth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Index. As of December 31, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2025</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, these market capitalizations ranged between $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1.6</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> billion and $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">4.5</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> trillion.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser typically invests in unique companies it believes have sustainable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, strong </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">balance sheets and an attractive risk/reward. The Adviser typically focuses a significant portion of the Fund’s investments in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited number of issuers, which may be in the same industry, sector or geographic region.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser actively integrates sustainability into the investment process by using environmental, social and governance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“ESG”) factors as a lens for additional fundamental research, which can contribute to investment decision-making. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeks to understand how environmental and social initiatives within companies can create value by strengthening durable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser generally engages with company management teams to discuss their ESG practices, with the aim of identifying how </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sustainability themes present opportunities and risks that can be material to the value of the security over the long-term. Other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">aspects of the investment process include a proprietary, systematic evaluation of governance policies, specifically focusing on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">compensation alignment on long-term value creation. Although consideration of ESG factors is incorporated into the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment process, it is only one of many tools the Adviser utilizes to make investment decisions.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition to common stocks, the Fund may invest in other types of equity securities. The Fund may also invest in privately </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">placed and restricted securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser may invest up to 25% of the Fund’s total assets in foreign securities, including emerging market securities and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities classified as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), American Depositary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares (“ADSs”) or Global Depositary Shares (“GDSs”), foreign U.S. dollar-denominated securities that are traded on a U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange or local shares of non-U.S. issuers.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector. Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Private Placements and Restricted Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments may include privately placed and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities, which are generally subject to resale or transfer restrictions or prohibitions. Private placements and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities may not be listed on an exchange and may have no active trading market. The Fund may be unable to dispose of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">privately placed and restricted securities promptly or may be able to sell privately placed and restricted securities only at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">disadvantageous times or prices, especially under adverse market or economic conditions or in the event of adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in the financial condition of the issuer. There is no assurance that a liquid market will exist for privately placed and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">restricted securities and these securities could have the effect of increasing the level of Fund illiquidity. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market for certain investments deemed liquid at the time of purchase may become illiquid under adverse market or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions. Restricted securities, including privately placed securities, may be difficult to value and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">experience significant price volatility, and there is typically less information available about issuers of private placements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and restricted securities and there is no assurance that the information obtained by the Adviser is reliable. Private </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">placements and restricted securities may involve a high degree of business and financial risk and may result in substantial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses to the Fund.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class IR shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">five year periods and since inception compare with those of a broad measure of market performance and one or more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">additional indexes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The additional index(es) in the table provides a means to compare the Fund’s average annual total returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to a benchmark that the Adviser believes is representative of the Fund’s investment universe. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information is available online at </span><a href="DUMMY_17265_0_5"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class IR shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and five year periods and since inception compare with those of a broad measure of market performance and one or more additional indexes. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17265img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">58.33%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/22</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-41.18%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.5833 Low Quarter 2022-06-30 -0.4118 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="2" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 6/15/2018)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">24.90%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.87%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.06%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">24.90%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.11%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.80%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.74%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.96%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell 1000® Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.37%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.59%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.19%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell 1000® Growth Index (reflects no deduction for fees, expenses or </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:6pt;;"><sup>4</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.56%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.79%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.249 0.0187 0.1306 0.249 0.0011 0.108 0.1474 0.0095 0.0996 0.1737 0.1359 0.1419 0.1856 0.1532 0.1779 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class IR shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Global Opportunity Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell Class IR shares of the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund does not charge any sales loads or other fees when you purchase or redeem Class IR shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay fees other </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:69.97503241914569%"></td> <td style="height:1px;width:30.02496758085432%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.28%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.01%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.06%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> </tr> </table></div> 0.0073 0 0.0028 0.0101 0.0006 0.0095 “Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. 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;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class IR</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$316 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$552 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,231 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 97 316 552 1231 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class IR</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$316 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$552 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,231 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 97 316 552 1231 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">11%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.11 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">established and emerging companies located throughout the world, with capitalizations within the range of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">included in the MSCI All Country World Index.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser seeks high quality established and emerging companies that the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">believes are undervalued at the time of purchase. Fundamental research drives the investment process. The Adviser typically </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">favors companies it believes have sustainable competitive advantages that can be monetized through growth. The investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">process integrates analysis of sustainability with respect to disruptive change, financial strength, environmental and social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">externalities and governance (also referred to as ESG). The Adviser typically focuses a significant portion of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in a limited number of issuers, which may be in the same industry, sector or geographic region. The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">generally considers selling a portfolio holding when it determines that the holding no longer satisfies its investment criteria.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser views incorporating ESG-related potential risks and opportunities within the investment process as important to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ensure long-term stewardship of capital. Over extended time horizons, the Adviser believes that ESG risks are more likely to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">materialize and externalities not borne by the company are more likely to be priced into the value of securities. Since ESG risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">could potentially impact the risk and reward profile of investment opportunities, the Adviser typically engages company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management in constructive discussions on a range of ESG issues the Adviser deems materially important.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in China A-Shares (shares of publicly traded companies based in mainland China) listed and traded on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shanghai Stock Exchange through the Shanghai-Hong Kong Stock Connect program, as well as China A-Shares listed and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">traded on the Shenzhen-Hong Kong Stock Connect program (collectively, “Stock Connect”).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may also invest in American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and other types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">depositary receipts with respect to issuers located or operating outside of the United States. The Fund may invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities. The Fund may also invest in privately placed and restricted securities.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund. Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> interconnectivity of global economies and financial markets </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>China Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in securities of Chinese issuers involve risks associated with investments in foreign markets as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as special considerations not typically associated with investments in the U.S. markets or other foreign (including emerging) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets. For example, the Chinese government has historically exercised substantial control over virtually every sector of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese economy through administrative regulation, state ownership and/or other involvement. Actions of the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">central and local government authorities continue to have a substantial effect on economic conditions in China and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations of particular Chinese companies. In addition, the Chinese government has actively intervened in Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies’ operations and structures and taken (and may continue to take) actions that influenced the prices at which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">certain goods may be sold, encouraged companies to invest or concentrate in particular industries, induced mergers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between companies in certain industries and induced private companies to publicly offer their securities. Investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China involve risk of a total loss due to government action or inaction or other adverse circumstances.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions, trading policies and taxation of imports of its primary trading partners, such as the United States, Japan and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">South Korea, would adversely impact the Chinese economy and the Fund’s investments. Moreover, a slowdown in other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significant economies of the world, such as the United States, the European Union and certain Asian countries, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect economic growth or the value of investments in China. An economic downturn in China would adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact the Fund’s investments. In addition, certain securities are, or may in the future, become restricted and/or sanctioned </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by the U.S. government or other governments and the Fund may be forced to sell or unable to sell such securities and incur </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a loss as a result and the Fund may be unable to purchase securities of Chinese issuers from time to time.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. relations with China are strained, because of, among other things, a series of trade, international treaty, tax, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sanctions actions taken by the United States and China against each other, including the designation of China as a “foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversary” of the U.S., as well as countersanctions or countermeasures from the Chinese government that have been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">triggered or are expected to be triggered. Moreover, recent developments in relations between the U.S., other trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">partners and China have heightened concerns (and the realization) of increased tariffs and restrictions on trade between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">two countries, such as the potential for an escalation in trade tensions or a trade war. Increases in tariffs or trade restrictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(and threats thereof) could lead to a significant reduction in international trade, which could have a negative impact on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China’s export industry, Chinese issuers, the liquidity or price of the Fund’s direct or indirect investments in China and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">therefore, the Fund’s investments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These and other developments, including government actions or inactions, would likely result in significant illiquidity risk or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses or forced disposition for Chinese investments. The Chinese securities markets are emerging markets characterized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by a relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price volatility (caused by, among other things, military, diplomatic, or trade conflicts and government intervention in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic and securities markets), and potentially fewer investment opportunities for the Fund. The Fund’s investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities are also subject to additional risks associated with differing regulatory and audit requirements in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities market as compared to the U.S. securities market, including a lack of reliable audits and other financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information regarding many Chinese companies and heightened risk of market manipulation and fraud, which may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increased through actions taken by the Chinese government. In addition, the relationship between China and Taiwan is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly sensitive, and hostilities between China and Taiwan, including continued threats by China to invade and control </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Taiwan, present a significant risk to the Fund’s investments in China. Ongoing political tension between the People’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Republic of China and the Hong Kong Special Administrative Region may have impacts on the economy of Hong Kong, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">these impacts remain uncertain.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:12pt;margin-left:0pt;"><i>Risks of Investing through Stock Connect.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may invest in A-shares listed and traded through Stock Connect, or on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such other stock exchanges in China which participate in Stock Connect from time to time or in the future. Trading through </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Stock Connect is subject to a number of restrictions that may affect the Fund’s investments and returns. Moreover, Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Connect A-shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">accordance with applicable rules. The Stock Connect program is a relatively new program and may be subject to further </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interpretation and guidance. There can be no assurance as to the program’s continued existence or whether future </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments regarding the program may restrict or adversely affect the Fund’s investments or returns. Because certain </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions through Stock Connect may not be subject to certain investor protection programs, the Fund may be exposed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the risks of default of the broker(s) they engage in their trading in China A Shares.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Variable Interest Entities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Chinese operating companies sometimes rely on variable interest entity (“VIE”) structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">raise capital from non-Chinese investors because of Chinese government limitations or prohibitions on direct foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in certain industries. In a VIE structure, a series of contractual arrangements are entered into between a holding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company domiciled outside of China and a Chinese operating company or companies, which are intended to mimic direct </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in the operating company, but in many cases these arrangements have not been tested in court and it is not clear </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contracts are enforceable or that the structures will otherwise work as intended. The offshore holding company, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which is not a Chinese operating company, then issues exchange-traded shares that are sold to the public, including non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese investors (such as the Fund). In addition to the risks generally associated with investing in China and a Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company, the shares of the holding company purchased by the Fund would not be equity ownership interests in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese operating company and the Fund’s interest would be subject to substantial legal, operational and other risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with the company’s use of the VIE structure. For example, the Chinese government has not approved VIE </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese operating companies. If any of these or similar risks or developments materialize, the Fund’s investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holding company may suddenly and significantly decline in value or become worthless because of, among other things, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">difficulty enforcing (or the inability to enforce) the contractual arrangements or materially adverse effects on the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company’s performance. In these circumstances, the Fund could experience significant or total losses with no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">recourse available. From time to time, the Fund’s investments in U.S.-listed shell companies relying on VIE structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obtain exposure to Chinese operating companies could be significant. A decline or worsening in diplomatic or other relations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between the U.S. and China could increase the risks associated with the VIE structure.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s Class IR shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">one and five year periods and since inception compare with those of a broad measure of market performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class IR shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and five year periods and since inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17277img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">31.69%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-27.31%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.3169 Low Quarter 2022-06-30 -0.2731 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="2" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 6/15/2018)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.53%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.78%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.04%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.60%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.19%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.16%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.20%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.38%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI All Country World Net Index (reflects no deduction for fees, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.34%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.19%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.18%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.1253 0.0475 0.1078 0.1004 0.026 0.0919 0.0916 0.032 0.0838 0.2234 0.1119 0.1118 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class IR shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class IR shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The International Opportunity Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell Class IR shares of the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund does not charge any sales loads or other fees when you purchase Class IR shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay fees other than the fees </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>not reflected in the tables and examples below.</b></span></div> Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:85.33462282398453%"></td> <td style="height:1px;width:13.891682785299805%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage based on the lesser of the offering price or net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“NAV”) at redemption)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Redemption Fee (as a percentage of the amount redeemed on redemptions made within 30 days of purchase)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0 -0.02 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:69.97503241914569%"></td> <td style="height:1px;width:30.02496758085432%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.10%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.90%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.96%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.94%</span></div> </td> </tr> </table></div> 0.008 0 0.151 0.159 0.1496 0.0094 “Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and that the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class IR</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$96 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,054 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$5,403 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,369 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 96 3054 5403 9369 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class IR</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$96 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,054 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$5,403 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,369 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 96 3054 5403 9369 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">25%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.25 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">established and emerging companies on an international basis, with capitalizations within the range of companies included in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the MSCI All Country World ex USA Index.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting securities for investment, the Adviser seeks high quality established and emerging companies that the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">believes are undervalued at the time of purchase. Fundamental research drives the investment process. The Adviser typically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">favors companies it believes have sustainable competitive advantages that can be monetized through growth. The investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">process integrates analysis of sustainability with respect to disruptive change, financial strength, environmental and social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">externalities and governance (also referred to as ESG). The Adviser typically focuses a significant portion of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in a limited number of issuers, which may be in the same industry, sector or geographic region. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser generally considers selling a portfolio holding when it determines that the holding no longer satisfies its investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">criteria.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser views incorporating ESG-related potential risks and opportunities within the investment process as important to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ensure long-term stewardship of capital. Over extended time horizons, the Adviser believes that ESG risks are more likely to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">materialize and externalities not borne by the company are more likely to be priced into the value of securities. Since ESG risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">could potentially impact the risk and reward profile of investment opportunities, the Adviser typically engages company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management in constructive discussions on a range of ESG issues the Adviser deems materially important.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest in China A-Shares (shares of publicly traded companies based in mainland China) listed and traded on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shanghai Stock Exchange through the Shanghai-Hong Kong Stock Connect program, as well as China A-Shares listed and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">traded on the Shenzhen-Hong Kong Stock Connect program (collectively, “Stock Connect”).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may also invest in American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and other types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">depositary receipts with respect to issuers located or operating outside of the United States. The Fund may invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities. The Fund may also invest in privately placed and restricted securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund invests primarily in securities of companies located in Europe, Japan, Asia, the Pacific Basin, Latin America, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Middle East and Africa. The Fund may also invest in securities of companies located in the United States to a limited extent.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund. Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">negative events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument may cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector. Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>China Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in securities of Chinese issuers involve risks associated with investments in foreign markets as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as special considerations not typically associated with investments in the U.S. markets or other foreign (including emerging) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets. For example, the Chinese government has historically exercised substantial control over virtually every sector of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese economy through administrative regulation, state ownership and/or other involvement. Actions of the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">central and local government authorities continue to have a substantial effect on economic conditions in China and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations of particular Chinese companies. In addition, the Chinese government has actively intervened in Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies’ operations and structures and taken (and may continue to take) actions that influenced the prices at which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">certain goods may be sold, encouraged companies to invest or concentrate in particular industries, induced mergers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between companies in certain industries and induced private companies to publicly offer their securities. Investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China involve risk of a total loss due to government action or inaction or other adverse circumstances.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions, trading policies and taxation of imports of its primary trading partners, such as the United States, Japan and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">South Korea, would adversely impact the Chinese economy and the Fund’s investments. Moreover, a slowdown in other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significant economies of the world, such as the United States, the European Union and certain Asian countries, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect economic growth or the value of investments in China. An economic downturn in China would adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact the Fund’s investments. In addition, certain securities are, or may in the future, become restricted and/or sanctioned </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by the U.S. government or other governments and the Fund may be forced to sell or unable to sell such securities and incur </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a loss as a result and the Fund may be unable to purchase securities of Chinese issuers from time to time.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. relations with China are strained, because of, among other things, a series of trade, international treaty, tax, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sanctions actions taken by the United States and China against each other, including the designation of China as a “foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversary” of the U.S., as well as countersanctions or countermeasures from the Chinese government that have been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">triggered or are expected to be triggered. Moreover, recent developments in relations between the U.S., other trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">partners and China have heightened concerns (and the realization) of increased tariffs and restrictions on trade between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">two countries, such as the potential for an escalation in trade tensions or a trade war. Increases in tariffs or trade restrictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(and threats thereof) could lead to a significant reduction in international trade, which could have a negative impact on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China’s export industry, Chinese issuers, the liquidity or price of the Fund’s direct or indirect investments in China and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">therefore, the Fund’s investments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These and other developments, including government actions or inactions, would likely result in significant illiquidity risk or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses or forced disposition for Chinese investments. The Chinese securities markets are emerging markets characterized </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by a relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price volatility (caused by, among other things, military, diplomatic, or trade conflicts and government intervention in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic and securities markets), and potentially fewer investment opportunities for the Fund. The Fund’s investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities are also subject to additional risks associated with differing regulatory and audit requirements in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities market as compared to the U.S. securities market, including a lack of reliable audits and other financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information regarding many Chinese companies and heightened risk of market manipulation and fraud, which may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increased through actions taken by the Chinese government. In addition, the relationship between China and Taiwan is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly sensitive, and hostilities between China and Taiwan, including continued threats by China to invade and control </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Taiwan, present a significant risk to the Fund’s investments in China. Ongoing political tension between the People’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Republic of China and the Hong Kong Special Administrative Region may have impacts on the economy of Hong Kong, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">these impacts remain uncertain.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:12pt;margin-left:0pt;"><i>Risks of Investing through Stock Connect.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may invest in A-shares listed and traded through Stock Connect, or on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such other stock exchanges in China which participate in Stock Connect from time to time or in the future. Trading through </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Stock Connect is subject to a number of restrictions that may affect the Fund’s investments and returns. Moreover, Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Connect A-shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">accordance with applicable rules. The Stock Connect program is a relatively new program and may be subject to further </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interpretation and guidance. There can be no assurance as to the program’s continued existence or whether future </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments regarding the program may restrict or adversely affect the Fund’s investments or returns. Because certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions through Stock Connect may not be subject to certain investor protection programs, the Fund may be exposed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the risks of default of the broker(s) they engage in their trading in China A Shares.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Variable Interest Entities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Chinese operating companies sometimes rely on variable interest entity (“VIE”) structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">raise capital from non-Chinese investors because of Chinese government limitations or prohibitions on direct foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in certain industries. In a VIE structure, a series of contractual arrangements are entered into between a holding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company domiciled outside of China and a Chinese operating company or companies, which are intended to mimic direct </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in the operating company, but in many cases these arrangements have not been tested in court and it is not clear </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contracts are enforceable or that the structures will otherwise work as intended. The offshore holding company, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which is not a Chinese operating company, then issues exchange-traded shares that are sold to the public, including non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese investors (such as the Fund). In addition to the risks generally associated with investing in China and a Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company, the shares of the holding company purchased by the Fund would not be equity ownership interests in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese operating company and the Fund’s interest would be subject to substantial legal, operational and other risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with the company’s use of the VIE structure. For example, the Chinese government has not approved VIE </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese operating companies. If any of these or similar risks or developments materialize, the Fund’s investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holding company may suddenly and significantly decline in value or become worthless because of, among other things, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">difficulty enforcing (or the inability to enforce) the contractual arrangements or materially adverse effects on the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company’s performance. In these circumstances, the Fund could experience significant or total losses with no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">recourse available. From time to time, the Fund’s investments in U.S.-listed shell companies relying on VIE structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obtain exposure to Chinese operating companies could be significant. A decline or worsening in diplomatic or other relations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between the U.S. and China could increase the risks associated with the VIE structure.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s Class IR shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">one and five year periods and since inception compare with those of a broad measure of market performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class IR shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and five year periods and since inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17277img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">34.04%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-26.32%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.3404 Low Quarter 2022-03-31 -0.2632 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="2" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 6/15/2018)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.74%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-2.74%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.88%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.86%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-3.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.57%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.66%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-2.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI All Country World ex USA Net Index (reflects no deduction for fees, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.39%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.91%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.40%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.1274 -0.0274 0.0488 0.1286 -0.0315 0.0457 0.0766 -0.0208 0.0383 0.3239 0.0791 0.074 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class IR shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class IR shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Passport Overseas Equity Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to $50,000 or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">52</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage based on the lesser of the offering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price or NAV at redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0 0.01 0 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:35.02041922310179%"></td> <td style="height:1px;width:12.983142044244877%"></td> <td style="height:1px;width:12.983142044244877%"></td> <td style="height:1px;width:12.983142044244877%"></td> <td style="height:1px;width:12.983142044244877%"></td> <td style="height:1px;width:13.04701259991871%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.46%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.49%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.54%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.85%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.11%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.39%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.94%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.95%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.50%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.21%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.14%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.65%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.90%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.25%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.75%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.85%</span></div> </td> </tr> </table></div> 0.0065 0.0065 0.0065 0.0065 0.0065 0 0.0025 0.0075 0.01 0 0.0046 0.0049 0.0054 0.013 0.0685 0.0111 0.0139 0.0194 0.0295 0.075 0.0021 0.0014 0.0019 0.0095 0.0665 0.009 0.0125 0.0175 0.02 0.0085 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$92</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$332</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$591</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,333 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$646 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$929</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,233 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,095 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$178 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$591</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,029 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,249 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$303 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$823</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,469 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,831 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$87</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,610 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,058 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,374 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 92 332 591 1333 646 929 1233 2095 178 591 1029 2249 303 823 1469 2831 87 1610 3058 6374 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$92</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$332</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$591</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,333 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$646 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$929</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,233 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,095 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$178 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$591</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,029 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,249 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$203 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$823</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,469 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,831 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$87</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,610 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,058 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,374 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 92 332 591 1333 646 929 1233 2095 178 591 1029 2249 203 823 1469 2831 87 1610 3058 6374 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">36%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.36 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser actively selects among developed and emerging countries applying its investment process to determine a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">country’s future economic growth and equity return potential. The Adviser’s approach combines a top-down country process </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industry and thematic</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> allocation and bottom-up stock selection. Under normal circumstances, the Fund invests at least </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">80% of its net assets (plus any borrowings for investment purposes) in the equity securities of issuers located outside of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">United States. This policy may be changed without shareholder approval; however, you would be notified upon 60 days’ notice </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in writing of any changes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Equity securities generally represent an ownership interest in an issuer or may be convertible into or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">represent a right to acquire an ownership interest in an issuer. An issuer is considered to be from a particular country or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region if: (i) its principal securities trading market is in that country or geographic region; (ii) alone or on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consolidated basis it derives 50% or more of its annual revenue or profits from goods produced, sales made or services </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performed in that country or geographic region or has at least 50% of its assets, core business operations and/or employees in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that country or geographic region; or (iii) it is organized under the laws of, or has a principal office in, that country or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region. By applying these tests, it is possible that a particular issuer could be deemed to be from more than one </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">country or geographic region.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser analyzes the global economic environment and each country’s fundamentals and actively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">allocates</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets among countries</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, industries and thematics</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> located throughout the world (the investment universe is developed markets, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including the United States, and emerging markets, including frontier markets). Investment decisions may be implemented </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">through </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industry, thematics</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and stock-specific allocations within and across markets</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Country, industry, thematic and stock</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">weightings are based on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">absolute and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relative economic</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and political</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> fundamentals, stock valuations and investor sentiment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and are a function of the Adviser’s conviction levels, the size of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">opportunity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and liquidity.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Investments are based on fundamental analysis in an effort to identify those equities that stand to benefit most from the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser’s current and prospective macro views and that are likely to experience attractive earnings growth prospects as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">result of exposure and gearing to those top-down conditions. Investment decisions are implemented by equity positions in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> industries, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">thematics and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> individual stocks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The equity securities in which the Fund may invest include common </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">stock, preferred stock, convertible securities, depositary receipts, rights and warrants. The Adviser generally considers selling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a portfolio holding when it determines that the position no longer satisfies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> investment criteria.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management, portfolio management or to earn income. The Fund’s use of derivatives may involve the purchase and sale of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivative instruments such as futures, options, swaps, contracts for difference (“CFDs”) and other related instruments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">techniques. The Fund may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its investments in foreign securities. Derivative instruments used by the Fund will be counted toward the Fund’s 80% policy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discussed above to the extent they have economic characteristics similar to the securities included within that policy.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks, and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments in foreign securities may be denominated in foreign currencies. The value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign currencies may fluctuate relative to the value of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">denominated securities, and therefore may convert the value of such securities into U.S. dollars, changes in currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates can increase or decrease the U.S. dollar value of the Fund’s assets. Currency exchange rates may fluctuate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly over short periods of time for a number of reasons, including changes in interest rates and the overall economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">health of the issuer. Devaluation of a currency by a country’s government or banking authority also will have a significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on the value of any investments denominated in that currency. The Adviser may use derivatives to seek to reduce </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">this risk. The Adviser may in its discretion choose not to hedge against currency risk. In addition, certain market conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may make it impossible or uneconomical to hedge against currency risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and 10 year periods and since inception compare with those of a broad measure of market performance and a custom </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">benchmark.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The performance of the other classes, which is shown in the table below, will differ because the classes have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and assume you sold your shares at the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. </span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and 10 year periods and since inception compare with those of a broad measure of market performance and a custom benchmark. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns — Calendar Years <div><img alt="image" src="pr17301img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.22%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-21.66%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.2222 Low Quarter 2020-03-31 -0.2166 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:61.385410416707%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.704453519654713%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 1/17/1992)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">38.53%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.04%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.46%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.46%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">34.78%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.67%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.32%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">25.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.66%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.87%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.05%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 1/2/1996)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">30.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.58%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.53%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.71%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 6/14/2012)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">37.39%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.14%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.53%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.54%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">36.02%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.88%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.43%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.84%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 10/31/2019)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">38.54%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.11%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">N/A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.79%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI All Country World ex USA Index (reflects no deduction for fees, expenses or </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:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.39%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.91%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.41%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.28%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Active International Allocation Blend Index (reflects no deduction for fees, expenses or </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:6pt;;"><sup>5</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.39%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.91%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.05%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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 style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> </table></div> 0.3853 0.0604 0.0846 0.0646 0.3478 0.0475 0.0767 0.0532 0.2573 0.0466 0.0687 0.0505 0.308 0.0458 0.0753 0.0571 0.3739 0.0514 0.0753 0.0754 0.3602 0.0488 0.0743 0.0584 0.3854 0.0611 0.1079 0.3239 0.0791 0.0841 0.0628 0.3239 0.0791 0.0805 0.0613 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Emerging Markets Leaders Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Multi-Class Funds already held in Related Accounts (as defined in the section of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transaction, amounts to $50,000 or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">available from your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">52</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Information—Sales Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Multi-Class Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on the lesser of the offering price or NAV at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemption)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Redemption Fee (as a percentage of the amount redeemed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on redemptions made within 30 days of purchase)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0.01 0.01 0 -0.02 -0.02 -0.02 -0.02 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:44.00874833065593%"></td> <td style="height:1px;width:13.981845278417557%"></td> <td style="height:1px;width:13.981845278417557%"></td> <td style="height:1px;width:13.981845278417557%"></td> <td style="height:1px;width:14.04765130547545%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.55%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.60%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.68%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.79%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.60%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.43%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.54%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.31%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.33%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.59%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.99%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.35%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.10%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> </tr> </table></div> 0.0075 0.0075 0.0075 0.0075 0 0.0025 0.01 0 0.0055 0.006 0.0068 0.0179 0.013 0.016 0.0243 0.0254 0.0031 0.0025 0.0033 0.0159 0.0099 0.0135 0.021 0.0095 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:51.998374204037404%"></td> <td style="height:1px;width:11.984438810072193%"></td> <td style="height:1px;width:11.984438810072193%"></td> <td style="height:1px;width:11.984438810072193%"></td> <td style="height:1px;width:12.050244837130084%"></td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$101 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$381 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$683 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,541 </span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$655 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$980 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,328 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,305 </span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$313 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$726 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,266 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,535 </span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$639 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,207 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,756 </span></div> </td> </tr> </table></div> If You SOLD Your Shares 101 381 683 1541 655 980 1328 2305 313 726 1266 2535 97 639 1207 2756 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:51.998374204037404%"></td> <td style="height:1px;width:11.984438810072193%"></td> <td style="height:1px;width:11.984438810072193%"></td> <td style="height:1px;width:11.984438810072193%"></td> <td style="height:1px;width:12.050244837130084%"></td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$101 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$381 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$683 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,541 </span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$655 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$980 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,328 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,305 </span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$213 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$726 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,266 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,535 </span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$639 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,207 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,756 </span></div> </td> </tr> </table></div> If You HELD Your Shares 101 381 683 1541 655 980 1328 2305 213 726 1266 2535 97 639 1207 2756 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">59%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.59 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and the Fund’s “Sub-Adviser,” Morgan Stanley Investment Management Company (“MSIM Company”), seek to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">achieve the Fund’s investment objective by investing primarily in equity securities of companies located in emerging market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and/or Sub-Adviser generally use a fundamental bottom-up stock selection process informed by macro thematic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">research on overall emerging markets. The Adviser and/or Sub-Adviser will employ this consistent and targeted approach </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeking companies they expect to become leading companies in emerging markets</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The Adviser and/or Sub-Adviser seek to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">construct a focused portfolio of equity securities designed to take advantage of thematic opportunities in emerging markets by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeking to invest in companies that they believe have the potential to outperform emerging markets generally over the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">long-term.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The investment process </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">integrates</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> information about environmental, social and governance issues (also referred to as ESG) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">when making investment decisions. The Adviser and/or Sub-Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">believe that monitoring ESG helps build a more complete </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">picture of the opportunities and risks facing companies, and seeks to engage directly with company management to gain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insights on how each company addresses material ESG issues and how these may affect long-term financial performance</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment process excludes holdings in tobacco companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, at least 80% of the Fund’s assets will be invested in equity securities of issuers located in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">emerging market countries. This policy may be changed without shareholder approval; however, you would be notified upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">60 days’ notice in writing of any changes. The Adviser and/or Sub-Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider an issuer to be located in an emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market country if (i) its principal securities trading market is in an emerging market country, (ii) alone or on a consolidated basis </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">it derives 50% or more of its annual revenue or profits from goods produced, sales made or services performed in emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market countries or has at least 50% of its assets, core business operations and/or employees in emerging markets countries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or (iii) it is organized under the laws of, or has a principal office in, an emerging market country. By applying this test, it is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">possible that a particular issuer could be deemed to be located in more than one country.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Emerging market or developing countries are countries that major international financial institutions or the Fund’s benchmark </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">index generally consider to be less economically mature than developed nations, such as the United States, Canada, Japan, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Australia, New Zealand and most countries located in Western Europe (such as the United Kingdom and France). The specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries that comprise emerging markets or developing countries may change from time to time. The Adviser and/or Sub-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser generally consider selling an investment when they determine the company no longer satisfies their investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">criteria.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The equity securities in which the Fund may primarily invest include common and preferred stocks, convertible securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rights, warrants, depositary receipts, limited partnership interests and other specialty securities having equity features. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may hold or have exposure to equity securities of companies of any size, including small and medium capitalization </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies, and to companies in any industry or sector.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purposes of maintaining exposure of at least 80% of the Fund’s assets to equity securities of companies located in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">emerging market countries, the Fund may also invest in American Depositary Receipts (“ADRs”), Global Depositary Receipts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“GDRs”) and other types of depositary receipts with respect to companies located in emerging market countries.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management, portfolio management or to earn income. The Fund’s use of derivatives may involve the purchase and sale of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivative instruments such as options, futures, swaps, contracts for difference (“CFDs”), structured investments and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related instruments and techniques. The Fund may utilize foreign currency forward exchange contracts, which are also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivatives, in connection with its investments in foreign securities. Derivative instruments used by the Fund will be counted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">toward the Fund’s 80% policy discussed above to the extent they have economic characteristics similar to the securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">included within that policy.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks, and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. Certain emerging market countries may be subject to less stringent </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Non-Diversification.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is non-diversified, which means that the Fund may invest a greater percentage of its assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in a smaller number of issuers than a diversified fund. Because the Fund is non-diversified, it may be more susceptible to an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adverse event affecting a single issuer or portfolio investment than a diversified portfolio and a decline in the value of that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuer’s securities or that portfolio investment may cause the Fund’s overall value to decline to a greater degree than a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversified portfolio.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments in foreign securities may be denominated in foreign currencies. The value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign currencies may fluctuate relative to the value of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">denominated securities, and therefore may convert the value of such securities into U.S. dollars, changes in currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates can increase or decrease the U.S. dollar value of the Fund’s assets. Currency exchange rates may fluctuate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly over short periods of time for a number of reasons, including changes in interest rates and the overall economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">health of the issuer. Devaluation of a currency by a country’s government or banking authority also will have a significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on the value of any investments denominated in that currency. The Adviser may use derivatives to seek to reduce </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">this risk. The Adviser may in its discretion choose not to hedge against currency risk. In addition, certain market conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may make it impossible or uneconomical to hedge against currency risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>China Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in securities of Chinese issuers involve risks associated with investments in foreign markets as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as special considerations not typically associated with investments in the U.S. markets or other foreign (including emerging) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets. For example, the Chinese government has historically exercised substantial control over virtually every sector of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese economy through administrative regulation, state ownership and/or other involvement. Actions of the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">central and local government authorities continue to have a substantial effect on economic conditions in China and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations of particular Chinese companies. In addition, the Chinese government has actively intervened in Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies’ operations and structures and taken (and may continue to take) actions that influenced the prices at which </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">certain goods may be sold, encouraged companies to invest or concentrate in particular industries, induced mergers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between companies in certain industries and induced private companies to publicly offer their securities. Investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China involve risk of a total loss due to government action or inaction or other adverse circumstances.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions, trading policies and taxation of imports of its primary trading partners, such as the United States, Japan and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">South Korea, would adversely impact the Chinese economy and the Fund’s investments. Moreover, a slowdown in other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significant economies of the world, such as the United States, the European Union and certain Asian countries, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect economic growth or the value of investments in China. An economic downturn in China would adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact the Fund’s investments. In addition, certain securities are, or may in the future, become restricted and/or sanctioned </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by the U.S. government or other governments and the Fund may be forced to sell or unable to sell such securities and incur </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a loss as a result and the Fund may be unable to purchase securities of Chinese issuers from time to time.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. relations with China are strained, because of, among other things, a series of trade, international treaty, tax, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sanctions actions taken by the United States and China against each other, including the designation of China as a “foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversary” of the U.S., as well as countersanctions or countermeasures from the Chinese government that have been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">triggered or are expected to be triggered. Moreover, recent developments in relations between the U.S., other trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">partners and China have heightened concerns (and the realization) of increased tariffs and restrictions on trade between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">two countries, such as the potential for an escalation in trade tensions or a trade war. Increases in tariffs or trade restrictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(and threats thereof) could lead to a significant reduction in international trade, which could have a negative impact on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China’s export industry, Chinese issuers, the liquidity or price of the Fund’s direct or indirect investments in China and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">therefore, the Fund’s investments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These and other developments, including government actions or inactions, would likely result in significant illiquidity risk or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses or forced disposition for Chinese investments. The Chinese securities markets are emerging markets characterized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by a relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price volatility (caused by, among other things, military, diplomatic, or trade conflicts and government intervention in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic and securities markets), and potentially fewer investment opportunities for the Fund. The Fund’s investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities are also subject to additional risks associated with differing regulatory and audit requirements in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities market as compared to the U.S. securities market, including a lack of reliable audits and other financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information regarding many Chinese companies and heightened risk of market manipulation and fraud, which may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increased through actions taken by the Chinese government. In addition, the relationship between China and Taiwan is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly sensitive, and hostilities between China and Taiwan, including continued threats by China to invade and control </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Taiwan, present a significant risk to the Fund’s investments in China. Ongoing political tension between the People’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Republic of China and the Hong Kong Special Administrative Region may have impacts on the economy of Hong Kong, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">these impacts remain uncertain.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:12pt;margin-left:0pt;"><i>Risks of Investing through Stock Connect.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may invest in A-shares listed and traded through Stock Connect, or on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such other stock exchanges in China which participate in Stock Connect from time to time or in the future. Trading through </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Stock Connect is subject to a number of restrictions that may affect the Fund’s investments and returns. Moreover, Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Connect A-shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">accordance with applicable rules. The Stock Connect program is a relatively new program and may be subject to further </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interpretation and guidance. There can be no assurance as to the program’s continued existence or whether future </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments regarding the program may restrict or adversely affect the Fund’s investments or returns. Because certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions through Stock Connect may not be subject to certain investor protection programs, the Fund may be exposed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the risks of default of the broker(s) they engage in their trading in China A Shares.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Variable Interest Entities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Chinese operating companies sometimes rely on variable interest entity (“VIE”) structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">raise capital from non-Chinese investors because of Chinese government limitations or prohibitions on direct foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in certain industries. In a VIE structure, a series of contractual arrangements are entered into between a holding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company domiciled outside of China and a Chinese operating company or companies, which are intended to mimic direct </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in the operating company, but in many cases these arrangements have not been tested in court and it is not clear </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contracts are enforceable or that the structures will otherwise work as intended. The offshore holding company, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which is not a Chinese operating company, then issues exchange-traded shares that are sold to the public, including non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese investors (such as the Fund). In addition to the risks generally associated with investing in China and a Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company, the shares of the holding company purchased by the Fund would not be equity ownership interests in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese operating company and the Fund’s interest would be subject to substantial legal, operational and other risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with the company’s use of the VIE structure. For example, the Chinese government has not approved VIE </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese operating companies. If any of these or similar risks or developments materialize, the Fund’s investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holding company may suddenly and significantly decline in value or become worthless because of, among other things, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">difficulty enforcing (or the inability to enforce) the contractual arrangements or materially adverse effects on the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company’s performance. In these circumstances, the Fund could experience significant or total losses with no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">recourse available. From time to time, the Fund’s investments in U.S.-listed shell companies relying on VIE structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obtain exposure to Chinese operating companies could be significant. A decline or worsening in diplomatic or other relations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between the U.S. and China could increase the risks associated with the VIE structure.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>India Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in Indian issuers, the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets may be adversely affected by political, economic, social and religious factors impacting Indian businesses and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Indian economy, changes in Indian law or regulations and the status of India’s relations with other countries. Indian </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government actions in the future could have a significant effect on the Indian economy, which could affect private sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies and the Fund, market conditions, and prices and yields of securities in the Fund’s portfolio. To the extent the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund invests a significant portion of its assets in Indian businesses and the Indian economy, factors that have an adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on Indian businesses and the Indian economy may have a disproportionate impact on the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector(s). Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Industrials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests significantly in the industrials sector, the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly susceptible to the risks associated with companies operating in this sector. For example, the value of securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issued by companies in the industrials sector may be adversely affected by changes in government regulations, domestic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and world events and economic conditions. In addition, companies in the industrials sector may be adversely affected by, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among other developments, environmental damages, product liability claims, commodity prices and exchange rates as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as changes in the supply of and demand for both their specific products or services and for industrials sector products in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">general.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Convertible Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> A convertible security is a bond, debenture, note, preferred stock, right, warrant or other security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">different issuer or into cash within a particular period of time at a specified price or formula. To the extent that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests in convertible securities, and the convertible security’s investment value is greater than its conversion value, its price </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will be likely to increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying security.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Pursuant to an agreement and plan of reorganization, between the Company, on behalf of the Fund, and Morgan Stanley </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Emerging Markets Leaders Fund (Cayman) LP, a private fund managed by the Adviser (the “Private Fund”), at open of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">business on January 6, 2015, the Fund acquired substantially all of the assets and liabilities of the Private Fund in exchange for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares of the Fund (the “Emerging Markets Leaders Reorganization”). The Private Fund commenced operations on June 30, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2011, and had an investment objective, policies, and strategies that were, in all material respects, the same as those of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. However, the Private Fund was not registered as an investment company under the Investment Company Act of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1940, as amended (the “1940 Act”), and therefore was not subject to certain investment limitations, diversification </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amended (the “Code”), which, if applicable, may have adversely affected its performance.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund adopted the performance history of the Private Fund. As a result, the historical performance information shown </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">below reflects, for the periods prior to the Emerging Markets Leaders Reorganization, the historical performance of the Private </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund. The performance of the Private Fund has been restated to reflect any applicable sales charge but is otherwise not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adjusted to reflect differences in expenses between the Private Fund and each class, as applicable.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and 10 year periods and since inception compare with those of a broad measure of market performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the other classes, which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and 10 year periods and since inception compare with those of a broad measure of market performance. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17301img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.55%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-19.69%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.3255 Low Quarter 2020-03-31 -0.1969 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:61.385410416707%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.704453519654713%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 6/30/2011)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.61%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-2.99%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.82%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.82%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-2.61%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.82%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.81%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.96%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-1.88%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.74%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.07%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 6/30/2011)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.34%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-4.36%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.86%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.14%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-4.04%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.79%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.37%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 6/30/2011)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-2.93%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.88%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.86%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI Emerging Markets Net Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">33.57%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.20%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.42%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.89%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>5</sup></span></span></div> </td> </tr> </table></div> 0.1061 -0.0299 0.0682 0.0482 0.113 -0.0261 0.0682 0.0481 0.0696 -0.0188 0.0574 0.0407 0.0434 -0.0436 0.0586 0.0414 0.083 -0.0404 0.0579 0.0437 0.1063 -0.0293 0.0688 0.0486 0.3357 0.042 0.0842 0.0389 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sold at the end of the relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Emerging Markets Portfolio (the “Fund”) seeks long-term capital appreciation by investing primarily in growth-oriented </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities of issuers in emerging market countries.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to $50,000 or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">52</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage based on the lesser of the offering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price or NAV at redemption)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Redemption Fee (as a percentage of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">amount redeemed on redemptions made </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">within 30 days of purchase)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0 0.01 0 0.01 0 -0.02 -0.02 -0.02 -0.02 -0.02 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:37.5171773085335%"></td> <td style="height:1px;width:12.483790427158535%"></td> <td style="height:1px;width:12.483790427158535%"></td> <td style="height:1px;width:12.483790427158535%"></td> <td style="height:1px;width:12.483790427158535%"></td> <td style="height:1px;width:12.549596454216426%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.40%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.49%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.52%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.06%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.28%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.49%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.02%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.81%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.03%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.16%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.14%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.17%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.71%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.99%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.35%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.85%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.10%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> </tr> </table></div> 0.0075 0.0075 0.0075 0.0075 0.0075 0 0.0025 0.0075 0.01 0 0.004 0.0049 0.0152 0.0106 0.0028 0.0115 0.0149 0.0302 0.0281 0.0103 0.0016 0.0014 0.0117 0.0071 0.0008 0.0099 0.0135 0.0185 0.021 0.0095 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$101 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$350 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$618</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,383 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$655 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$958 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,283 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,200 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$188 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$823 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,484 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,254 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$313 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$804 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,421 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,768 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$320 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$561</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,252 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 101 350 618 1383 655 958 1283 2200 188 823 1484 3254 313 804 1421 2768 97 320 561 1252 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$101 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$350 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$618</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,383 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$655 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$958 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,283 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,200 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$188 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$823 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,484 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,254 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$213 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$804 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,421 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,768 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$320 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$561</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,252 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 101 350 618 1383 655 958 1283 2200 188 823 1484 3254 213 804 1421 2768 97 320 561 1252 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">30</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.30 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and the Fund’s “Sub-Adviser,” Morgan Stanley Investment Management Company (“MSIM Company”), seek to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">maximize returns by investing primarily in quality growth-oriented equity securities in emerging markets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser’s and/or Sub-Adviser’s investment approach combines top-down country and thematic allocation with bottom-up </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">stock selection. The Adviser and/or Sub-Adviser allocate the Fund’s assets among emerging markets based on relative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political and social fundamentals, stock valuations and investor sentiment. To seek to manage risk, the Adviser and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or Sub-Adviser emphasize macroeconomic and fundamental research.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The investment process integrates information about environmental, social and governance issues (also referred to as ESG) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">when making investment decisions. The Adviser and/or Sub-Adviser believe that monitoring ESG helps build a more complete </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">picture of the opportunities and risks facing companies, and seeks to engage directly with company management to gain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insights on how each company addresses material ESG issues and how these may affect long-term financial performance.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, at least 80% of the Fund’s assets will be invested in equity securities of issuers located in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">emerging market countries. This policy may be changed without shareholder approval; however, you would be notified upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">60 days’ notice in writing of any changes. The Adviser and/or Sub-Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider an issuer to be located in an emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market country if (i) its principal securities trading market is in an emerging market country, (ii) alone or on a consolidated basis </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">it derives 50% or more of its annual revenue or profits from goods produced, sales made or services performed in emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market countries or has at least 50% of its assets, core business operations and/or employees in emerging markets countries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or (iii) it is organized under the laws of, or has a principal office in, an emerging market country. By applying this test, it is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">possible that a particular issuer could be deemed to be located in more than one country.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Emerging market or developing countries are countries that major international financial institutions or the Fund’s benchmark </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">index generally consider to be less economically mature than developed nations, such as the United States or most nations in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Western Europe. Emerging market or developing countries can include every nation in the world except the United States, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Canada, Japan, Australia, New Zealand and most countries located in Western Europe. The Adviser and/or Sub-Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">generally consider selling an investment when they determine the company no longer satisfies their investment criteria.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may, but it is not required to, use derivatives and similar instruments for a variety of purposes, including hedging, risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management, portfolio management or to earn income. The Fund’s use of derivatives may involve the purchase and sale of </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivative instruments such as futures and other similar instruments and techniques. The Fund may utilize foreign currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities. Derivative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instruments used by the Fund will be counted toward the Fund’s 80% policy discussed above to the extent they have economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics similar to the securities included within that policy.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks, and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments in foreign securities may be denominated in foreign currencies. The value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign currencies may fluctuate relative to the value of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">denominated securities, and therefore may convert the value of such securities into U.S. dollars, changes in currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates can increase or decrease the U.S. dollar value of the Fund’s assets. Currency exchange rates may fluctuate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly over short periods of time for a number of reasons, including changes in interest rates and the overall economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">health of the issuer. Devaluation of a currency by a country’s government or banking authority also will have a significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on the value of any investments denominated in that currency. The Adviser may use derivatives to seek to reduce </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">this risk. The Adviser may in its discretion choose not to hedge against currency risk. In addition, certain market conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may make it impossible or uneconomical to hedge against currency risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>China Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Investments in securities of Chinese issuers involve risks associated with investments in foreign markets as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as special considerations not typically associated with investments in the U.S. markets or other foreign (including emerging) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets. For example, the Chinese government has historically exercised substantial control over virtually every sector of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese economy through administrative regulation, state ownership and/or other involvement. Actions of the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">central and local government authorities continue to have a substantial effect on economic conditions in China and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations of particular Chinese companies. In addition, the Chinese government has actively intervened in Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies’ operations and structures and taken (and may continue to take) actions that influenced the prices at which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">certain goods may be sold, encouraged companies to invest or concentrate in particular industries, induced mergers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between companies in certain industries and induced private companies to publicly offer their securities. Investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China involve risk of a total loss due to government action or inaction or other adverse circumstances.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trading policies and taxation of imports of its primary trading partners, such as the United States, Japan and South Korea, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">would adversely impact the Chinese economy and the Fund’s investments. Moreover, a slowdown in other significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies of the world, such as the United States, the European Union and certain Asian countries, may adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic growth or the value of investments in China. An economic downturn in China would adversely impact the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments. In addition, certain securities are, or may in the future, become restricted and/or sanctioned by the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government or other governments and the Fund may be forced to sell or unable to sell such securities and incur a loss as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">result and the Fund may be unable to purchase securities of Chinese issuers from time to time.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. relations with China are strained, because of, among other things, a series of trade, international treaty, tax, and sanctions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">actions taken by the United States and China against each other, including the designation of China as a “foreign adversary” of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the U.S., as well as countersanctions or countermeasures from the Chinese government that have been triggered or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expected to be triggered. Moreover, recent developments in relations between the U.S., other trading partners and China have </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">heightened concerns (and the realization) of increased tariffs and restrictions on trade between the two countries, such as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potential for an escalation in trade tensions or a trade war. Increases in tariffs or trade restrictions (and threats thereof) could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lead to a significant reduction in international trade, which could have a negative impact on China’s export industry, Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers, the liquidity or price of the Fund’s direct or indirect investments in China and, therefore, the Fund’s investments.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These and other developments, including government actions or inactions, would likely result in significant illiquidity risk or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses or forced disposition for Chinese investments. The Chinese securities markets are emerging markets characterized by a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatility (caused by, among other things, military, diplomatic, or trade conflicts and government intervention in economic and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities markets), and potentially fewer investment opportunities for the Fund. The Fund’s investments in Chinese securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are also subject to additional risks associated with differing regulatory and audit requirements in the Chinese securities market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as compared to the U.S. securities market, including a lack of reliable audits and other financial information regarding many </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese companies and heightened risk of market manipulation and fraud, which may be increased through actions taken by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese government. In addition, the relationship between China and Taiwan is particularly sensitive, and hostilities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between China and Taiwan, including continued threats by China to invade and control Taiwan, present a significant risk to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s investments in China. Ongoing political tension between the People’s Republic of China and the Hong Kong Special </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Administrative Region may have impacts on the economy of Hong Kong, and these impacts remain uncertain.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:0pt;margin-left:0pt;"><i>Risks of Investing through Stock Connect.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may invest in A-shares listed and traded through Stock Connect, or on such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other stock exchanges in China which participate in Stock Connect from time to time or in the future. Trading through Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Connect is subject to a number of restrictions that may affect the Fund’s investments and returns. Moreover, Stock Connect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">A-shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">applicable rules. The Stock Connect program is a relatively new program and may be subject to further interpretation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">guidance. There can be no assurance as to the program’s continued existence or whether future developments regarding the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">program may restrict or adversely affect the Fund’s investments or returns. Because certain transactions through Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Connect may not be subject to certain investor protection programs, the Fund may be exposed to the risks of default of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">broker(s) they engage in their trading in China A Shares.</span></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Variable Interest Entities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Chinese operating companies sometimes rely on variable interest entity (“VIE”) structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">raise capital from non-Chinese investors because of Chinese government limitations or prohibitions on direct foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in certain industries. In a VIE structure, a series of contractual arrangements are entered into between a holding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company domiciled outside of China and a Chinese operating company or companies, which are intended to mimic direct </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in the operating company, but in many cases these arrangements have not been tested in court and it is not clear </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contracts are enforceable or that the structures will otherwise work as intended. The offshore holding company, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which is not a Chinese operating company, then issues exchange-traded shares that are sold to the public, including non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese investors (such as the Fund). In addition to the risks generally associated with investing in China and a Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company, the shares of the holding company purchased by the Fund would not be equity ownership interests in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese operating company and the Fund’s interest would be subject to substantial legal, operational and other risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with the company’s use of the VIE structure. For example, the Chinese government has not approved VIE </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese operating companies. If any of these or similar risks or developments materialize, the Fund’s investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holding company may suddenly and significantly decline in value or become worthless because of, among other things, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">difficulty enforcing (or the inability to enforce) the contractual arrangements or materially adverse effects on the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company’s performance. In these circumstances, the Fund could experience significant or total losses with no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">recourse available. From time to time, the Fund’s investments in U.S.-listed shell companies relying on VIE structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obtain exposure to Chinese operating companies could be significant. A decline or worsening in diplomatic or other relations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between the U.S. and China could increase the risks associated with the VIE structure.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>India Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in Indian issuers, the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets may be adversely affected by political, economic, social and religious factors impacting Indian businesses and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Indian economy, changes in Indian law or regulations and the status of India’s relations with other countries. Indian </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government actions in the future could have a significant effect on the Indian economy, which could affect private sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies and the Fund, market conditions, and prices and yields of securities in the Fund’s portfolio. To the extent the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund invests a significant portion of its assets in Indian businesses and the Indian economy, factors that have an adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on Indian businesses and the Indian economy may have a disproportionate impact on the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Investments in currency derivatives may substantially change the Fund’s exposure to currency exchange rates and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">could result in losses to the Fund if currencies do not perform as the Adviser expects. Foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contracts and currency futures and options contracts create exposure to currencies in which the Fund’s securities are not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">denominated.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and 10 year periods and since inception compare with those of a broad measure of market performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the other classes, which is shown in the table below, will differ because the classes have different ongoing fees. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and 10 year periods and since inception compare with those of a broad measure of market performance. The performance of the other classes, which is shown in the table below, will differ because the classes have different ongoing fees. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17301img005.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">19.82%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-26.72%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.1982 Low Quarter 2020-03-31 -0.2672 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:61.385410416707%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.704453519654713%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 9/25/1992)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.24%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.46%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.32%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.27%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.88%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.35%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.10%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">29.95%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.48%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.93%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.23%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 1/2/1996)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">24.89%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.99%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.40%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.13%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/27/2012)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">31.18%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.57%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.40%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.67%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">30.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.32%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.99%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 9/13/2013)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.52%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.40%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.82%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI Emerging Markets Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">33.57%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.20%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.42%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.26%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> </table></div> 0.3224 0.0446 0.0732 0.0727 0.1688 0.013 0.0535 0.061 0.2995 0.0348 0.0593 0.0623 0.2489 0.0299 0.064 0.0613 0.3118 0.0357 0.064 0.0367 0.3019 0.0332 0.063 0.0399 0.3225 0.0452 0.074 0.0482 0.3357 0.042 0.0842 0.0726 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Passport Overseas Equity Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell Class IR shares of the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund does not charge any sales loads or other fees when you purchase or redeem Class IR shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay fees other </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below. </b></span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:69.97503241914569%"></td> <td style="height:1px;width:30.02496758085432%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.11%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.76%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.91%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.85%</span></div> </td> </tr> </table></div> 0.0065 0 0.1311 0.1376 0.1291 0.0085 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class IR</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$87 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,707 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$4,889 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$8,875 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 87 2707 4889 8875 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class IR</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$87 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,707 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$4,889 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$8,875 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 87 2707 4889 8875 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">36%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.36 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser actively selects among developed and emerging countries applying its investment process to determine a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">country’s future economic growth and equity return potential. The Adviser’s approach combines a top-down country process </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industry and thematic</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> allocation and bottom-up stock selection. Under normal circumstances, the Fund invests at least </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">80% of its net assets (plus any borrowings for investment purposes) in the equity securities of issuers located outside of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">United States. This policy may be changed without shareholder approval; however, you would be notified upon 60 days’ notice </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in writing of any changes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Equity securities generally represent an ownership interest in an issuer or may be convertible into or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">represent a right to acquire an ownership interest in an issuer. An issuer is considered to be from a particular country or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region if: (i) its principal securities trading market is in that country or geographic region; (ii) alone or on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consolidated basis it derives 50% or more of its annual revenue or profits from goods produced, sales made or services </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performed in that country or geographic region or has at least 50% of its assets, core business operations and/or employees in </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that country or geographic region; or (iii) it is organized under the laws of, or has a principal office in, that country or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">geographic region. By applying these tests, it is possible that a particular issuer could be deemed to be from more than one </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">country or geographic region.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser analyzes the global economic environment and each country’s fundamentals and actively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">allocates</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets among countries</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, industries and thematics</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> located throughout the world (the investment universe is developed markets, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including the United States, and emerging markets, including frontier markets). Investment decisions may be implemented </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">through </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industry, thematics</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and stock-specific allocations within and across markets</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Country, industry, thematic and stock</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">weightings are based on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">absolute and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relative economic</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and political</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> fundamentals, stock valuations and investor sentiment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and are a function of the Adviser’s conviction levels, the size of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">opportunity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and liquidity.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Investments are based on fundamental analysis in an effort to identify those equities that stand to benefit most from the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser’s current and prospective macro views and that are likely to experience attractive earnings growth prospects as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">result of exposure and gearing to those top-down conditions. Investment decisions are implemented by equity positions in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> industries, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">thematics and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> individual stocks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The equity securities in which the Fund may invest include common </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">stock, preferred stock, convertible securities, depositary receipts, rights and warrants. The Adviser generally considers selling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a portfolio holding when it determines that the position no longer satisfies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> investment criteria.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management, portfolio management or to earn income. The Fund’s use of derivatives may involve the purchase and sale of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivative instruments such as futures, options, swaps, contracts for difference (“CFDs”) and other related instruments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">techniques. The Fund may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its investments in foreign securities. Derivative instruments used by the Fund will be counted toward the Fund’s 80% policy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discussed above to the extent they have economic characteristics similar to the securities included within that policy.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund. Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> market countries may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments in foreign securities may be denominated in foreign currencies. The value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign currencies may fluctuate relative to the value of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">denominated securities, and therefore may convert the value of such securities into U.S. dollars, changes in currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates can increase or decrease the U.S. dollar value of the Fund’s assets. Currency exchange rates may fluctuate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly over short periods of time for a number of reasons, including changes in interest rates and the overall economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">health of the issuer. Devaluation of a currency by a country’s government or banking authority also will have a significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on the value of any investments denominated in that currency. The Adviser may use derivatives to seek to reduce </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">this risk. The Adviser may in its discretion choose not to hedge against currency risk. In addition, certain market conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may make it impossible or uneconomical to hedge against currency risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class IR shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">five year periods and since inception compare with those of a broad measure of market performance and a custom </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">benchmark.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class IR shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and five year periods and since inception compare with those of a broad measure of market performance and a custom benchmark. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17295img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.22%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-21.66%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.2222 Low Quarter 2020-03-31 -0.2166 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:51.998374204037404%"></td> <td style="height:1px;width:15.979251746762925%"></td> <td style="height:1px;width:15.979251746762925%"></td> <td style="height:1px;width:16.04312230243676%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 10/31/2019)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">38.59%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.09%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">34.82%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.70%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.50%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">25.77%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.61%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.48%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI All Country World ex USA Index (reflects no deduction for fees, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.39%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.91%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.02%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.3859 0.0609 0.1078 0.3482 0.047 0.095 0.2577 0.0461 0.0848 0.3239 0.0791 0.0902 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class IR shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class IR shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Emerging Markets Leaders Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell Class IR shares of the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund does not charge any sales loads or other fees when you purchase or redeem Class IR shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay fees other </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below. </b></span></div> Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:90.17601547388782%"></td> <td style="height:1px;width:9.050290135396517%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage based on the lesser of the offering price or NAV at redemption)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Redemption Fee (as a percentage of the amount redeemed on redemptions made within 30 days of purchase)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0 -0.02 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:69.97503241914569%"></td> <td style="height:1px;width:30.02496758085432%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">26.24%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">26.99%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">26.04%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> </tr> </table></div> 0.0075 0 0.2624 0.2699 0.2604 0.0095 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.42235856542861%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.445700350320323%"></td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom: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:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class IR</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$4,546 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$7,254 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$10,248 </span></div> </td> </tr> </table></div> If You SOLD Your Shares 97 4546 7254 10248 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.42235856542861%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.445700350320323%"></td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom: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:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class IR</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$4,546 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$7,254 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$10,248 </span></div> </td> </tr> </table></div> If You HELD Your Shares 97 4546 7254 10248 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">59%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.59 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and the Fund’s “Sub-Adviser,” Morgan Stanley Investment Management Company (“MSIM Company”), seek to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">achieve the Fund’s investment objective by investing primarily in equity securities of companies located in emerging market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and/or Sub-Adviser generally use a fundamental bottom-up stock selection process informed by macro thematic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">research on overall emerging markets. The Adviser and/or Sub-Adviser will employ this consistent and targeted approach </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeking companies they expect to become leading companies in emerging markets</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The Adviser and/or Sub-Adviser seek to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">construct a focused portfolio of equity securities designed to take advantage of thematic opportunities in emerging markets by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeking to invest in companies that they believe have the potential to outperform emerging markets generally over the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">long-term.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The investment process </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">integrates</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> information about environmental, social and governance issues (also referred to as</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ESG) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">when making investment decisions. The Adviser and/or Sub-Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">believe that monitoring ESG helps build a more complete </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">picture of the opportunities and risks facing companies, and seeks to engage directly with company management to gain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insights on how each company addresses material ESG issues and how these may affect long-term financial performance</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment process excludes holdings in tobacco companies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, at least 80% of the Fund’s assets will be invested in equity securities of issuers located in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">emerging market countries. This policy may be changed without shareholder approval; however, you would be notified upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">60 days’ notice in writing of any changes. The Adviser and/or Sub-Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider an issuer to be located in an emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market country if (i) its principal securities trading market is in an emerging market country, (ii) alone or on a consolidated basis </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">it derives 50% or more of its annual revenue or profits from goods produced, sales made or services performed in emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market countries or has at least 50% of its assets, core business operations and/or employees in emerging markets countries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or (iii) it is organized under the laws of, or has a principal office in, an emerging market country. By applying this test, it is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">possible that a particular issuer could be deemed to be located in more than one country.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Emerging market or developing countries are countries that major international financial institutions or the Fund’s benchmark </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">index generally consider to be less economically mature than developed nations, such as the United States, Canada, Japan, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Australia, New Zealand and most countries located in Western Europe (such as the United Kingdom and France). The specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries that comprise emerging markets or developing countries may change from time to time. The Adviser and/or Sub-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser generally consider selling an investment when they determine the company no longer satisfies their investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">criteria.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The equity securities in which the Fund may primarily invest include common and preferred stocks, convertible securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rights, warrants, depositary receipts, limited partnership interests and other specialty securities having equity features. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may hold or have exposure to equity securities of companies of any size, including small and medium capitalization </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies, and to companies in any industry or sector.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purposes of maintaining exposure of at least 80% of the Fund’s assets to equity securities of companies located in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">emerging market countries, the Fund may also invest in American Depositary Receipts (“ADRs”), Global Depositary Receipts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“GDRs”) and other types of depositary receipts with respect to companies located in emerging market countries.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management, portfolio management or to earn income. The Fund’s use of derivatives may involve the purchase and sale of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivative instruments such as options, futures, swaps, contracts for difference (“CFDs”), structured investments and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related instruments and techniques. The Fund may utilize foreign currency forward exchange contracts, which are also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivatives, in connection with its investments in foreign securities. Derivative instruments used by the Fund will be counted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">toward the Fund’s 80% policy discussed above to the extent they have economic characteristics similar to the securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">included within that policy.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> market countries may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Non-Diversification.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is non-diversified, which means that the Fund may invest a greater percentage of its assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in a smaller number of issuers than a diversified fund. Because the Fund is non-diversified, it may be more susceptible to an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adverse event affecting a single issuer or portfolio investment than a diversified portfolio and a decline in the value of that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuer’s securities or that portfolio investment may cause the Fund’s overall value to decline to a greater degree than a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversified portfolio.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments in foreign securities may be denominated in foreign currencies. The value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign currencies may fluctuate relative to the value of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">denominated securities, and therefore may convert the value of such securities into U.S. dollars, changes in currency </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates can increase or decrease the U.S. dollar value of the Fund’s assets. Currency exchange rates may fluctuate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly over short periods of time for a number of reasons, including changes in interest rates and the overall economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">health of the issuer. Devaluation of a currency by a country’s government or banking authority also will have a significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on the value of any investments denominated in that currency. The Adviser may use derivatives to seek to reduce </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">this risk. The Adviser may in its discretion choose not to hedge against currency risk. In addition, certain market conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may make it impossible or uneconomical to hedge against currency risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>China Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in securities of Chinese issuers involve risks associated with investments in foreign markets as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as special considerations not typically associated with investments in the U.S. markets or other foreign (including emerging) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets. For example, the Chinese government has historically exercised substantial control over virtually every sector of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese economy through administrative regulation, state ownership and/or other involvement. Actions of the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">central and local government authorities continue to have a substantial effect on economic conditions in China and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations of particular Chinese companies. In addition, the Chinese government has actively intervened in Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies’ operations and structures and taken (and may continue to take) actions that influenced the prices at which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">certain goods may be sold, encouraged companies to invest or concentrate in particular industries, induced mergers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between companies in certain industries and induced private companies to publicly offer their securities. Investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China involve risk of a total loss due to government action or inaction or other adverse circumstances.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions, trading policies and taxation of imports of its primary trading partners, such as the United States, Japan and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">South Korea, would adversely impact the Chinese economy and the Fund’s investments. Moreover, a slowdown in other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significant economies of the world, such as the United States, the European Union and certain Asian countries, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect economic growth or the value of investments in China. An economic downturn in China would adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact the Fund’s investments. In addition, certain securities are, or may in the future, become restricted and/or sanctioned </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by the U.S. government or other governments and the Fund may be forced to sell or unable to sell such securities and incur </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a loss as a result and the Fund may be unable to purchase securities of Chinese issuers from time to time.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. relations with China are strained, because of, among other things, a series of trade, international treaty, tax, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sanctions actions taken by the United States and China against each other, including the designation of China as a “foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversary” of the U.S., as well as countersanctions or countermeasures from the Chinese government that have been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">triggered or are expected to be triggered. Moreover, recent developments in relations between the U.S., other trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">partners and China have heightened concerns (and the realization) of increased tariffs and restrictions on trade between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">two countries, such as the potential for an escalation in trade tensions or a trade war. Increases in tariffs or trade restrictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(and threats thereof) could lead to a significant reduction in international trade, which could have a negative impact on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China’s export industry, Chinese issuers, the liquidity or price of the Fund’s direct or indirect investments in China and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">therefore, the Fund’s investments.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These and other developments, including government actions or inactions, would likely result in significant illiquidity risk or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses or forced disposition for Chinese investments. The Chinese securities markets are emerging markets characterized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by a relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price volatility (caused by, among other things, military, diplomatic, or trade conflicts and government intervention in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic and securities markets), and potentially fewer investment opportunities for the Fund. The Fund’s investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities are also subject to additional risks associated with differing regulatory and audit requirements in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities market as compared to the U.S. securities market, including a lack of reliable audits and other financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information regarding many Chinese companies and heightened risk of market manipulation and fraud, which may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increased through actions taken by the Chinese government. In addition, the relationship between China and Taiwan is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly sensitive, and hostilities between China and Taiwan, including continued threats by China to invade and control </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Taiwan, present a significant risk to the Fund’s investments in China. Ongoing political tension between the People’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Republic of China and the Hong Kong Special Administrative Region may have impacts on the economy of Hong Kong, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">these impacts remain uncertain.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:12pt;margin-left:0pt;"><i>Risks of Investing through Stock Connect.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may invest in A-shares listed and traded through Stock Connect, or on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such other stock exchanges in China which participate in Stock Connect from time to time or in the future. Trading through </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Stock Connect is subject to a number of restrictions that may affect the Fund’s investments and returns. Moreover, Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Connect A-shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">accordance with applicable rules. The Stock Connect program is a relatively new program and may be subject to further </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interpretation and guidance. There can be no assurance as to the program’s continued existence or whether future </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments regarding the program may restrict or adversely affect the Fund’s investments or returns. Because certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions through Stock Connect may not be subject to certain investor protection programs, the Fund may be exposed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the risks of default of the broker(s) they engage in their trading in China A Shares.</span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Variable Interest Entities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Chinese operating companies sometimes rely on variable interest entity (“VIE”) structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">raise capital from non-Chinese investors because of Chinese government limitations or prohibitions on direct foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in certain industries. In a VIE structure, a series of contractual arrangements are entered into between a holding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company domiciled outside of China and a Chinese operating company or companies, which are intended to mimic direct </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in the operating company, but in many cases these arrangements have not been tested in court and it is not clear </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contracts are enforceable or that the structures will otherwise work as intended. The offshore holding company, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which is not a Chinese operating company, then issues exchange-traded shares that are sold to the public, including non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese investors (such as the Fund). In addition to the risks generally associated with investing in China and a Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company, the shares of the holding company purchased by the Fund would not be equity ownership interests in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese operating company and the Fund’s interest would be subject to substantial legal, operational and other risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with the company’s use of the VIE structure. For example, the Chinese government has not approved VIE </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese operating companies. If any of these or similar risks or developments materialize, the Fund’s investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holding company may suddenly and significantly decline in value or become worthless because of, among other things, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">difficulty enforcing (or the inability to enforce) the contractual arrangements or materially adverse effects on the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company’s performance. In these circumstances, the Fund could experience significant or total losses with no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">recourse available. From time to time, the Fund’s investments in U.S.-listed shell companies relying on VIE structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obtain exposure to Chinese operating companies could be significant. A decline or worsening in diplomatic or other relations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between the U.S. and China could increase the risks associated with the VIE structure.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>India Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in Indian issuers, the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets may be adversely affected by political, economic, social and religious factors impacting Indian businesses and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Indian economy, changes in Indian law or regulations and the status of India’s relations with other countries. Indian </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government actions in the future could have a significant effect on the Indian economy, which could affect private sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies and the Fund, market conditions, and prices and yields of securities in the Fund’s portfolio. To the extent the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund invests a significant portion of its assets in Indian businesses and the Indian economy, factors that have an adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on Indian businesses and the Indian economy may have a disproportionate impact on the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Consumer Discretionary Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in the consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discretionary sector, the Fund will be particularly susceptible to the risks associated with companies operating in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector(s). Companies in the consumer discretionary sector are subject to risks, including fluctuations in the performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the overall domestic and international economy, shipment and supply chain disruptions, interest rate changes, currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates, increased competition and consumer confidence. Performance of such companies may also be adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by factors such as reduced disposable household income, reduced consumer spending, and changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographics and consumer tastes.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Industrials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests significantly in the industrials sector, the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly susceptible to the risks associated with companies operating in this sector. For example, the value of securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issued by companies in the industrials sector may be adversely affected by changes in government regulations, domestic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and world events and economic conditions. In addition, companies in the industrials sector may be adversely affected by, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among other developments, environmental damages, product liability claims, commodity prices and exchange rates as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as changes in the supply of and demand for both their specific products or services and for industrials sector products in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">general.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Convertible Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> A convertible security is a bond, debenture, note, preferred stock, right, warrant or other security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">different issuer or into cash within a particular period of time at a specified price or formula. To the extent that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests in convertible securities, and the convertible security’s investment value is greater than its conversion value, its price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will be likely to increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying security.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class IR shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one year </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">period and since inception compare with those of a broad measure of market performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information is available online at </span><a href="DUMMY_17295_0_9"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class IR shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one year period and since inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17295img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.55%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-19.69%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.3255 Low Quarter 2020-03-31 -0.1969 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.21647509578544%"></td> <td style="height:1px;width:24.31800766283525%"></td> <td style="height:1px;width:24.89272030651341%"></td> <td style="height:1px;width:0.5747126436781609%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 04/12/2021)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.64%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-3.03%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.33%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-2.63%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.98%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-1.89%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI Emerging Markets Net Index (reflects no deduction for fees, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">33.57%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.85%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.1064 -0.0303 0.1133 -0.0263 0.0698 -0.0189 0.3357 0.0385 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class IR shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sold at the end of the relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class IR shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Emerging Markets Portfolio (the “Fund”) seeks long-term capital appreciation by investing primarily in growth-oriented </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities of issuers in emerging market countries.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell Class IR shares of the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund does not charge any sales loads or other fees when you purchase Class IR shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay fees other than the fees </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>not reflected in the tables and examples below. </b></span></div> Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:85.33462282398453%"></td> <td style="height:1px;width:13.891682785299805%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage based on the lesser of the offering price or net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“NAV”) at redemption)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Redemption Fee (as a percentage of the amount redeemed on redemptions made within 30 days of purchase)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0 -0.02 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:69.97503241914569%"></td> <td style="height:1px;width:30.02496758085432%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.91%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.66%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.71%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> </tr> </table></div> 0.0075 0 0.1691 0.1766 0.1671 0.0095 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class IR</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,321 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$5,781 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,672 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 97 3321 5781 9672 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class IR</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,321 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$5,781 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,672 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 97 3321 5781 9672 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">30%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.30 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and the Fund’s “Sub-Adviser,” Morgan Stanley Investment Management Company (“MSIM Company”), seek to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">maximize returns by investing primarily in quality growth-oriented equity securities in emerging markets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser’s and/or Sub-Adviser’s investment approach combines top-down country and thematic allocation with bottom-up </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">stock selection. The Adviser and/or Sub-Adviser allocate the Fund’s assets among emerging markets based on relative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic, political and social fundamentals, stock valuations and investor sentiment. To seek to manage risk, the Adviser and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or Sub-Adviser emphasize macroeconomic and fundamental research.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The investment process integrates information about environmental, social and governance issues (also referred to as ESG) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">when making investment decisions. The Adviser and/or Sub-Adviser believe that monitoring ESG helps build a more complete </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">picture of the opportunities and risks facing companies, and seeks to engage directly with company management to gain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insights on how each company addresses material ESG issues and how these may affect long-term financial performance.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, at least 80% of the Fund’s assets will be invested in equity securities of issuers located in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">emerging market countries. This policy may be changed without shareholder approval; however, you would be notified upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">60 days’ notice in writing of any changes. The Adviser and/or Sub-Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider an issuer to be located in an emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market country if (i) its principal securities trading market is in an emerging market country, (ii) alone or on a consolidated basis </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">it derives 50% or more of its annual revenue or profits from goods produced, sales made or services performed in emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market countries or has at least 50% of its assets, core business operations and/or employees in emerging markets countries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or (iii) it is organized under the laws of, or has a principal office in, an emerging market country. By applying this test, it is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">possible that a particular issuer could be deemed to be located in more than one country.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Emerging market or developing countries are countries that major international financial institutions or the Fund’s benchmark </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">index generally consider to be less economically mature than developed nations, such as the United States or most nations in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Western Europe. Emerging market or developing countries can include every nation in the world except the United States, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Canada, Japan, Australia, New Zealand and most countries located in Western Europe. The Adviser and/or Sub-Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">generally consider selling an investment when they determine the company no longer satisfies their investment criteria.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may, but it is not required to, use derivatives and similar instruments for a variety of purposes, including hedging, risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management, portfolio management or to earn income. The Fund’s use of derivatives may involve the purchase and sale of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivative instruments such as futures and other similar instruments and techniques. The Fund may utilize foreign currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities. Derivative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instruments used by the Fund will be counted toward the Fund’s 80% policy discussed above to the extent they have economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics similar to the securities included within that policy.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> market countries may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s investments in foreign securities may be denominated in foreign currencies. The value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign currencies may fluctuate relative to the value of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">denominated securities, and therefore may convert the value of such securities into U.S. dollars, changes in currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rates can increase or decrease the U.S. dollar value of the Fund’s assets. Currency exchange rates may fluctuate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly over short periods of time for a number of reasons, including changes in interest rates and the overall economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">health of the issuer. Devaluation of a currency by a country’s government or banking authority also will have a significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on the value of any investments denominated in that currency. The Adviser may use derivatives to seek to reduce </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">this risk. The Adviser may in its discretion choose not to hedge against currency risk. In addition, certain market conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may make it impossible or uneconomical to hedge against currency risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>China Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in securities of Chinese issuers involve risks associated with investments in foreign markets as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as special considerations not typically associated with investments in the U.S. markets or other foreign (including emerging) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets. For example, the Chinese government has historically exercised substantial control over virtually every sector of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese economy through administrative regulation, state ownership and/or other involvement. Actions of the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">central and local government authorities continue to have a substantial effect on economic conditions in China and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations of particular Chinese companies. In addition, the Chinese government has actively intervened in Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies’ operations and structures and taken (and may continue to take) actions that influenced the prices at which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">certain goods may be sold, encouraged companies to invest or concentrate in particular industries, induced mergers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between companies in certain industries and induced private companies to publicly offer their securities. Investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China involve risk of a total loss due to government action or inaction or other adverse circumstances.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions, trading policies and taxation of imports of its primary trading partners, such as the United States, Japan and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">South Korea, would adversely impact the Chinese economy and the Fund’s investments. Moreover, a slowdown in other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significant economies of the world, such as the United States, the European Union and certain Asian countries, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect economic growth or the value of investments in China. An economic downturn in China would adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact the Fund’s investments. In addition, certain securities are, or may in the future, become restricted and/or sanctioned </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by the U.S. government or other governments and the Fund may be forced to sell or unable to sell such securities and incur </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a loss as a result and the Fund may be unable to purchase securities of Chinese issuers from time to time.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. relations with China are strained, because of, among other things, a series of trade, international treaty, tax, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sanctions actions taken by the United States and China against each other, including the designation of China as a “foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversary” of the U.S., as well as countersanctions or countermeasures from the Chinese government that have been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">triggered or are expected to be triggered. Moreover, recent developments in relations between the U.S., other trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">partners and China have heightened concerns (and the realization) of increased tariffs and restrictions on trade between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">two countries, such as the potential for an escalation in trade tensions or a trade war. Increases in tariffs or trade restrictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(and threats thereof) could lead to a significant reduction in international trade, which could have a negative impact on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China’s export industry, Chinese issuers, the liquidity or price of the Fund’s direct or indirect investments in China and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">therefore, the Fund’s investments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These and other developments, including government actions or inactions, would likely result in significant illiquidity risk or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses or forced disposition for Chinese investments. The Chinese securities markets are emerging markets characterized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by a relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price volatility (caused by, among other things, military, diplomatic, or trade conflicts and government intervention in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic and securities markets), and potentially fewer investment opportunities for the Fund. The Fund’s investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities are also subject to additional risks associated with differing regulatory and audit requirements in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese securities market as compared to the U.S. securities market, including a lack of reliable audits and other financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information regarding many Chinese companies and heightened risk of market manipulation and fraud, which may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increased through actions taken by the Chinese government. In addition, the relationship between China and Taiwan is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly sensitive, and hostilities between China and Taiwan, including continued threats by China to invade and control </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Taiwan, present a significant risk to the Fund’s investments in China. Ongoing political tension between the People’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Republic of China and the Hong Kong Special Administrative Region may have impacts on the economy of Hong Kong, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">these impacts remain uncertain.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:12pt;margin-left:0pt;"><i>Risks of Investing through Stock Connect.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may invest in A-shares listed and traded through Stock Connect, or on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such other stock exchanges in China which participate in Stock Connect from time to time or in the future. Trading through </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Stock Connect is subject to a number of restrictions that may affect the Fund’s investments and returns. Moreover, Stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Connect A-shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">accordance with applicable rules. The Stock Connect program is a relatively new program and may be subject to further </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interpretation and guidance. There can be no assurance as to the program’s continued existence or whether future </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments regarding the program may restrict or adversely affect the Fund’s investments or returns. Because certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions through Stock Connect may not be subject to certain investor protection programs, the Fund may be exposed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the risks of default of the broker(s) they engage in their trading in China A Shares.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Variable Interest Entities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Chinese operating companies sometimes rely on variable interest entity (“VIE”) structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">raise capital from non-Chinese investors because of Chinese government limitations or prohibitions on direct foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in certain industries. In a VIE structure, a series of contractual arrangements are entered into between a holding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company domiciled outside of China and a Chinese operating company or companies, which are intended to mimic direct </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ownership in the operating company, but in many cases these arrangements have not been tested in court and it is not clear </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contracts are enforceable or that the structures will otherwise work as intended. The offshore holding company, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which is not a Chinese operating company, then issues exchange-traded shares that are sold to the public, including non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese investors (such as the Fund). In addition to the risks generally associated with investing in China and a Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company, the shares of the holding company purchased by the Fund would not be equity ownership interests in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Chinese operating company and the Fund’s interest would be subject to substantial legal, operational and other risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with the company’s use of the VIE structure. For example, the Chinese government has not approved VIE </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Chinese operating companies. If any of these or similar risks or developments materialize, the Fund’s investment in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holding company may suddenly and significantly decline in value or become worthless because of, among other things, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">difficulty enforcing (or the inability to enforce) the contractual arrangements or materially adverse effects on the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operating company’s performance. In these circumstances, the Fund could experience significant or total losses with no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">recourse available. From time to time, the Fund’s investments in U.S.-listed shell companies relying on VIE structures to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obtain exposure to Chinese operating companies could be significant. A decline or worsening in diplomatic or other relations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between the U.S. and China could increase the risks associated with the VIE structure.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>India Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests a substantial portion of its assets in Indian issuers, the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets may be adversely affected by political, economic, social and religious factors impacting Indian businesses and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Indian economy, changes in Indian law or regulations and the status of India’s relations with other countries. Indian </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government actions in the future could have a significant effect on the Indian economy, which could affect private sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies and the Fund, market conditions, and prices and yields of securities in the Fund’s portfolio. To the extent the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund invests a significant portion of its assets in Indian businesses and the Indian economy, factors that have an adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on Indian businesses and the Indian economy may have a disproportionate impact on the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Investments in currency derivatives may substantially change the Fund’s exposure to currency exchange rates and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">could result in losses to the Fund if currencies do not perform as the Adviser expects. Foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contracts and currency futures and options contracts create exposure to currencies in which the Fund’s securities are not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">denominated.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class IR shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">five year periods and since inception compare with those of a broad measure of market performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance information is available online at </span><a href="DUMMY_17295_2_7"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class IR shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and five year periods and since inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17295img005.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">19.82%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-26.72%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.1982 Low Quarter 2020-03-31 -0.2672 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="2" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 06/15/2018)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.52%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.60%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.86%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.24%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.86%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">29.99%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.43%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.22%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI Emerging Markets Index (reflects no deduction for fees, expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">33.57%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.20%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.67%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.3225 0.0452 0.056 0.1686 0.0124 0.0286 0.2999 0.0343 0.0422 0.3357 0.042 0.0567 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class IR shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class IR shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Global Franchise Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to $</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">53</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage based on the lesser of the offering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price or NAV at redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0 0.01 0 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.23%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.23%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.29%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.22%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.11%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.96%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.21%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.77%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.95%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.84%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.0073 0.0073 0.0073 0.0073 0.0073 0 0.0025 0.0075 0.01 0 0.0023 0.0023 0.0029 0.0022 0.0011 0.0096 0.0121 0.0177 0.0195 0.0084 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">section of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$98</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$306 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$531</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,178 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$642 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$889 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,155 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,914 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$180 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$557 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$959</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,084 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$298 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$612 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,052 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,083 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$86</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$268 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$466</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,037 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 98 306 531 1178 642 889 1155 1914 180 557 959 2084 298 612 1052 2083 86 268 466 1037 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$98</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$306 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$531</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,178 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$642 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$889 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,155 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,914 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$180 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$557 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$959</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,084 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$198 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$612 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,052 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,083 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$86</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$268 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$466</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,037 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 98 306 531 1178 642 889 1155 1914 180 557 959 2084 198 612 1052 2083 86 268 466 1037 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">35</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.35 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s “Adviser,” Morgan Stanley Investment Management Inc., and the Fund’s “Sub-Adviser,” Morgan Stanley Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Management Limited (“MSIM Limited”), seek long-term capital appreciation by investing primarily in equity securities of issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">located throughout the world that they believe have, among other things, sustainable competitive advantages, capable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management and financial strength. Under normal market conditions, the Fund invests in securities of issuers from at least </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">three different countries, which may include the United States.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and/or Sub-Adviser seek to invest in high quality companies they believe have strong business franchises, strong </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cash flows, modest capital requirements, strong balance sheets, capable management, and that typically return cash to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shareholders. The franchise focus of the Fund is based on the Adviser’s and/or Sub-Adviser’s belief that the intangible assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">underpinning a strong business franchise (such as brands and networks) are difficult to create or to replicate and that carefully </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">selected franchise companies can yield above-average potential for long-term capital appreciation.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As an integrated part of the investment process, the Adviser and/or Sub-Adviser assesses relevant factors potentially material </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to long-term sustainably high returns on operating capital including environmental, social and governance (ESG) factors and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeks to engage with companies as part of this. Subject to the Fund’s investment objective the Adviser and/or Sub-Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">retains discretion over which investments are selected. In exercising this discretion, ESG factors are not the sole determinant of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">whether an investment can be made or a holding can remain in the Fund’s portfolio, but instead the Adviser and/or Sub-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser considers potentially material risks or opportunities in any of the ESG areas which could potentially threaten or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">enhance high returns on operating capital of a company.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and/or Sub-Adviser rely on their research capabilities, analytical resources and judgment to identify and monitor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">franchise businesses meeting their investment criteria. The Adviser and/or Sub-Adviser believe that the number of issuers with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">strong business franchises meeting their criteria may be limited, and accordingly, the Fund may concentrate its holdings in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relatively small number of companies. The Fund’s equity investments may include convertible securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and/or Sub-Adviser generally consider selling a portfolio holding when they determine that the holding no longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">satisfies their investment criteria or that replacing the holding with another investment should improve the Fund’s valuation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or quality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may utilize foreign currency forward exchange contracts, which are derivatives, for currency hedging purposes.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Convertible Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> A convertible security is a bond, debenture, note, preferred stock, right, warrant or other security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">different issuer or into cash within a particular period of time at a specified price or formula. To the extent that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests in convertible securities, and the convertible security’s investment value is greater than its conversion value, its price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will be likely to increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying security.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain derivatives transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Global Franchise Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Changes in the worldwide economy, consumer spending, competition, demographics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consumer preferences, government regulation and economic conditions may adversely affect global franchise companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Non-Diversification.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is non-diversified, which means that the Fund may invest a greater percentage of its assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in a smaller number of issuers than a diversified fund. Because the Fund is non-diversified, it may be more susceptible to an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adverse event affecting a single issuer or portfolio investment than a diversified portfolio and a decline in the value of that </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuer’s securities or that portfolio investment may cause the Fund’s overall value to decline to a greater degree than a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversified portfolio.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that potentially financially material environmental, social and/or governance (“ESG”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issues are considered as an integrated component of the investment decision-making process, investment performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund may be impacted and may differ from similar strategies that do not consider such issues. The Adviser’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Sub-Adviser’s</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> ESG analysis may be subjective, may rely on limited data, and may change over time.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and 10 year periods and since inception compare with those of a broad measure of market performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the other classes, which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and 10 year periods and since inception compare with those of a broad measure of market performance. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17280img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.77%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-13.07%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.1577 Low Quarter 2020-03-31 -0.1307 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:61.385410416707%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.704453519654713%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 11/28/2001)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.23%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.11%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.44%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.36%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-2.60%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.67%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.25%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.14%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.96 %</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.57%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.83%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 11/28/2001)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-5.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.72%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.58%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.83%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/27/2012)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.58%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.32%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.62%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.43%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 9/30/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-1.64%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.52%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.85%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/29/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.36%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.21%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.54%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.03%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI World Net Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">21.09%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.15%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.17%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.40%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> </table></div> 0.0023 0.0511 0.0944 0.1036 -0.026 0.0367 0.0813 0.0925 0.0214 0.0396 0.0757 0.0883 -0.053 0.0372 0.0858 0.0983 -0.0058 0.0432 0.0862 0.0843 -0.0164 0.0408 0.0852 0.0885 0.0036 0.0521 0.0954 0.0903 0.2109 0.1215 0.1217 0.084 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Global Stars Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">53</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage based on the lesser of the offering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price or NAV at redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0 0.01 0 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.87%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.98%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.05%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.97%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.52%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.88%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.45%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.62%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.93%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.72%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.72%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.18%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.15%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.65%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.90%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.0065 0.0065 0.0065 0.0065 0.0065 0 0.0025 0.0075 0.01 0 0.0087 0.0098 0.0105 0.0097 0.0428 0.0152 0.0188 0.0245 0.0262 0.0493 0.0072 0.0073 0.008 0.0072 0.0418 0.008 0.0115 0.0165 0.019 0.0075 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$82</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$410</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$761</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,751 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$636 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,018 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,423 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,554 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$168 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$687</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,233 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,726 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$293 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$746</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,326 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,720 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$77</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,105 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,135 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$4,717 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 82 410 761 1751 636 1018 1423 2554 168 687 1233 2726 293 746 1326 2720 77 1105 2135 4717 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$82</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$410</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$761</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,751 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$636 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,018 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,423 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,554 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$168 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$687</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,233 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,726 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$193 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$746</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,326 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,720 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$77</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,105 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,135 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$4,717 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 82 410 761 1751 636 1018 1423 2554 168 687 1233 2726 193 746 1326 2720 77 1105 2135 4717 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">49%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.49 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and/or the Fund’s “Sub-Adviser,” Morgan Stanley Investment Management Limited (“MSIM Limited”), seek to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">identify securities of issuers located throughout the world, including developed and emerging market countries, that they </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">believe are “Stars,” which for this purpose are growth-oriented high quality compounders, that is, high quality companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characterized by difficult to replicate intangible assets (such as intellectual property, brands, or network effects) with a large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">growth opportunity and high returns on incremental operating capital employed. The Adviser and/or Sub-Adviser also seek to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">identify capable management teams able to allocate incremental capital effectively to grow the franchise, maintain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intangible assets and sustain or improve returns on operating capital.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As a part of the investment process, the Adviser and/or Sub-Adviser assesses relevant factors (risks and opportunities) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">material to growth potential and generating high returns on incremental operating capital over the long term, including, but not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited to, factors relating to investment in intangible assets, capability of management, potential for disruption, current and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">anticipated industry competition and environmental, social and governance (“ESG”) factors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and/or Sub-Adviser believe that the number of issuers with growing high-quality businesses meeting their criteria </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be limited, and accordingly, the Fund may concentrate its holdings in a relatively small number of companies. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity investments, including depositary receipts, may include convertible securities. The Fund may invest in equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of companies of any market capitalization.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may use derivatives for reducing risks (hedging) and costs, and for investment purposes.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities and related instruments decline in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Convertible Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> A convertible security is a bond, debenture, note, preferred stock, right, warrant or other security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">different issuer or into cash within a particular period of time at a specified price or formula. To the extent that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests in convertible securities, and the convertible security’s investment value is greater than its conversion value, its price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will be likely to increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying security.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> market countries may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Non-Diversification.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is non-diversified, which means that the Fund may invest a greater percentage of its assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in a smaller number of issuers than a diversified fund. Because the Fund is non-diversified, it may be more susceptible to an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adverse event affecting a single issuer or portfolio investment than a diversified portfolio and a decline in the value of that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuer’s securities or that portfolio investment may cause the Fund’s overall value to decline to a greater degree than a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversified portfolio.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that potentially financially material environmental, social and/or governance (“ESG”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issues are considered as an integrated component of the investment decision-making process, investment performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund may be impacted and may differ from similar strategies that do not consider such issues. The Adviser’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Sub-Adviser’s</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> ESG analysis may be subjective, may rely on limited data, and may change over time.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have an adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation, and the availability and cost of credit. Adverse developments in these conditions can have a greater adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the financials sector of an emerging market economy than on other industries of its economy. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operations and profitability of the financials sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and ten year periods and since inception compare with a broad measure of market performance and one or more additional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indexes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The performance of the other classes, which is shown in the table below, will differ because the classes have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and assume you sold your shares at the end of each period (unless otherwise noted).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund changed its name from Global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Sustain Portfolio to Global Stars Portfolio effective June 27, 2024. Additionally, effective June 27, 2024, the Fund changed its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">primary benchmark to the MSCI All Country World Net Index because the Adviser believes it is a more appropriate benchmark </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for the Fund. Prior to June 27, 2024, the Fund was managed pursuant to a different investment strategy. Performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information for periods prior to June 27, 2024 does not reflect the Fund’s current investment strategy. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and ten year periods and since inception compare with a broad measure of market performance and one or more additional indexes. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17280img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.74%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-13.85%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.1774 Low Quarter 2020-03-31 -0.1385 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:61.385410416707%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.704453519654713%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 8/30/2013)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.61%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.67%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.32%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.26%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.61%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.57%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.48%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.17%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.60%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.47 %</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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> </tr> </table></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:61.385410416707%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.704453519654713%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 8/30/2013)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.68%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.76%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.70%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.47%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 8/30/2013)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.77%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.35%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.73%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.39%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.69%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.09%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.04%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 09/13/2013)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.67%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.31%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI All Country World Net Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.34%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.72%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.63%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI World/MSCI All Country World Blended Index (reflects no deduction for fees, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>5</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.34%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.25%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.22%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.28%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> </table></div> 0.0661 0.0725 0.1067 0.1032 0.0026 0.0461 0.0857 0.0848 0.0817 0.056 0.0847 0.083 0.0068 0.0576 0.097 0.0947 0.0577 0.0635 0.0973 0.0939 0.0469 0.0609 0.0963 0.0904 0.0667 0.0731 0.1071 0.1015 0.2234 0.1119 0.1172 0.1063 0.2234 0.1225 0.1222 0.1128 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The International Equity Portfolio (the “Fund”) seeks long-term capital appreciation by investing primarily in equity securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">non-U.S. issuers.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">53</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction, amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage based on the lesser of the offering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price or NAV at redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0 0.01 0 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:32.957206727698534%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:12.584434939129427%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.39%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.92%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.24%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.94%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.72%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.99%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.14%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.67%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.24%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.80%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.05%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.91%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.008 0.008 0.008 0.008 0.008 0 0.0025 0.0075 0.01 0 0.0028 0.0019 0.0039 0.0092 0.0019 0.0108 0.0124 0.0194 0.0272 0.0099 0.0013 0 0.0014 0.0067 0.0008 0.0095 0.0124 0.018 0.0205 0.0091 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$331 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$583</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,306 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$645 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$898 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,170 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,946 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$183 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$596 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,034 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,253 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$308 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$781 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,380 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,642 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$93</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$307 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$539</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,206 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 97 331 583 1306 645 898 1170 1946 183 596 1034 2253 308 781 1380 2642 93 307 539 1206 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$331 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$583</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,306 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$645 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$898 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,170 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,946 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$183 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$596 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,034 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,253 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$208 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$781 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,380 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,642 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$93</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$307 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$539</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,206 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 97 331 583 1306 645 898 1170 1946 183 596 1034 2253 208 781 1380 2642 93 307 539 1206 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">46%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.46 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and the Fund’s “Sub-Adviser,” Morgan Stanley Investment Management Limited (“MSIM Limited”), seek long-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capital appreciation by investing in a diversified portfolio of equity securities of non-U.S. issuers based on fundamental analysis </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and individual stock selection.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Utilizing a bottom-up approach to investing, the Adviser and/or Sub-Adviser look to invest in two types of stocks: reasonably </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">priced high quality compounders, companies characterized by their ability to generate sustainably high returns on capital, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value opportunities, which are typically more cyclical companies with reasonable or improving fundamentals trading at a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sufficient discount to intrinsic value to compensate for their greater levels of risk.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and/or Sub-Adviser conduct in-depth fundamental research on a stock by stock basis to determine if it represents </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a high quality compounder or value opportunity, assessing a company’s franchise, management and financial strength, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">emphasize cash flow-based-metrics rather than accounting numbers to determine intrinsic value. The Adviser and/or Sub-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser also seek capable company management teams that have a history of disciplined capital allocation.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and/or Sub-Adviser believe that a portfolio consisting of both types of stocks, with the flexibility to adjust the mix </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between the two dependent on company valuation and prospects, has the potential to generate attractive long-term returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for investors.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As an integrated part of the investment process, the Adviser and/or Sub-Adviser assesses relevant factors potentially material </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to long-term returns on operating capital including environmental, social, and governance (“ESG”) factors and seeks to engage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with companies as part of this. Subject to the Fund’s investment objective, the Adviser and/or Sub-Adviser retains discretion </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">over which investments are selected. In exercising this discretion, ESG factors are not the sole determinant of whether an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment can be made or a holding can remain in the Fund’s portfolio, but instead the Adviser and/or Sub-Adviser considers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potentially material risks or opportunities in any of the ESG areas which could potentially threaten or enhance the long-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sustainability or direction of a company’s returns.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, at least 80% of the Fund’s assets will be invested in equity securities. This policy may be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">without shareholder approval; however, you would be notified upon 60 days’ notice in writing of any changes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">generally represent an ownership interest in an issuer or may be convertible into or represent a right to acquire an ownership </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest in an issuer</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may utilize foreign currency forward exchange contracts, which are derivatives, for currency hedging purposes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Derivative instruments used by the Fund will be counted toward the Fund’s 80% policy discussed above to the extent they have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic characteristics similar to the securities included within that policy.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Convertible Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> A convertible security is a bond, debenture, note, preferred stock, right, warrant or other security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">different issuer or into cash within a particular period of time at a specified price or formula. To the extent that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests in convertible securities, and the convertible security’s investment value is greater than its conversion value, its price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will be likely to increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying security.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain derivatives transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Industrials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests significantly in the industrials sector, the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly susceptible to the risks associated with companies operating in this sector. For example, the value of securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issued by companies in the industrials sector may be adversely affected by changes in government regulations, domestic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and world events and economic conditions. In addition, companies in the industrials sector may be adversely affected by, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among other developments, environmental damages, product liability claims, commodity prices and exchange rates as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as changes in the supply of and demand for both their specific products or services and for industrials sector products in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">general.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that potentially financially material environmental, social and/or governance (“ESG”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issues are considered as an integrated component of the investment decision-making process, investment performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund may be impacted and may differ from similar strategies that do not consider such issues. The Adviser’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Sub-Adviser’s</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> ESG analysis may be subjective, may rely on limited data, and may change over time.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and 10 year periods and since inception compare with those of a broad measure of market performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the other classes, which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of each period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and 10 year periods and since inception compare with those of a broad measure of market performance. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17280img005.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.33%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-20.42%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.1833 Low Quarter 2020-03-31 -0.2042 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:61.385410416707%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.704453519654713%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 8/4/1989)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">21.78%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.53%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.38%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.87%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.68%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.62%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.29%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.98%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">21.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.86%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.78%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.40%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 1/2/1996)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.16%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.49%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.76%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 6/14/2012)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">20.87%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.49%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.00%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/2015)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">19.87%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.37%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.39%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.12%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 9/13/2013)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">21.82%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.57%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.41%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.29%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI EAFE Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">31.22%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.92%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.18%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.34%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>4</sup></span></span></div> </td> </tr> </table></div> 0.2178 0.0553 0.0638 0.0787 0.0768 0.0062 0.0329 0.0598 0.2113 0.0386 0.0478 0.064 0.1516 0.0413 0.0549 0.0676 0.2087 0.0465 0.0549 0.06 0.1987 0.0437 0.0539 0.0412 0.2182 0.0557 0.0641 0.0529 0.3122 0.0892 0.0818 0.0534 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for the Fund’s other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes will vary from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arrangements such as 401(k) plans or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns may be higher than before-tax returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The International Resilience Portfolio (the “Fund”) seeks long-term capital appreciation.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about this combined purchase discount and other discounts is available from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">53</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the Prospectus in the section entitled “Shareholder Information—Sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Charges Applicable to Purchases of Class A Shares” and in Appendix A attached to the Prospectus.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares”) as of the date of the transaction amounts to $50,000 or more. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on the lesser of the offering price or NAV at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0.01 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:35.93036750483559%"></td> <td style="height:1px;width:15.388781431334623%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.70%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.70%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.70%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.70%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.21%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.70%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.40%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.29%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.91%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">20.10%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.99%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.06%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.45%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.85%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.20%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.95%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.007 0.007 0.007 0.007 0 0.0025 0.01 0 0.1521 0.177 0.184 0.1829 0.1591 0.1865 0.201 0.1899 0.1506 0.1745 0.1815 0.1819 0.0085 0.012 0.0195 0.008 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for only the first year). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus entitled “Shareholder Information—Conversion Features” for more information. Although your actual costs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$87</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,049 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$5,400 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,369 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$641 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,826 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,200 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,820 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$298 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,739 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,291 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,908 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$82</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,505 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,037 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,848 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 87 3049 5400 9369 641 3826 6200 9820 298 3739 6291 9908 82 3505 6037 9848 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$87</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,049 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$5,400 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,369 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$641 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,826 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,200 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,820 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$198 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,739 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,291 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,908 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$82</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,505 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$6,037 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$9,848 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 87 3049 5400 9369 641 3826 6200 9820 198 3739 6291 9908 82 3505 6037 9848 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:9.02pt;">57%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio.</span></div> 0.57 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and the Fund’s “Sub-Adviser,” Morgan Stanley Investment Management Limited (“MSIM Limited”), seek to invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">primarily in high quality non-U.S. companies that they believe can generate sustainably high returns on operating capital with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dominant market positions due to powerful, hard-to-replicate intangible assets - notably brands, networks, licenses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">patents - and pricing power, resulting in high gross margins. The Adviser and/or Sub-Adviser also seek to identify capable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management teams able to allocate capital effectively to grow the franchise, maintain the intangible assets and sustain and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">improve the returns on operating capital.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As an integrated part of the investment process, the Adviser and/or Sub-Adviser assess relevant factors potentially material to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">long-term sustainably high returns on operating capital, including environmental, social and governance (“ESG”) factors, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seek to engage with companies as part of this. Subject to the Fund’s investment objective, the Adviser and/or Sub-Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">retain discretion over which investments are selected. In exercising this discretion, ESG factors are not the sole determinant of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">whether an investment can be made or a holding can remain in the Fund’s portfolio, but instead the Adviser and/or Sub-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Adviser consider potentially material risks or opportunities in any of the ESG areas which could potentially threaten or enhance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">high returns on operating capital of a company.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and/or Sub-Adviser rely on their research capabilities, analytical resources and judgment to identify and monitor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">high quality businesses meeting their investment criteria. The Adviser and/or Sub-Adviser believe that the number of issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with high quality businesses meeting their criteria may be limited, and accordingly, the Fund may concentrate its holdings in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">relatively small number of companies. The Fund’s equity investments may include convertible securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Adviser and/or Sub-Adviser generally consider selling a portfolio holding when they determine that the holding no longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">satisfies their investment criteria or that replacing the holding with another investment should improve the Fund’s valuation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or quality.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may utilize foreign currency forward exchange contracts, which are derivatives, for currency hedging purposes.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the past and it is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or widely, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">condition of the issuer, including general market, economic, political and public health conditions. During periods when </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distress, the Fund’s investments in equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:9pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The value of equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and related instruments decline</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in response to perceived or actual adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although prices can rebound, there is no assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Convertible Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> A convertible security is a bond, debenture, note, preferred stock, right, warrant or other security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">different issuer or into cash within a particular period of time at a specified price or formula. To the extent that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests in convertible securities, and the convertible security’s investment value is greater than its conversion value, its price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will be likely to increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying security.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Small and Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in small and mid cap companies may involve greater risks than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">larger, more established companies. The securities issued by small and mid cap companies may be less liquid and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies may have more limited markets, financial resources and product lines, and may lack the depth of management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in foreign markets entail special risks, such as currency, political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation associated with investments in foreign markets. In addition, investments in certain foreign markets that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historically been considered stable may become more volatile and subject to increased risk due to developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">has increased the probability that adverse developments and conditions in one country or region will affect the stability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with investments in foreign developed countries.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market countries may be subject to less stringent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to an investment may not be available or reliable.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain emerging market or developing countries are among the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">outside of the United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will fluctuate with U.S. dollar exchange rates. Economic sanctions or other similar measures may be, and have been, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contract amounts and the value of the securities involved will not generally be possible because the future value of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities in foreign currencies will change as a consequence of market movements in the value of those securities between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the date on which the contract is entered into and the date it matures. There is additional risk that such transactions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund’s securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are not denominated. The use of foreign currency forward exchange contracts involves the risks associated with derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to make payments or otherwise comply with the terms of the contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market turmoil, and there may be little trading in the secondary market available for particular securities. If the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(or income generated by) and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">threat and/or actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">global financial markets or economies may occur, the effects that such events may have and the duration of those effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(which may last for extended periods). These types of events may negatively impact broad segments of businesses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">populations and have a significant and rapid negative impact on the performance or value of the Fund’s investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect and increase the volatility of the Fund’s share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and exacerbate pre-existing risks to the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Industrials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that the Fund invests significantly in the industrials sector, the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particularly susceptible to the risks associated with companies operating in this sector. For example, the value of securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issued by companies in the industrials sector may be adversely affected by changes in government regulations, domestic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and world events and economic conditions. In addition, companies in the industrials sector may be adversely affected by, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among other developments, environmental damages, product liability claims, commodity prices and exchange rates as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as changes in the supply of and demand for both their specific products or services and for industrials sector products in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">general.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Non-Diversification.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is non-diversified, which means that the Fund may invest a greater percentage of its assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in a smaller number of issuers than a diversified fund. Because the Fund is non-diversified, it may be more susceptible to an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adverse event affecting a single issuer or portfolio investment than a diversified portfolio and a decline in the value of that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuer’s securities or that portfolio investment may cause the Fund’s overall value to decline to a greater degree than a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversified portfolio.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ESG Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent that potentially financially material environmental, social and/or governance (“ESG”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issues are considered as an integrated component of the investment decision-making process, investment performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund may be impacted and may differ from similar strategies that do not consider such issues. The Adviser’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Sub-Adviser’s</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> ESG analysis may be subjective, may rely on limited data, and may change over time.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain derivatives transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">loss.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">●</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">insured by the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares’ performance for one year and by showing how the Fund’s average annual returns for the past one year period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and since inception compare with those of a broad measure of market performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The performance of the other classes, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which is shown in the table below, will differ because the classes have different ongoing fees. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s returns in the table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">period (unless otherwise noted). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated performance information is available online at </span><a href="DUMMY_17280_0_5"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.morganstanley.com/im</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> or by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance for one year and by showing how the Fund’s average annual returns for the past one year period and since inception compare with those of a broad measure of market performance. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17280img006.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/23</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.91%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">09/30/23</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-9.70%</span></div> </td> </tr> </table></div> High Quarter 2023-03-31 0.1291 Low Quarter 2023-09-30 -0.097 Average Annual Total Returns(for the calendar periods ended December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:80.66076993051658%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.702518048270656%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 7/29/2022)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.79%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.68%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>1</sup></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.81%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.02%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.76%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 7/29/2022)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.49%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.63%</span></div> </td> </tr> <tr> <td colspan="3" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 7/29/2022)</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.61%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.51%</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:80.66076993051658%"></td> <td style="height:1px;width:9.636712021212768%"></td> <td style="height:1px;width:9.702518048270656%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 7/29/2022)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.83%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI All Country World ex USA Net Index (reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>2</sup></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.29%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.88%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;"><sup>3</sup></span></span></div> </td> </tr> </table></div> 0.1279 0.0868 0.1181 0.0802 0.0825 0.0676 0.0649 0.0663 0.1061 0.0751 0.1283 0.0875 0.3229 0.1488 1Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories. 2The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder Information—How To Redeem Fund Shares” for a complete discussion of the CDSC. 1“Advisory Fee” includes the management fee of a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the “Subsidiary”). The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc., has agreed to waive or credit a portion of the advisory fee in an amount equal to the management fee paid to the Adviser by the Subsidiary. 2The Fund’s “Distributor,” Morgan Stanley Distribution, Inc., has agreed to waive the 12b-1 fee on Class L shares of the Fund to the extent it exceeds 0.04% of the average daily net assets of such shares on an annualized basis. This waiver will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waiver when it deems such action is appropriate. 3“Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. 4The Adviser has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.85% for Class I, 1.20% for Class A, 0.99% for Class L, 1.95% for Class C and 0.81% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of the Company acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 2These returns do not reflect any tax consequences from a sale of your shares at the end of each period. 1Performance shown for the Fund’s Class I and Class L shares reflects the performance of the Class I and Class C shares, respectively, of the Predecessor Fund for periods prior to May 21, 2010. 3Class C shares will generally automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion. 4The Standard & Poor’s 500® Index (S&P 500® Index) measures the performance of the large cap segment of the U.S. equities market, covering approximately 80% of the U.S. equities market. The S&P 500® Index includes 500 leading companies in leading industries of the U.S. economy. It is not possible to invest directly in an index. 6The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000® Index is an index of approximately 1,000 of the largest U.S. companies based on a combination of market capitalization and current index membership. It is not possible to invest directly in an index. 5Since Inception reflects the inception date of Class I. 1Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories. 2The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder Information—How To Redeem Fund Shares” for a complete discussion of the CDSC. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc., has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I, 1.35% for Class A, 2.10% for Class C and 0.95% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1These returns do not reflect any tax consequences from a sale of your shares at the end of each period. 2The MSCI All Country World Net Index is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index. 3Since Inception reflects the inception date of the Fund. 1Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories. 2The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder Information—How To Redeem Fund Shares” for a complete discussion of the CDSC. 1“Advisory Fee” includes the management fee of a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the “Subsidiary”). The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc., has agreed to waive or credit a portion of the advisory fee in an amount equal to the management fee paid to the Adviser by the Subsidiary. 2“Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. 3The Adviser has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I, 1.32% for Class A, 1.85% for Class L, 2.10% for Class C and 0.95% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1These returns do not reflect any tax consequences from a sale of your shares at the end of each period. 2Class C shares will generally automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion. 3The MSCI All Country World Net Index is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index. 4Since Inception reflects the inception date of Class I. 1Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories. 2The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder Information—How To Redeem Fund Shares” for a complete discussion of the CDSC. 1“Advisory Fee” includes the management fee of a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the “Subsidiary”). The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc., has agreed to waive or credit a portion of the advisory fee in an amount equal to the management fee paid to the Adviser by the Subsidiary. 2“Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. 3The Adviser has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I, 1.35% for Class A, 2.10% for Class C and 0.95% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1These returns do not reflect any tax consequences from a sale of your shares at the end of each period. 2The MSCI All Country World Net Index is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index. 3Since Inception reflects the inception date of the Fund. 1Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories. 2The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder Information—How To Redeem Fund Shares” for a complete discussion of the CDSC. 1“Advisory Fee” includes the management fee of a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the “Subsidiary”). The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc., has agreed to waive or credit a portion of the advisory fee in an amount equal to the management fee paid to the Adviser by the Subsidiary. 2“Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. 1These returns do not reflect any tax consequences from a sale of your shares at the end of each period. 2Class C shares will generally automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion. 3The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. It is not possible to invest directly in an index. 5The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index. 4Since Inception reflects the inception date of Class I. 1Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories. 2The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder Information—How To Redeem Fund Shares” for a complete discussion of the CDSC. 1“Advisory Fee” includes the management fee of a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the “Subsidiary”). The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc., has agreed to waive or credit a portion of the advisory fee in an amount equal to the management fee paid to the Adviser by the Subsidiary. 2“Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. 3The Adviser has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I, 1.35% for Class A, 1.85% for Class L, 2.10% for Class C and 0.93% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1These returns do not reflect any tax consequences from a sale of your shares at the end of each period. 2Class C shares will generally automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion. 3The Russell 3000® Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included. It is not possible to invest directly in an index. 5The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market capitalization and current index membership. It is not possible to invest directly in an index. 4Since Inception reflects the inception date of Class I. 1Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories. 2The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder Information—How To Redeem Fund Shares” for a complete discussion of the CDSC. 1“Advisory Fee” includes the management fee of a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the “Subsidiary”). The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc., has agreed to waive or credit a portion of the advisory fee in an amount equal to the management fee paid to the Adviser by the Subsidiary. 2“Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. 3The Adviser has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.85% for Class I, 1.20% for Class A, 1.95% for Class C and 0.80% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1These returns do not reflect any tax consequences from a sale of your shares at the end of each period. 2The Standard & Poor’s 500® Index (S&P 500® Index) measures the performance of the large cap segment of the U.S. equities market, covering approximately 80% of the U.S. equities market. The Index includes 500 leading companies in leading industries of the U.S. economy. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index. 3Since Inception reflects the inception date of the Fund. 1Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months, except for certain specific circumstances. See “Shareholder Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories. 2The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder Information—How To Redeem Fund Shares” for a complete discussion of the CDSC. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc., has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.95% for Class I, 1.30% for Class A, 2.05% for Class C and 0.90% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1These returns do not reflect any tax consequences from a sale of your shares at the end of each period. 2The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included. It is not possible to invest directly in an index. 4The Russell 3000® Health Care Net Index is a capitalization-weighted index of companies involved in medical services or health care. It is not possible to invest directly in an index. 3Since Inception reflects the inception date of the Fund.