0000891804-14-000379.txt : 20140404 0000891804-14-000379.hdr.sgml : 20140404 20140404135610 ACCESSION NUMBER: 0000891804-14-000379 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20140404 DATE AS OF CHANGE: 20140404 EFFECTIVENESS DATE: 20140404 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RYDEX VARIABLE TRUST CENTRAL INDEX KEY: 0001064046 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-57017 FILM NUMBER: 14745364 BUSINESS ADDRESS: STREET 1: 805 KING FARM BLVD STREET 2: SUITE 600 CITY: ROCKVILLE STATE: MD ZIP: 20850 BUSINESS PHONE: 301-296-5100 MAIL ADDRESS: STREET 1: 805 KING FARM BLVD STREET 2: SUITE 600 CITY: ROCKVILLE STATE: MD ZIP: 20850 0001064046 S000003721 Government Long Bond 1.2x Strategy Fund C000010390 Variable Annuity 0001064046 S000003727 Mid-Cap 1.5x Strategy Fund C000010396 Variable Annuity 0001064046 S000003728 Russell 2000(R) 1.5x Strategy Fund C000010397 Variable Annuity 0001064046 S000003729 Guggenheim Long Short Equity Fund C000010398 Variable Annuity 0001064046 S000003731 Weakening Dollar 2x Strategy Fund C000010400 Variable Annuity 0001064046 S000003732 Nova Fund C000010401 Variable Annuity 0001064046 S000003733 Strengthening Dollar 2x Strategy Fund C000010402 Variable Annuity 0001064046 S000003734 Commodities Strategy Fund C000010403 Variable Annuity 0001064046 S000003735 Inverse Government Long Bond Strategy Fund C000010404 Variable Annuity 0001064046 S000003745 Inverse Mid-Cap Strategy Fund C000010414 Variable Annuity 0001064046 S000003746 Inverse Russell 2000(R) Strategy Fund C000010415 Variable Annuity 0001064046 S000003747 Multi-Hedge Strategies Fund C000010416 Variable Annuity 0001064046 S000003749 Europe 1.25x Strategy Fund C000010418 Variable Annuity 0001064046 S000003750 Japan 2x Strategy Fund C000010419 Variable Annuity 0001064046 S000003751 S&P 500 2x Strategy Fund C000010420 Variable Annuity 0001064046 S000003752 NASDAQ-100(R) 2x Strategy Fund C000010421 Variable Annuity 0001064046 S000003753 Dow 2x Strategy Fund C000010422 Variable Annuity 0001064046 S000003754 Inverse S&P 500 Strategy Fund C000010423 Variable Annuity 0001064046 S000003755 Inverse Dow 2x Strategy Fund C000010424 Variable Annuity 0001064046 S000003756 NASDAQ-100(R) Fund C000010425 Variable Annuity 0001064046 S000003757 Inverse NASDAQ-100(R) Strategy Fund C000010426 Variable Annuity 0001064046 S000011813 Russell 2000(R) 2x Strategy Fund C000032290 Variable Annuity 0001064046 S000023531 Global Managed Futures Strategy Fund C000069235 Variable Annuity 497 1 rydex58969-497xbrl.htm RYDEX VARIABLE TRUST rydex58969-497xbrl.htm
  EXPLANATORY NOTE

The sole purpose of this filing is to file revised risk/return summary information, in interactive data format, for the following series of Rydex Variable Trust:  the Europe 1.25x Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Government Long Bond Strategy Fund, Inverse S&P 500® Strategy Fund, Inverse NASDAQ-100® Strategy Fund, NASDAQ-100® 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Inverse Mid-Cap Strategy Fund, Strengthening Dollar 2x Strategy Fund, Russell 2000® 2x Strategy Fund, Long Short Equity Fund, Global Managed Futures Strategy Fund, Russell 2000® 1.5x Strategy Fund, Government Long Bond 1.2x Strategy Fund, Nova Fund, NASDAQ-100® Fund, S&P 500® 2x Strategy Fund, Dow 2x Strategy Fund, Inverse Russell 2000® Strategy Fund, Weakening Dollar 2x Strategy Fund, Commodities Strategy Fund, Japan 2x Strategy Fund and Multi-Hedge Strategies Fund.
 
 
 
EX-101.INS 3 ck0001064046-20140320.xml INSTANCE DOCUMENT 0001064046 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003749Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003727Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003735Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003754Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003757Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003752Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003755Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003745Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003733Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000011813Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003729Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000023531Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003728Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003721Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003732Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003756Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003751Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003753Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003746Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003731Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003734Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003750Member 2014-03-20 2014-03-20 0001064046 ck0001064046:S000003747Member 2014-03-20 2014-03-20 iso4217:USD xbrli:pure 497 2014-03-20 RYDEX VARIABLE TRUST 0001064046 false 2014-03-20 2014-03-20 2013-05-01 <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Europe 1.25x Strategy Fund</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Mid-Cap 1.5x Strategy Fund </b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Inverse Government Long Bond Strategy Fund</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Inverse S&#38;P 500<sup>&#174;</sup> Strategy Fund </b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Inverse NASDAQ-100<sup>&#174;</sup> Strategy Fund </b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>NASDAQ-100<sup>&#174;</sup> 2x Strategy Fund</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Inverse Dow 2x Strategy Fund </b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Inverse Mid-Cap Strategy Fund </b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Strengthening Dollar 2x Strategy Fund</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Russell 2000<sup>&#174;</sup> 2x Strategy Fund</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Long Short Equity Fund </b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Global Managed Futures Strategy Fund</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Russell 2000<sup>&#174;</sup> 1.5x Strategy Fund</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Government Long Bond 1.2x Strategy Fund</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Nova Fund </b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>NASDAQ-100<sup>&#174;</sup> Fund</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>S&#38;P 500<sup>&#174;</sup> 2x Strategy Fund</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Dow 2x Strategy Fund </b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Inverse Russell 2000<sup>&#174;</sup> Strategy Fund </b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Weakening Dollar 2x Strategy Fund </b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Commodities Strategy Fund </b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Japan 2x Strategy Fund </b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Multi-Hedge Strategies Fund </b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Europe 1.25x Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Mid-Cap 1.5x Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; 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margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Inverse S&#38;P 500<sup>&#174;</sup> Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Inverse NASDAQ-100<sup>&#174;</sup> Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>NASDAQ-100<sup>&#174; </sup>2x Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Inverse Dow 2x Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Inverse Mid-Cap Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Strengthening Dollar 2x Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Russell 2000<sup>&#174;</sup> 2x Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Long Short Equity Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Global Managed Futures Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Russell 2000<sup>&#174;</sup> 1.5x Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Government Long Bond 1.2x Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Nova Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>NASDAQ-100<sup>&#174; </sup>Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>S&#38;P 500<sup>&#174;</sup> 2x Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Dow 2x Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Inverse Russell 2000<sup>&#174;</sup> Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weakening Dollar 2x Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Commodities Strategy Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>THIS SUPPLEMENT SUPERSEDES AND REPLACES THE SUPPLEMENT DATED MARCH 11, 2014.</b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses.</b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; 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margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>This supplement provides new and additional information beyond that contained in the currently effective Prospectuses for the Funds listed above and should be read in conjunction with those Prospectuses. </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Multi-Hedge Strategies Fund </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) </b></font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement dated March&#160;20, 2014 to the currently effective Statutory Prospectuses and Summary Prospectuses dated May&#160;1, 2013, as supplemented from time to time (collectively, the &#147;Prospectuses&#148;). </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; 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The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. 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This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. 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Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0pt"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</p> <p style="margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">In addition, the Funds will be subject to one or more of the following risks, which are added to or replace, as appropriate, each Fund&#146;s current risk disclosures under the heading &#147;Principal Risks&#148;:</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</b>&#151;Through its investments in other investment companies, the Fund may have exposure to asset-backed securities, including mortgage-backed securities and structured finance investments. Investors in these securities generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CLO RISK</b>&#151;A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>CREDIT RISK</b>&#151;The Fund could lose money if the issuer or guarantor of a debt instrument in which it invests or a counterparty to a derivatives transaction or other transaction becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The issuer of a debt instrument, such as a bond, could also suffer a decrease in quality rating, which may affect the volatility of the price and liquidity of the bond.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>HIGH YIELD AND UNRATED SECURITIES RISK</b>&#151;The Fund&#146;s exposure to higher yielding, below investment grade and unrated high risk debt securities (commonly known as &#147;junk bonds&#148;) may present additional risk because these securities may be less liquid and present greater credit risk than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INTEREST RATE RISK</b>&#151;The market value of fixed income investments and related financial instruments will change in response to interest rate changes. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Fixed income securities with longer durations are subject to greater volatility than those with shorter durations. Thus, if interest rates rise sharply, the value of the Fund&#146;s fixed income investments and share price could decline.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENT IN INVESTMENT VEHICLES RISK</b>&#151;Investing in other investment vehicles, including, exchange-traded funds, closed-end funds, affiliated short-term fixed-income funds and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Fund and its shareholders will incur its pro rata share of the expenses of the underlying investment vehicles&#146; expenses.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>INVESTMENTS IN LOANS RISK</b>&#151;Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.</font></p> <p style="margin: 6pt 0 0; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>PREPAYMENT RISK</b><font style="line-height: 115%">&#151;The Fund&#146;s investments in or exposure to fixed income investments subjects the Fund to prepayment risk. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, because issuers of the securities may be able to prepay the principal due on the securities, and may offer a greater potential for income loss when interest rates rise. </font></font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Please retain this supplement for future reference. </b></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">RDX-VT-SUP</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; 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The investments are designed to provide the Funds with a more efficient alternative to investing indirectly in various individual short-term securities. Therefore, effective March&#160;11, 2014, the following language is added to the current description of each Fund&#146;s principal investment strategies under the heading &#147;Principal Investment Strategies&#148;:</font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0 24.45pt"><font style="font: 8pt Times New Roman, Times, Serif">Under certain circumstances the Fund may invest a substantial portion of its assets in other short-term fixed-income investment companies advised by the Advisor, or an affiliate of the Advisor, for liquidity management purposes, including in order to increase yield on liquid investments used to collateralize derivatives positions. Investments in these investment companies will significantly increase the portfolio&#146;s exposure to certain other asset categories, including: (i)&#160;a broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by the Advisor, to be of comparable quality (also known as &#147;junk bonds&#148;); (ii)&#160;securities issued by the U.S. government or its agencies and instrumentalities; (iii)&#160;collateralized loan obligations (&#147;CLOs&#148;), other asset-backed securities (including mortgage-backed securities) and similar investments; and (iv)&#160;other short-term fixed income securities. 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The investments are designed to provide the Funds with a more efficient alternative to investing indirectly in various individual short-term securities. Therefore, effective March&#160;11, 2014, the following language is added to the current description of each Fund&#146;s principal investment strategies under the heading &#147;Principal Investment Strategies&#148;:</font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0 24.45pt"><font style="font: 8pt Times New Roman, Times, Serif">Under certain circumstances the Fund may invest a substantial portion of its assets in other short-term fixed-income investment companies advised by the Advisor, or an affiliate of the Advisor, for liquidity management purposes, including in order to increase yield on liquid investments used to collateralize derivatives positions. 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The investments are designed to provide the Funds with a more efficient alternative to investing indirectly in various individual short-term securities. Therefore, effective March&#160;11, 2014, the following language is added to the current description of each Fund&#146;s principal investment strategies under the heading &#147;Principal Investment Strategies&#148;:</font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0 24.45pt"><font style="font: 8pt Times New Roman, Times, Serif">Under certain circumstances the Fund may invest a substantial portion of its assets in other short-term fixed-income investment companies advised by the Advisor, or an affiliate of the Advisor, for liquidity management purposes, including in order to increase yield on liquid investments used to collateralize derivatives positions. 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The investments are designed to provide the Funds with a more efficient alternative to investing indirectly in various individual short-term securities. Therefore, effective March&#160;11, 2014, the following language is added to the current description of each Fund&#146;s principal investment strategies under the heading &#147;Principal Investment Strategies&#148;:</font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0 24.45pt"><font style="font: 8pt Times New Roman, Times, Serif">Under certain circumstances the Fund may invest a substantial portion of its assets in other short-term fixed-income investment companies advised by the Advisor, or an affiliate of the Advisor, for liquidity management purposes, including in order to increase yield on liquid investments used to collateralize derivatives positions. Investments in these investment companies will significantly increase the portfolio&#146;s exposure to certain other asset categories, including: (i)&#160;a broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by the Advisor, to be of comparable quality (also known as &#147;junk bonds&#148;); (ii)&#160;securities issued by the U.S. government or its agencies and instrumentalities; (iii)&#160;collateralized loan obligations (&#147;CLOs&#148;), other asset-backed securities (including mortgage-backed securities) and similar investments; and (iv)&#160;other short-term fixed income securities. 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The investments are designed to provide the Funds with a more efficient alternative to investing indirectly in various individual short-term securities. Therefore, effective March&#160;11, 2014, the following language is added to the current description of each Fund&#146;s principal investment strategies under the heading &#147;Principal Investment Strategies&#148;:</font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0 24.45pt"><font style="font: 8pt Times New Roman, Times, Serif">Under certain circumstances the Fund may invest a substantial portion of its assets in other short-term fixed-income investment companies advised by the Advisor, or an affiliate of the Advisor, for liquidity management purposes, including in order to increase yield on liquid investments used to collateralize derivatives positions. Investments in these investment companies will significantly increase the portfolio&#146;s exposure to certain other asset categories, including: (i)&#160;a broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by the Advisor, to be of comparable quality (also known as &#147;junk bonds&#148;); (ii)&#160;securities issued by the U.S. government or its agencies and instrumentalities; (iii)&#160;collateralized loan obligations (&#147;CLOs&#148;), other asset-backed securities (including mortgage-backed securities) and similar investments; and (iv)&#160;other short-term fixed income securities. Such investments will expose the Fund to the risks of these asset categories and may cause the Fund to deviate from its principal investment strategies.</font></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font: 8pt Times New Roman, Times, Serif">On February&#160;13, 2014, the Board of Trustees of Rydex Variable Trust approved a change to each Fund&#146;s principal investment strategies to allow each Fund to invest a substantial portion of its assets in one or more series of the Guggenheim Strategy Funds Trust for cash management purposes. The investment objective of each series of the Guggenheim Strategy Funds Trust is to seek a high level of income consistent with the preservation of capital, and each series invests in a highly diversified portfolio of fixed income securities. The investments are designed to provide the Funds with a more efficient alternative to investing indirectly in various individual short-term securities. Therefore, effective March&#160;11, 2014, the following language is added to the current description of each Fund&#146;s principal investment strategies under the heading &#147;Principal Investment Strategies&#148;:</font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0 24.45pt"><font style="font: 8pt Times New Roman, Times, Serif">Under certain circumstances the Fund may invest a substantial portion of its assets in other short-term fixed-income investment companies advised by the Advisor, or an affiliate of the Advisor, for liquidity management purposes, including in order to increase yield on liquid investments used to collateralize derivatives positions. Investments in these investment companies will significantly increase the portfolio&#146;s exposure to certain other asset categories, including: (i)&#160;a broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by the Advisor, to be of comparable quality (also known as &#147;junk bonds&#148;); (ii)&#160;securities issued by the U.S. government or its agencies and instrumentalities; (iii)&#160;collateralized loan obligations (&#147;CLOs&#148;), other asset-backed securities (including mortgage-backed securities) and similar investments; and (iv)&#160;other short-term fixed income securities. 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The investments are designed to provide the Funds with a more efficient alternative to investing indirectly in various individual short-term securities. Therefore, effective March&#160;11, 2014, the following language is added to the current description of each Fund&#146;s principal investment strategies under the heading &#147;Principal Investment Strategies&#148;:</font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0 24.45pt"><font style="font: 8pt Times New Roman, Times, Serif">Under certain circumstances the Fund may invest a substantial portion of its assets in other short-term fixed-income investment companies advised by the Advisor, or an affiliate of the Advisor, for liquidity management purposes, including in order to increase yield on liquid investments used to collateralize derivatives positions. Investments in these investment companies will significantly increase the portfolio&#146;s exposure to certain other asset categories, including: (i)&#160;a broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by the Advisor, to be of comparable quality (also known as &#147;junk bonds&#148;); (ii)&#160;securities issued by the U.S. government or its agencies and instrumentalities; (iii)&#160;collateralized loan obligations (&#147;CLOs&#148;), other asset-backed securities (including mortgage-backed securities) and similar investments; and (iv)&#160;other short-term fixed income securities. 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The investments are designed to provide the Funds with a more efficient alternative to investing indirectly in various individual short-term securities. Therefore, effective March&#160;11, 2014, the following language is added to the current description of each Fund&#146;s principal investment strategies under the heading &#147;Principal Investment Strategies&#148;:</font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0 24.45pt"><font style="font: 8pt Times New Roman, Times, Serif">Under certain circumstances the Fund may invest a substantial portion of its assets in other short-term fixed-income investment companies advised by the Advisor, or an affiliate of the Advisor, for liquidity management purposes, including in order to increase yield on liquid investments used to collateralize derivatives positions. Investments in these investment companies will significantly increase the portfolio&#146;s exposure to certain other asset categories, including: (i)&#160;a broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by the Advisor, to be of comparable quality (also known as &#147;junk bonds&#148;); (ii)&#160;securities issued by the U.S. government or its agencies and instrumentalities; (iii)&#160;collateralized loan obligations (&#147;CLOs&#148;), other asset-backed securities (including mortgage-backed securities) and similar investments; and (iv)&#160;other short-term fixed income securities. 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The investments are designed to provide the Funds with a more efficient alternative to investing indirectly in various individual short-term securities. Therefore, effective March&#160;11, 2014, the following language is added to the current description of each Fund&#146;s principal investment strategies under the heading &#147;Principal Investment Strategies&#148;:</font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0 24.45pt"><font style="font: 8pt Times New Roman, Times, Serif">Under certain circumstances the Fund may invest a substantial portion of its assets in other short-term fixed-income investment companies advised by the Advisor, or an affiliate of the Advisor, for liquidity management purposes, including in order to increase yield on liquid investments used to collateralize derivatives positions. Investments in these investment companies will significantly increase the portfolio&#146;s exposure to certain other asset categories, including: (i)&#160;a broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by the Advisor, to be of comparable quality (also known as &#147;junk bonds&#148;); (ii)&#160;securities issued by the U.S. government or its agencies and instrumentalities; (iii)&#160;collateralized loan obligations (&#147;CLOs&#148;), other asset-backed securities (including mortgage-backed securities) and similar investments; and (iv)&#160;other short-term fixed income securities. 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Key Amendment Flag Amendment Description Trading Symbol Document Creation Date Document Effective Date Prospectus Date Prospectus: [Table] Prospectus [Line Items] Risk/Return [Heading] Supplement [TextBlock] Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Expense [Heading] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees [Table] Operating Expenses Caption [Text] Annual Fund Operating Expenses [Table] Expense Footnotes [Text Block] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expense Example [Heading] Expense Example by Year [Heading] Expense Example Narrative [Text Block] Expense Example by, Year, Caption [Text] Expense Example, With Redemption [Table] Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption, By Year, Caption [Text] Expense Example, No Redemption [Table] Expense Example Footnotes [Text Block] Expense Example Closing [Text Block] 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2000® 1.5x Strategy Fund NASDAQ-100® Fund S&P 500® 2x Strategy Fund Inverse Russell 2000® Strategy Fund Risk/Return Detail [Table] Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover, Rate Expense Breakpoint Discounts [Text] Expense Breakpoint, Minimum Investment Required [Amount] Expense Exchange Traded Fund Commissions [Text] Expenses Represent Both Master and Feeder [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses Restated to Reflect Current [Text] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Strategy Portfolio Concentration [Text] Risk Lose Money [Text] Risk Nondiversified Status [Text] Risk Money Market Fund [Text] Risk Not Insured Depository Institution [Text] Risk Caption Risk Column [Text] Risk [Text] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart Does Not Reflect Sales Loads [Text] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Caption Column Money Market Seven Day Yield, Caption [Text] Money Market Seven Day Yield Column [Text] Money Market Seven Day Yield Phone Money Market Seven Day Yield Money Market Seven Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column [Text] Thirty Day Yield Phone Thirty Day Yield Thirty Day Tax Equivalent Yield Custom Element. 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