0001387131-18-002220.txt : 20180516
0001387131-18-002220.hdr.sgml : 20180516
20180516095848
ACCESSION NUMBER: 0001387131-18-002220
CONFORMED SUBMISSION TYPE: 485BPOS
PUBLIC DOCUMENT COUNT: 42
FILED AS OF DATE: 20180516
DATE AS OF CHANGE: 20180516
EFFECTIVENESS DATE: 20180516
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: JNL VARIABLE FUND LLC
CENTRAL INDEX KEY: 0001072428
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1933 Act
SEC FILE NUMBER: 333-68105
FILM NUMBER: 18839038
BUSINESS ADDRESS:
STREET 1: C/O JNL VARIABLE FUND
STREET 2: 1 CORPORATE WAY
CITY: LANSING
STATE: MI
ZIP: 48951
BUSINESS PHONE: (517) 367-4336
MAIL ADDRESS:
STREET 1: C/O JNL VARIABLE FUND
STREET 2: 1 CORPORATE WAY
CITY: LANSING
STATE: MI
ZIP: 48951
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: JNL VARIABLE FUND LLC
CENTRAL INDEX KEY: 0001072428
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-09121
FILM NUMBER: 18839039
BUSINESS ADDRESS:
STREET 1: C/O JNL VARIABLE FUND
STREET 2: 1 CORPORATE WAY
CITY: LANSING
STATE: MI
ZIP: 48951
BUSINESS PHONE: (517) 367-4336
MAIL ADDRESS:
STREET 1: C/O JNL VARIABLE FUND
STREET 2: 1 CORPORATE WAY
CITY: LANSING
STATE: MI
ZIP: 48951
0001072428
S000001693
JNL/MELLON CAPITAL DOW INDEX FUND
C000004581
JNL/MELLON CAPITAL DOW INDEX FUND (A)
C000192157
JNL/MELLON CAPITAL DOW INDEX FUND (I)
0001072428
S000001695
JNL/MELLON CAPITAL TELECOMMUNICATIONS SECTOR FUND
C000004583
JNL/MELLON CAPITAL TELECOMMUNICATIONS SECTOR FUND (A)
C000064657
JNL/MELLON CAPITAL TELECOMMUNICATIONS SECTOR FUND (I)
0001072428
S000001696
JNL/MELLON CAPITAL CONSUMER DISCRETIONARY SECTOR FUND
C000004584
JNL/MELLON CAPITAL CONSUMER DISCRETIONARY SECTOR FUND (A)
C000064658
JNL/MELLON CAPITAL CONSUMER DISCRETIONARY SECTOR FUND (I)
0001072428
S000001697
JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND
C000004585
JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND (A)
C000064659
JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND (I)
0001072428
S000001698
JNL/MELLON CAPITAL FINANCIAL SECTOR FUND
C000004586
JNL/MELLON CAPITAL FINANCIAL SECTOR FUND (A)
C000064660
JNL/MELLON CAPITAL FINANCIAL SECTOR FUND (I)
0001072428
S000001699
JNL/MELLON CAPITAL ENERGY SECTOR FUND
C000004587
JNL/MELLON CAPITAL ENERGY SECTOR FUND (A)
C000064661
JNL/MELLON CAPITAL ENERGY SECTOR FUND (I)
0001072428
S000001700
JNL/MELLON CAPITAL INFORMATION TECHNOLOGY SECTOR FUND
C000004588
JNL/MELLON CAPITAL INFORMATION TECHNOLOGY SECTOR FUND (A)
C000064662
JNL/MELLON CAPITAL INFORMATION TECHNOLOGY SECTOR FUND (I)
0001072428
S000001708
JNL/MELLON CAPITAL MSCI WORLD INDEX FUND
C000004596
JNL/MELLON CAPITAL MSCI WORLD INDEX FUND (A)
C000192158
JNL/MELLON CAPITAL MSCI WORLD INDEX FUND (I)
0001072428
S000001711
JNL/MELLON CAPITAL NASDAQ 100 INDEX FUND
C000004599
JNL/MELLON CAPITAL NASDAQ 100 INDEX FUND (A)
C000064665
JNL/MELLON CAPITAL NASDAQ 100 INDEX FUND (I)
0001072428
S000001714
JNL/MELLON CAPITAL JNL 5 FUND
C000004602
JNL/MELLON CAPITAL JNL 5 FUND (A)
C000064668
JNL/MELLON CAPITAL JNL 5 FUND (I)
0001072428
S000017140
JNL/MELLON CAPITAL S&P SMID 60 FUND
C000047526
JNL/MELLON CAPITAL S&P SMID 60 FUND (A)
C000064670
JNL/MELLON CAPITAL S&P SMID 60 FUND (I)
485BPOS
1
jnlvf-485bpos_051618.htm
POST-EFFECTIVE AMENDMENT
As filed with the Securities and Exchange Commission on May 16, 2018.
1933 Act Registration No. 333-68105
1940 Act Registration No. 811-09121
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
[X]
Pre-Effective Amendment No. [ ]
[ ]
Post-Effective Amendment No. 55
[X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No. 57
[X]
JNL VARIABLE FUND LLC
(Exact Name of Registrant as Specified in Charter)
225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (312) 338-5801
225 West Wacker Drive, Chicago, Illinois 60606
(Mailing Address)
with a copy to:
Susan S. Rhee, Esq.
Ropes & Gray LLP
JNL Variable Fund LLC
32nd Floor
Vice President, Chief Legal Officer & Secretary
191 North Wacker Drive
1 Corporate Way
Chicago, Illinois 60606
Lansing, Michigan 48951
Attn: Paulita A. Pike, Esq.
(Name and Address of Agent for Service)
It is proposed that this filing will become effective (check appropriate box)
[X]
immediately upon filing pursuant to paragraph (b)
[ ]
on _________________pursuant to paragraph (b)
[ ]
60 days after filing pursuant to paragraph (a)(1)
[ ]
on _________________pursuant to paragraph (a)(1)
[ ]
75 days after filing pursuant to paragraph (a)(2)
[ ]
on (date) pursuant to paragraph (a)(2) of Rule 485
[ ]
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
Part C.
This Post-Effective Amendment No. 55 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in Post-Effective Amendment No. 54 to the Fund’s Registration Statement.
EXHIBIT LIST
Exhibit
Number
Exhibit
Description
101.INS
XBRL Instance Document
101.SCH
XBRL Taxonomy Extension Schema Document
101.CAL
XBRL Taxonomy Extension Calculation Linkbase
101.LAB
XBRL Taxonomy Extension Labels Linkbase
101.PRE
XBRL Taxonomy Extension Presentation Linkbase
101.DEF
XBRL Taxonomy Extension Definition Linkbase
SIGNATURES
Pursuant to the requirements of the Securities Act and the Investment Company Act, the Fund certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment under rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned, duly authorized, in the City of Lansing and the State of Michigan on the 16th day of May, 2018.
JNL VARIABLE FUND LLC
/s/ Susan S. Rhee
Susan S. Rhee
Vice President, Chief Legal Officer, and Secretary
Pursuant to the requirements of the Securities Act, this Post-Effective Amendment has been signed below by the following persons in the capacities and on the date indicated.
/s/ Susan S. Rhee *
May 16, 2018
Eric O. Anyah
Manager
/s/ Susan S. Rhee *
May 16, 2018
Michael Bouchard
Manager
/s/ Susan S. Rhee *
May 16, 2018
Ellen Carnahan
Manager
/s/ Susan S. Rhee *
May 16, 2018
William Crowley
Manager
/s/ Susan S. Rhee *
May 16, 2018
Michelle Engler
Manager
/s/ Susan S. Rhee *
May 16, 2018
John W. Gillespie
Manager
/s/ Susan S. Rhee *
May 16, 2018
William R. Rybak
Manager
/s/ Susan S. Rhee *
May 16, 2018
Mark S. Wehrle
Manager
/s/ Susan S. Rhee *
May 16, 2018
Edward C. Wood
Manager
/s/ Susan S. Rhee *
May 16, 2018
Patricia A. Woodworth
Manager
/s/ Susan S. Rhee *
May 16, 2018
Mark D. Nerud
Manager, President and Chief Executive Officer (Principal Executive Officer)
/s/ Susan S. Rhee *
May 16, 2018
Daniel W. Koors
Vice President, Treasurer and Chief Financial Officer (Principal Financial Officer)
* By Susan S. Rhee, Attorney In Fact
EX-101.INS
2
jvf-20180430.xml
XBRL INSTANCE DOCUMENT
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style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JNL/Mellon Capital MSCI World Index Fund </p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Class A </p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Class I</p><p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JNL/Mellon Capital Nasdaq<font style="font-size: smaller; vertical-align: text-top; line-height: 1">®
</font>100 Index Fund </p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Class A </p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Class I</p><p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JNL/Mellon Capital S&P<font style="font-size: smaller; vertical-align: text-top; line-height: 1">®
</font>SMid 60 Fund </p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Class A </p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Class I</p><p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>JNL/Mellon
Capital JNL 5 Fund </b></font></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class
A </b></font></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class
I</b></font></p><p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>JNL/Mellon
Capital Telecommunications Sector Fund </b></font></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class
A </b></font></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class
I</b></font></p><p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>JNL/Mellon
Capital Consumer Discretionary Sector Fund </b></font></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class
A </b></font></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class
I</b></font></p><p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>JNL/Mellon
Capital Financial Sector Fund </b></font></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class
A </b></font></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class
I</b></font></p><p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>JNL/Mellon
Capital Healthcare Sector Fund </b></font></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class
A </b></font></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class
I</b></font></p><p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>JNL/Mellon
Capital Energy Sector Fund </b></font></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class
A </b></font></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class
I</b></font></p><p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>JNL/Mellon
Capital Information Technology Sector Fund</b></font></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class
A </b></font></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class
I</b></font></p><p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JNL/Mellon Capital Dow<font style="font-size: smaller; vertical-align: text-top; line-height: 1">SM</font>
Index Fund </p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Class A </p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Class I</p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Investment Objective.</b></font><b> <font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Investment Objective.</b></font><b> <font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Investment Objective.</b></font><b> <font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Investment Objective.</b></font><b> <font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Investment Objective.</b></font><b> <font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Investment Objective.</b></font><b> <font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Investment Objective.</b></font><b> <font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Investment Objective.</b></font><b> <font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Investment Objective.</b></font><b> <font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Investment Objective.</b></font><b> <font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Investment Objective.</b></font><b> <font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif">The investment objective of the Fund is to match
the performance of the MSCI World Index. The Fund is constructed to mirror the index to provide long-term capital growth by investing
in international equity securities attempting to match the characteristics of each country within the index.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The investment objective of the Fund is total return.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The investment objective of the Fund is to provide
capital appreciation.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The investment objective of the Fund is total return
through capital appreciation and dividend income.</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The objective
of the Fund is total return through capital appreciation and dividend income.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The objective of the Fund is total return through
capital appreciation and dividend income.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The objective of the Fund is total return through
capital appreciation and dividend income.</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The objective
of the Fund is total return through capital appreciation and dividend income.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The objective of the Fund is total return through
capital appreciation and dividend income.</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The objective
of the Fund is total return through capital appreciation and dividend income.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The investment objective of the Fund is total return
through a combination of capital appreciation and dividend income.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses.</b></font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shareholder
Fees</b><br />
<b>(fees paid directly from your investment)</b><br />
Not Applicable</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shareholder
Fees</b><br />
<b>(fees paid directly from your investment)</b><br />
Not Applicable</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shareholder
Fees</b><br />
<b>(fees paid directly from your investment)</b><br />
Not Applicable</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shareholder
Fees</b><br />
<b>(fees paid directly from your investment)</b><br />
Not Applicable</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shareholder
Fees</b><br />
<b>(fees paid directly from your investment)</b><br />
Not Applicable</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shareholder
Fees</b><br />
<b>(fees paid directly from your investment)</b><br />
Not Applicable</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shareholder
Fees</b><br />
<b>(fees paid directly from your investment)</b><br />
Not Applicable</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shareholder
Fees</b><br />
<b>(fees paid directly from your investment)</b><br />
Not Applicable</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shareholder
Fees</b><br />
<b>(fees paid directly from your investment)</b><br />
Not Applicable</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shareholder
Fees</b><br />
<b>(fees paid directly from your investment)</b><br />
Not Applicable</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shareholder
Fees</b><br />
<b>(fees paid directly from your investment)</b><br />
Not Applicable</font></p><p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual Fund Operating
Expenses<br />
(Expenses that you pay each year as a percentage of the value of your investment)</b></font></p><p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual Fund Operating
Expenses<br />
(Expenses that you pay each year as a percentage of the value of your investment)</b></font></p><p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual Fund Operating
Expenses<br />
(Expenses that you pay each year as a percentage of the value of your investment)</b></font></p><p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual Fund Operating
Expenses<br />
(Expenses that you pay each year as a percentage of the value of your investment)</b></font></p><p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual Fund Operating
Expenses<br />
(Expenses that you pay each year as a percentage of the value of your investment)</b></font></p><p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual Fund Operating
Expenses<br />
(Expenses that you pay each year as a percentage of the value of your investment)</b></font></p><p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual Fund Operating
Expenses<br />
(Expenses that you pay each year as a percentage of the value of your investment)</b></font></p><p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual Fund Operating
Expenses<br />
(Expenses that you pay each year as a percentage of the value of your investment)</b></font></p><p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual Fund Operating
Expenses<br />
(Expenses that you pay each year as a percentage of the value of your investment)</b></font></p><p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual Fund Operating
Expenses<br />
(Expenses that you pay each year as a percentage of the value of your investment)</b></font></p><p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual Fund Operating
Expenses<br />
(Expenses that you pay each year as a percentage of the value of your investment)</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover (% of average value of portfolio).</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover (% of average value of portfolio).</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover (% of average value of portfolio).</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover (% of average value of portfolio).</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover (% of average value of portfolio).</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover (% of average value of portfolio).</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover (% of average value of portfolio).</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover (% of average value of portfolio).</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover (% of average value of portfolio).</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover (% of average value of portfolio).</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover (% of average value of portfolio).</b></font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating
Expenses or in the Expense Example above, affect the Fund’s performance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
<tr style="vertical-align: bottom">
<td style="border-top: black 2px solid; border-right: black 2px solid; border-left: black 2px solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Period</b></font></td>
<td colspan="2" style="border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="border: black 2px solid; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">1/1/2017
- 12/31/2017</font></td>
<td style="width: 13%; border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">142</font></td>
<td style="border-right: black 2px solid; border-bottom: black 2px solid; width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating
Expenses or in the Expense Example above, affect the Fund’s performance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
<tr style="vertical-align: bottom">
<td style="border-top: black 2px solid; border-right: black 2px solid; border-left: black 2px solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Period</b></font></td>
<td colspan="2" style="border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> 
</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="border: black 2px solid; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">1/1/2017
- 12/31/2017</font></td>
<td style="width: 13%; border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6</font></td>
<td style="border-right: black 2px solid; border-bottom: black 2px solid; width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"></font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating
Expenses or in the Expense Example above , affect the Fund’s performance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
<tr style="vertical-align: bottom">
<td style="border-top: black 2px solid; border-right: black 2px solid; border-left: black 2px solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Period</b></font></td>
<td colspan="2" style="border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="border: black 2px solid; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">1/1/2017
- 12/31/2017</font></td>
<td style="width: 13%; border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">82</font></td>
<td style="border-right: black 2px solid; border-bottom: black 2px solid; width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating
Expenses or in the Expense Example above, affect the Fund’s performance.</font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt"></p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
<tr style="vertical-align: bottom">
<td style="border-top: black 2px solid; border-right: black 2px solid; border-left: black 2px solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Period</b></font></td>
<td colspan="2" style="border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="border: black 2px solid; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">1/1/2017
- 12/31/2017</font></td>
<td style="width: 13%; border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">89</font></td>
<td style="border-right: black 2px solid; border-bottom: black 2px solid; width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"></font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating
Expenses or in the Expense Example above, affect the Fund’s performance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
<tr style="vertical-align: bottom">
<td style="border-top: black 2px solid; border-right: black 2px solid; border-left: black 2px solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Period</b></font></td>
<td colspan="2" style="border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="border: black 2px solid; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">1/1/2017
- 12/31/2017</font></td>
<td style="width: 13%; border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27</font></td>
<td style="border-right: black 2px solid; border-bottom: black 2px solid; width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating
Expenses or in the Expense Example above, affect the Fund’s performance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
<tr style="vertical-align: bottom">
<td style="border-top: black 2px solid; border-right: black 2px solid; border-left: black 2px solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Period</b></font></td>
<td colspan="2" style="border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="border: black 2px solid; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">1/1/2017
- 12/31/2017</font></td>
<td style="width: 13%; border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8</font></td>
<td style="border-right: black 2px solid; border-bottom: black 2px solid; width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating
Expenses or in the Expense Example above, affect the Fund’s performance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
<tr style="vertical-align: bottom">
<td style="border-top: black 2px solid; border-right: black 2px solid; border-left: black 2px solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Period</b></font></td>
<td colspan="2" style="border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="border: black 2px solid; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">1/1/2017
- 12/31/2017</font></td>
<td style="width: 13%; border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9</font></td>
<td style="border-right: black 2px solid; border-bottom: black 2px solid; width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating
Expenses or in the Expense Example above, affect the Fund’s performance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
<tr style="vertical-align: bottom">
<td style="border-top: black 2px solid; border-right: black 2px solid; border-left: black 2px solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Period</b></font></td>
<td colspan="2" style="border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="border: black 2px solid; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">1/1/2017
- 12/31/2017</font></td>
<td style="width: 13%; border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6</font></td>
<td style="border-right: black 2px solid; border-bottom: black 2px solid; width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating
Expenses or in the Expense Example above, affect the Fund’s performance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
<tr style="vertical-align: bottom">
<td style="border-top: black 2px solid; border-right: black 2px solid; border-left: black 2px solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Period</b></font></td>
<td colspan="2" style="border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="border: black 2px solid; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">1/1/2017
- 12/31/2017</font></td>
<td style="width: 13%; border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7</font></td>
<td style="border-right: black 2px solid; border-bottom: black 2px solid; width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating
Expenses or in the Expense Example above, affect the Fund’s performance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
<tr style="vertical-align: bottom">
<td style="border-top: black 2px solid; border-right: black 2px solid; border-left: black 2px solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Period</b></font></td>
<td colspan="2" style="border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="border: black 2px solid; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">1/1/2017
- 12/31/2017</font></td>
<td style="width: 13%; border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4</font></td>
<td style="border-right: black 2px solid; border-bottom: black 2px solid; width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating
Expenses or in the Expense Example above, affect the Fund’s performance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
<tr style="vertical-align: bottom">
<td style="border-top: black 2px solid; border-right: black 2px solid; border-left: black 2px solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Period</b></font></td>
<td colspan="2" style="border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="border: black 2px solid; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">1/1/2017
- 12/31/2017</font></td>
<td style="width: 13%; border-bottom: black 2px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td>
<td style="border-right: black 2px solid; border-bottom: black 2px solid; width: 13%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
</table>1.420.060.820.890.270.080.060.070.040.01<p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expense Example.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expense Example.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expense Example.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expense Example.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expense Example.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expense Example.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expense Example.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expense Example.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expense Example.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expense Example.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Expense Example.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif">This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses
of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be
applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on
a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period and (3) that the Fund operating
expenses remain the same. This example also assumes that the Class I administrative fee waiver is discontinued after one year.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses
of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be
applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on
a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period and (3) that the Fund operating
expenses remain the same. This example also assumes that the Class I administrative fee waiver is discontinued after one year.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses
of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be
applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on
a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period and (3) that the Fund operating
expenses remain the same. This example also assumes that the Class I administrative fee waiver is discontinued after one year.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses
of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be
applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on
a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period and (3) that the Fund operating
expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Also,
this example does not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included. The table below
shows the expenses you would pay on a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time
period and (3) that the Fund operating expenses remain the same. This example also assumes that the Class I administrative fee
waiver is discontinued after one year . Although your actual costs may be higher or lower, based on these assumptions, your costs
would be:</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses
of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be
applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on
a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period and (3) that the Fund operating
expenses remain the same. This example also assumes that the Class I administrative fee waiver is discontinued after one year.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses
of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be
applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on
a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period and (3) that the Fund operating
expenses remain the same. This example also assumes that the Class I administrative fee waiver is discontinued after one year.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Also,
this example does not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included. The table below
shows the expenses you would pay on a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time
period and (3) that the Fund operating expenses remain the same. This example also assumes that the Class I administrative fee
waiver is discontinued after one year . Although your actual costs may be higher or lower, based on these assumptions, your costs
would be:</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses
of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be
applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on
a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period and (3) that the Fund operating
expenses remain the same. This example also assumes that the Class I administrative fee waiver is discontinued after one yea r.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Also,
this example does not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included. The table below
shows the expenses you would pay on a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time
period and (3) that the Fund operating expenses remain the same. This example also assumes that the Class I administrative fee
waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs
would be:</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses
of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be
applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on
a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period and (3) that the Fund operating
expenses remain the same. This example also assumes that the Class I administrative fee waiver is discontinued after one year.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Investment Strategies.</b></font><b>
<font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Investment Strategies.</b></font><b>
<font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Investment Strategies.</b></font><b>
<font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Investment Strategies.</b></font><b>
<font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Investment Strategies.</b></font><b>
<font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Investment Strategies.</b></font><b>
<font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Investment Strategies.</b></font><b>
<font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Investment Strategies.</b></font><b>
<font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Investment Strategies.</b></font><b>
<font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Investment Strategies.</b></font><b>
<font style="font-family: Times New Roman, Times, Serif"></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Investment Strategies.</b></font><b>
<font style="font-family: Times New Roman, Times, Serif"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment
purposes) in the stocks included in the MSCI World Index or derivative securities economically related to the MSCI World Index.
The Fund seeks to match the performance and characteristics of the MSCI World Index.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">To
implement this strategy, the Fund may invest up to 50% of its net asset value in financial futures, a type of derivative, to obtain
exposure, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s
objective. In addition, the Fund may use foreign currency forward contracts, a type of derivative, to maintain the approximate
currency exposure of the MSCI World Index.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities
based upon security analysis. Indexing may offer a cost-effective approach to gaining diversified market exposure over the long
term.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may obtain exposure to non-U.S. companies through investment in depositary receipts such as American, Global, and European
Depositary Receipts (ADRs, GDRs, and EDRs).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in securities issued by companies in the financial services sector.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund seeks to achieve its objective by investing in the securities which comprise the NASDAQ 100 Index<font style="vertical-align: text-top; line-height: 1">®
</font>(“Index”). The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus
the amount of any borrowings made for investment purposes) in the stocks in the Index in proportion to their market capitalization
weighting in the Index. The Fund does not employ traditional methods of active investment management, which involves the buying
and selling of securities based upon security analysis. The Fund attempts to replicate the Index by investing all or substantially
all of its assets in the securities that make up the Index. The Index includes 100 of the largest non-financial domestic and international
companies listed on the Nasdaq Stock Market. The Index reflects companies across high-growth industry groups including computer
hardware and software, telecommunications, retail/wholesale trade and biotechnology.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
securities are adjusted from time to time by BNY Mellon Asset Management North America Corporation (“BNYM AMNA”) (“Sub-Adviser”)
to conform to periodic changes in the identity and/or relative weights of the securities in the Index.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Certain
provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), and the Internal Revenue Code of 1986,
as amended, may limit the ability of the Fund to invest in certain securities in excess of certain percentage limitations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in financial futures, a type of derivative, that may be used to obtain market exposure consistent with the Fund’s
investment objective and strategies , to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that
facilitate meeting the Fund’s objective.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in the securities of non-U.S. issuers.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund is “non-diversified” under the 1940 Act and may invest more of its assets in fewer issuers than “diversified”
mutual funds.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund seeks to achieve its objective by identifying small and mid-capitalization companies with improving fundamental performance
and sentiment. BNY Mellon Asset Management North America Corporation (“BNYM AMNA”) (“Sub-Adviser”) attempts
to select small and mid-capitalization companies that are likely to be in an earlier stage of their economic life cycle than mature
large-capitalization companies.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund invests in 30 of the securities that comprise the Standard & Poor’s MidCap 400 Index (“S&P MidCap 400”)
and 30 of the securities that comprise the Standard & Poor’s SmallCap 600 Index (“S&P SmallCap 600”)
(each an “Index”, collectively the “Indexes”). The 60 securities are selected on each Security Selection
Date. The Security Selection Date will be on or about January 1 of each year. The Sub-Adviser selects the 60 securities according
to a screening process that considers average daily dollar trading volume, price to book ratio, 3-month price appreciation, and
ratio of cash flow per share to stock price. The Sub-Adviser will choose only one share class of a security to be represented
in the Fund if the security selection model selects multiple shares classes of the same security. The 30 securities selected from
the S&P MidCap 400 are given twice the weight of the 30 securities selected from the S&P SmallCap 600.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Sub-Adviser generally uses a buy and hold strategy, trading only around each Security Selection Date, when cash flow activity
occurs in the Fund and for dividend reinvestment. The Sub-Adviser may also trade for mergers or acquisitions if the original stock
is not the surviving company.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Certain
provisions of the Investment Company Act of 1940, as amended (the “1940 Act”) and the Internal Revenue Code of 1986,
as amended, may limit the ability of the Fund to invest in certain securities in excess of certain percentage limitations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in securities issued by companies in the financial services sector.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in the securities of non-U.S. issuers.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may lend its securities to increase its income.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in a combination of exchange-traded funds (“ETFs”) to assist with fund re-balances and to meet redemption
or purchase requests.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in financial futures, a type of derivative, that may be used to obtain market exposure consistent with the Fund’s
investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that
facilitate meeting the Fund’s objective.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund is “non-diversified” under the 1940 Act and may invest more of its assets in fewer issuers than “diversified”
mutual funds.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund seeks to achieve its objective by investing in the securities that are identified by a model based on 5 different specialized
strategies:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">20% in the Dow<font style="vertical-align: text-top; line-height: 1">SM
</font>10 Strategy, a dividend yielding strategy;</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">20% in the S&P<font style="vertical-align: text-top; line-height: 1">®
</font>10 Strategy, a blended valuation-momentum strategy;</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">20% in the Global 15 Strategy, a dividend yielding
strategy;</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">20% in the 25 Strategy, a dividend yielding
strategy; and</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">20% in the Select Small-Cap Strategy, a small
capitalization strategy.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Each
of these strategies above is the same as the principal investment strategy of the similarly named strategy described in the statutory
prospectus. The Dow<font style="vertical-align: text-top; line-height: 1">SM</font> 10 Strategy invests in the ten securities
included in the Dow Jones Industrial Average which have the highest indicated annual dividend yields. The S&P<font style="vertical-align: text-top; line-height: 1">®
</font>10 Strategy invests in the ten securities selected from a pre-screened subset of the securities listed in the S&P 500<font style="vertical-align: text-top; line-height: 1">®
</font>Index. The Global 15 Strategy invests in the securities of certain dividend-paying companies which are components of the
Dow Jones Industrial Average, the Financial Times Ordinary Index and the Hang Seng Index. The 25 Strategy invests in the securities
of 25 dividend-paying companies selected from a subset of the securities listed on the New York Stock Exchange. The Select Small-Cap
Strategy invests in a portfolio of securities of 100 small capitalization companies selected from a pre-screened subset of the
securities listed on the New York Stock Exchange or The Nasdaq Stock Market. BNY Mellon Asset Management North America Corporation
(“Sub-Adviser”) will choose only one share class of a security to be represented in each of the 5 listed strategies
of the Fund if the specific stock selection model selects multiple shares classes of the same security.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
securities for each strategy are selected only once annually on each Security Selection Date. The Security Selection Date will
be on or about January 1 of each year.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Sub-Adviser generally uses a buy and hold strategy, trading only around each Security Selection Date, when cash flow activity
occurs, and for dividend reinvestment. The Sub-Adviser may also trade for mergers if the original security is not from the surviving
company.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in a combination of exchange-traded funds (“ETFs”) to assist with fund re-balances and to meet redemption
or purchase requests.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in financial futures, a type of derivative, to obtain market exposure consistent with the Fund’s investment
objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate
meeting the Fund’s objective. In addition, the Fund may use foreign currency forward contracts, a type of derivative, to
maintain appropriate currency exposures.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund is “non-diversified” under the 1940 Act, as defined in the Investment Company Act of 1940, as amended (the “1940
Act”), and may invest more of its assets in fewer issuers than “diversified” mutual funds.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment
purposes) in the stocks in the MSCI USA IMI Telecommunication Services 25/50 Index (“Index”) in proportion to their
market capitalization weighting in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach,
called indexing, which attempts to replicate the investment performance of the Index. Indexing may offer a cost-effective investment
approach to gaining sector exposure over the long term. Indexing may eliminate the chance that a Fund will outperform the Index,
but also may reduce some of the risk of active management, such as poor security selection. As of December 31, 2017 , the market
capitalization range of the Index was $5.42 million to $109.65 billion .</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder
flows, securities markets and changes in the composition of the Index.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">Certain
provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), and the Internal Revenue Code of 1986,
as amended, may limit the ability of the Fund to invest in certain securities in excess of certain percentage limitations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index,
to assist with index re-balances, and to meet redemption or purchase requests.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may lend its securities to increase its income.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in financial futures, a type of derivative, that may be used to obtain market exposure consistent with the Fund’s
investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that
facilitate meeting the Fund’s objective.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund is “non-diversified” under the 1940 Act and may invest more of its assets in fewer issuers than “diversified”
mutual funds.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund invests under normal circumstances at least 80% of its (net assets plus the amount of any borrowings made for investment
purposes) assets in the stocks in the MSCI USA IMI Consumer Discretionary Index (“Index”) in proportion to their market
capitalization weighting in the Index. Indexing may offer a cost-effective investment approach to gaining sector exposure over
the long term. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which
attempts to replicate the investment performance of the Index. Indexing may eliminate the chance that a Fund will outperform the
Index, but also may reduce some of the risk of active management, such as poor security selection. As of December 31, 2017 , the
market capitalization range of the Index was $63.49 million to $617.57 billion .</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder
flows, securities markets and changes in the composition of the Index.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Certain
provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), and the Internal Revenue Code of 1986,
as amended, may limit the ability of the Fund to invest in certain securities in excess of certain percentage limitations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index,
to assist with index re-balances, and to meet redemption or purchase requests.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in financial futures, a type of derivative, that may be used to obtain market exposure consistent with the Fund’s
investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that
facilitate meeting the Fund’s objective.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund is “non-diversified” under the 1940 Act and may invest more of its assets in fewer issuers than “diversified”
mutual funds.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment
purposes) in the securities in the MSCI USA IMI Financials Index (“Index”) in proportion to their market capitalization
weighting in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing,
which attempts to replicate the investment performance of the Index. Indexing may offer a cost-effective investment approach to
gaining sector exposure over the long term. Indexing may eliminate the chance that a Fund will outperform the Index, but also
may reduce some of the risk of active management, such as poor security selection. As of December 31, 2017 , the market capitalization
range of the Index was $123.12 million to $406.44 billion .</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder
flows, securities markets and changes in the composition of the Index.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Certain
provisions of the Investment Company Act of 1940, as amended (“1940 Act”), the Bank Holding Company Act of 1953, as
amended, and the Internal Revenue Code of 1896, as amended, may limit the ability of the Fund to invest in certain securities
in excess of certain percentage limitations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index,
to assist with index re-balances, and to meet redemption or purchase requests.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in financial futures, a type of derivative, that may be used to obtain market exposure consistent with the Fund’s
investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that
facilitate meeting the Fund’s objective.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund is “non-diversified” under the 1940 Act and may invest more of its assets in fewer issuers than “diversified”
mutual funds.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment
purposes) in the securities in the MSCI USA IMI Health Care Index (“Index”) in proportion to their market capitalization
weighting in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing,
which attempts to replicate the investment performance of the Index. Indexing may offer a cost-effective investment approach to
gaining sector exposure over the long term. Indexing may eliminate the chance that a Fund will outperform the Index, but also
may reduce some of the risk of active management, such as poor security selection. As of December 31, 2017 , the market capitalization
range of the Index was $46.45 million to $348.60 billion .</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder
flows, securities markets and changes in the composition of the Index.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">Certain
provisions of the Investment Company Act of 1940, as amended (the “1940 Act”) and the Internal Revenue Code of 1986,
as amended, may limit the ability of the Fund to invest in certain securities in excess of certain percentage limitations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index,
to assist with index re-balances, and to meet redemption or purchase requests.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in financial futures, a type of derivative, that may be used to obtain market exposure consistent with the Fund’s
investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that
facilitate meeting the Fund’s objective.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund is “non-diversified” under the 1940 Act and may invest more of its assets in fewer issuers than “diversified”
mutual funds.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment
purposes) in the stocks in the MSCI USA IMI Energy Index (“Index”) in proportion to their market capitalization weighting
in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts
to replicate the investment performance of the Index. Indexing may offer a cost-effective investment approach to gaining sector
exposure over the long term. Indexing may eliminate the chance that a Fund will outperform the Index, but also may reduce some
of the risk of active management, such as poor security selection. As of December 31, 2017 , the market capitalization range of
the Index was $148.05 million to $320.92 billion .</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder
flows, securities markets and changes in the composition of the Index.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Certain
provisions of the Investment Company Act of 1940, as amended (the “1940 Act”) and the Internal Revenue Code of 1986,
as amended, may limit the ability of the Fund to invest in certain securities in excess of certain percentage limitations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index,
to assist with index re-balances, and to meet redemption or purchase requests.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in financial futures, a type of derivative, that may be used to obtain market exposure consistent with the Fund’s
investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that
facilitate meeting the Fund’s objective.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund is “non-diversified” under the 1940 Act and may invest more of its assets in fewer issuers than “diversified”
mutual funds.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment
purposes) in the stocks in the MSCI USA IMI Information Technology Index (“Index”) in proportion to their market capitalization
weighting in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing,
which attempts to replicate the investment performance of the Index. Indexing may offer a cost-effective investment approach to
gaining sector exposure over the long term. Indexing may eliminate the chance that a Fund will outperform the Index, but also
may reduce some of the risk of active management, such as poor security selection. As of December 31, 2017 , the market capitalization
range of the Index was $190.47 million to $920.03 bi llion.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder
flows, securities markets and changes in the composition of the Index.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">Certain
provisions of the Investment Company Act of 1940, as amended (“1940 Act”) and the Internal Revenue Code of 1986, as
amended, may limit the ability of the Fund to invest in certain securities in excess of certain percentage limitations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index,
to assist with index re-balances, and to meet redemption or purchase requests.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in financial futures, a type of derivative, that may be used to obtain market exposure consistent with the Fund’s
investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that
facilitate meeting the Fund’s objective.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund is “non-diversified” under the 1940 Act and may invest more of its assets in fewer issuers than “diversified”
mutual funds.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund seeks to achieve its objective by investing at least 80% of its assets (net assets plus the amount of any borrowings made
for investment purposes) in the thirty securities which comprise the Dow Jones Industrial Average (“DJIA”), with the
weight of each security in the Fund substantially corresponding to the weight of such security in the DJIA. The thirty securities
are adjusted from time to time to conform to periodic changes to the identity and/or relative weightings in the DJIA.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Certain
provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), and the Internal Revenue Code of 1986,
as amended, may limit the ability of the Fund to invest in certain securities beyond a certain percentage limitations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in financial futures, a type of derivative, that may be used to obtain market exposure consistent with the Fund’s
investment objective and strategies , to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that
facilitate meeting the Fund’s objective.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in securities issued by companies in the financial services sector.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund is “non-diversified” under the 1940 Act and may invest more of its assets in fewer issuers than “diversified”
mutual funds.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Risks of Investing in the Fund.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Risks of Investing in the Fund.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Risks of Investing in the Fund.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Risks of Investing in the Fund.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Risks of Investing in the Fund.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Risks of Investing in the Fund.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Risks of Investing in the Fund.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Risks of Investing in the Fund.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Risks of Investing in the Fund.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Risks of Investing in the Fund.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Risks of Investing in the Fund.</b></font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">An
investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund’s shares will change, and you could
lose money by investing in the Fund. The principal risks associated with investing in the Fund include:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Depositary receipts risk –</i> Depositary
receipts, such as ADRs, GDRs and EDRs, may be issued in sponsored or un-sponsored programs. In a sponsored program, a security
issuer has made arrangements to have its securities traded in the form of depositary receipts. In an un-sponsored program,
the issuer may not be directly involved in the creation of the program. Depositary receipts involve many of the same risks
as direct investments in foreign securities. These risks include: fluctuations in currency exchange rates, which are affected
by international balances of payments and other economic and financial conditions; government intervention; and speculation.
With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory
taxation, political and social upheaval, and economic instability. Investments in depositary receipts that are traded over
the counter may also subject a Fund to liquidity risk.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Derivatives risk </i><b>–</b> Investments
in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets,
reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated
changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk,
interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper
valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset,
interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives’ original
cost. Certain derivatives transactions may subject the Fund to counterparty risk.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Equity securities risk </i>– Common
and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally
have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate
and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity
or equity-related securities purchased by the Fund could decline if the financial condition of the companies the Fund invests
in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular
industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry.
In addition, they may decline due to general market conditions that are not specifically related to a company or industry,
such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest
or currency rates or generally adverse investor sentiment.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>European investment risk </i>– Investing
in Europe involves many of the same risks as investing in foreign securities. In addition, Europe includes both developed
and emerging markets and investments by the Fund will be subject to the risks associated with investments in such markets.
Performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile
than the performance of more geographically diversified funds. Additionally, the United Kingdom’s intended departure
from the EU, commonly known as “Brexit,” may have significant political and financial consequences for Eurozone
markets, including greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a
decrease in business confidence and an increased likelihood of a recession in the United Kingdom and the EU.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Financial services risk </i>– An investment
in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory
framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution
to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements
which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other
unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or
all companies in the financial services sector.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign regulatory risk</i> – The Adviser
is an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom and
is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United
States of America. Through its ownership structure, the Adviser has a number of global financial industry affiliates. As a
result of this structure, and the asset management and financial industry business activities of the Adviser and its affiliates,
the Adviser and the Fund may be prohibited or limited in effecting transactions in certain securities. Additionally, the Adviser
and the Fund may encounter trading limitations or restrictions because of aggregation issues or other foreign regulatory requirements.
Foreign regulators or foreign laws may impose position limits on securities held by the Fund, and the Fund may be limited
as to which securities it may purchase or sell, as well as the timing of such purchases or sales. These foreign regulatory
limits may increase the Fund’s expenses and may limit the Fund’s performance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign securities risk </i>– Investments
in, or exposure to, foreign securities involve risks not typically associated with U.S. investments. These risks include,
among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding or other taxes on
income payable on the securities, as well as adverse political, social and economic developments, such as political upheaval,
acts of terrorism, financial troubles, or natural disasters. Many foreign securities markets, especially those in emerging
market countries, are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of
trading in those markets is often higher than in U.S. securities markets. There may also be less publicly available information
about issuers of foreign securities compared to issuers of U.S. securities. In addition, the economies of certain foreign
markets may not compare favorably with the economy of the United States with respect to issues such as growth of gross national
product, reinvestment of capital, resources and balance of payments position.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Forward and futures contract risk –
</i>The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect
to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between
the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible
lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures
contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s
inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic
factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its
obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation
margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Index investing risk – </i>The Fund’s
indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term
periods of poor stock performance. Fund performance may not exactly correspond with the performance of the relevant index
for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares,
changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as Fund diversification
requirements, may limit the ability of a Fund to completely replicate an index.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>License termination risk </i><b>–</b>
The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property
in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and
as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor.
Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the
investment strategy.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Portfolio turnover risk </i><b>–</b>
Active trading, including investments made on a shorter-term basis or in derivative instruments or in instruments with a maturity
of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance.</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">An
investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund’s shares will change, and you could
lose money by investing in the Fund. The principal risks associated with investing in the Fund include:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Derivatives risk </i><b>–</b> Investments
in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets,
reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated
changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk,
interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper
valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset,
interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives’ original
cost. Certain derivatives transactions may subject the Fund to counterparty risk.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Equity securities risk </i>– Common
and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally
have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate
and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity
or equity-related securities purchased by the Fund could decline if the financial condition of the companies the Fund invests
in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular
industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry.
In addition, they may decline due to general market conditions that are not specifically related to a company or industry,
such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest
or currency rates or generally adverse investor sentiment.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign regulatory risk</i> – The Adviser
is an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom and
is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United
States of America. Through its ownership structure, the Adviser has a number of global financial industry affiliates. As a
result of this structure, and the asset management and financial industry business activities of the Adviser and its affiliates,
the Adviser and the Fund may be prohibited or limited in effecting transactions in certain securities. Additionally, the Adviser
and the Fund may encounter trading limitations or restrictions because of aggregation issues or other foreign regulatory requirements.
Foreign regulators or foreign laws may impose position limits on securities held by the Fund, and the Fund may be limited
as to which securities it may purchase or sell, as well as the timing of such purchases or sales. These foreign regulatory
limits may increase the Fund’s expenses and may limit the Fund’s performance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign securities risk </i>– Investments
in, or exposure to, foreign securities involve risks not typically associated with U.S. investments. These risks include,
among others, adverse fluctuations in foreign currency values, possible imposition of foreignwithholding or other taxes on income payable
on the securities, as well as adverse political, social and economic developments, such as political upheaval, acts of terrorism,
financial troubles, or natural disasters. Many foreign securities markets, especially those in emerging market countries,
are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of trading in those
markets is often higher than in U.S. securities markets. There may also be less publicly available information about issuers
of foreign securities compared to issuers of U.S. securities. In addition, the economies of certain foreign markets may not
compare favorably with the economy of the United States with respect to issues such as growth of gross national product, reinvestment
of capital, resources and balance of payments position.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Index investing risk – </i>The Fund’s
indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term
periods of poor stock performance. Fund performance may not exactly correspond with the performance of the relevant index
for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares,
changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as Fund diversification
requirements, may limit the ability of a Fund to completely replicate an index.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Large-capitalization investing risk</i> –
Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Fund to underperform funds
that focus on other types of stocks.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Market risk</i> – Portfolio securities
may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political,
or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, among others. Adverse
market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may
fall due to factors affecting a particular issuer, industry or the securities market as a whole.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Non-diversification risk </i><b>–</b>
The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers
and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular
security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">An
investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund’s shares will change, and you could
lose money by investing in the Fund. The principal risks associated with investing in the Fund include:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Derivatives risk </i><b>–</b> Investments
in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets,
reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated
changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk,
interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper
valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset,
interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives’ original
cost. Certain derivatives transactions may subject the Fund to counterparty risk.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Equity securities risk </i>– Common
and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally
have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate
and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity
or equity-related securities purchased by the Fund could decline if the financial condition of the companies the Fund invests
in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular
industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry.
In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions,
changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor
sentiment.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Exchange-traded funds investing risk –
</i>An investment in an ETF generally presents the following risks: (i) the same primary risks as an investment in a conventional
fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies; (ii) the risk
that an ETF may fail to accurately track the market segment or index that underlies its investment objective; (iii) price
fluctuation, resulting in a loss to the Fund; (iv) the risk that an ETF may trade at a discount to its net asset value; (v)
the risk that an active market for an ETF’s shares may not develop or be maintained; and (vi) the risk that an ETF may
no longer meet the listing requirements of any applicable exchanges on which that ETF is listed. When the Fund invests in
an ETF, shareholders of the Fund bear their proportionate share of the ETF’s fees and expenses as well as their share
of the Fund’s fees and expenses.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Financial services risk </i>– An investment
in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory
framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution
to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements
which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other
unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or
all companies in the financial services sector.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign regulatory risk</i> – The Adviser
is an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom and
is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United
States of America. Through its ownership structure, the Adviser has a number of global financial industry affiliates. As a
result of this structure, and the asset management and financial industry business activities of the Adviser and its affiliates,
the Adviser and the Fund may be prohibited or limited in effecting transactions in certain securities. Additionally, the Adviser
and the Fund may encounter trading limitations or restrictions because of aggregation issues or other foreign regulatory requirements.
Foreign regulators or foreign laws may impose position limits on securities held by the Fund, and the Fund may be limited
as to which securities it may purchase or sell, as well as the timing of such purchases or sales. These foreign regulatory
limits may increase the Fund’s expenses and may limit the Fund’s performance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign securities risk </i>– Investments
in, or exposure to, foreign securities involve risks not typically associated with U.S. investments. These risks include,
among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding or other taxes on
income payable on the securities, as well as adverse political, social and economic developments, such as political upheaval,
acts of terrorism, financial troubles, or natural disasters. Many foreign securities markets, especially those in emerging
market countries, are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of
trading in those markets is often higher than in U.S. securities markets. There may also be less publicly available information
about issuers of foreign securities compared to issuers of U.S. securities. In addition, the economies of certain foreign
markets may not compare favorably with the economy of the United States with respect to issues such as growth of gross national
product, reinvestment of capital, resources and balance of payments position.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Limited management, trading cost and rebalance
risk </i><b>– </b>Investing primarily according to specific, mechanical criteria applied on a specific date each year
may prevent a Fund from responding to market fluctuations or changes in the financial condition or business prospects of the
selected companies during the year.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Market risk</i> – Portfolio securities
may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political,
or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, among others. Adverse
market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may
fall due to factors affecting a particular issuer, industry or the securities market as a whole.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Mid-capitalization investing risk </i><b>–
</b>The prices of securities of mid-capitalization companies may be more volatile than those of larger, more established companies.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Non-diversification risk </i><b>–</b>
The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers
and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular
security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Securities lending risk </i>– Securities
lending involves the risk of loss of rights in the collateral or delay in recovery of the collateral if the borrower fails
to return the security loaned or becomes insolvent.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Small-capitalization investing risk </i><b>–
</b>Investing in smaller companies, some of which may be newer companies or start-ups, generally involves greater risks than
investing in larger, more established ones. The securities of companies with smaller market capitalizations often are less
widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities
of companies with larger market capitalizations.</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">An
investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund’s shares will change, and you could
lose money by investing in the Fund. The principal risks associated with investing in the Fund include:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Derivatives risk </i><b>–</b> Investments
in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets,
reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated
changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk,
interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper
valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset,
interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives’ original
cost. Certain derivatives transactions may subject the Fund to counterparty risk.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Equity securities risk </i>– Common
and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally
have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate
and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity
or equity-related securities purchased by the Fund could decline if the financial condition of the companies the Fund invests
in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular
industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry.
In addition, they may decline due to general market conditions that are not specifically related to a company or industry,
such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest
or currency rates or generally adverse investor sentiment.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Exchange-traded funds investing risk –
</i>An investment in an ETF generally presents the following risks: (i) the same primary risks as an investment in a conventional
fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies; (ii) the risk
that an ETF may fail to accurately track the market segment or index that underlies its investment objective; (iii) price
fluctuation, resulting in a loss to the Fund; (iv) the risk that an ETF may trade at a discount to its net asset value; (v)
the risk that an active market for an ETF’s shares may not develop or be maintained; and (vi) the risk that an ETF may
no longer meet the listing requirements of any applicable exchanges on which that ETF is listed. When the Fund invests in
an ETF, shareholders of the Fund bear their proportionate share of the ETF’s fees and expenses as well as their share
of the Fund’s fees and expenses.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Financial services risk </i>– An investment
in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory
framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution
to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements
which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other
unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or
all companies in the financial services sector.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign regulatory risk</i> – The Adviser
is an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom and
is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United
States of America. Through its ownership structure, the Adviser has a number of global financial industry affiliates. As a
result of this structure, and the asset management and financial industry business activities of the Adviser and its affiliates,
the Adviser and the Fund may be prohibited or limited in effecting transactions in certain securities. Additionally, the Adviser
and the Fund may encounter trading limitations or restrictions because of aggregation issues or other foreign regulatory requirements.
Foreign regulators or foreign laws may impose position limits on securities held by the Fund, and the Fund may be limited
as to which securities it may purchase or sell, as well as the timing of such purchases or sales. These foreign regulatory
limits may increase the Fund’s expenses and may limit the Fund’s performance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign securities risk </i>– Investments
in , or exposure to, foreign securities involve risks not typically associated with U.S. investments. These risks include,
among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding or other taxes on
income payable on the securities, as well as adverse political, social and economic developments, such as political upheaval,
acts of terrorism, financial troubles, or natural disasters . Many foreign securities markets, especially those in emerging
market countries, are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of
trading in those markets is often higher than in U.S. securities markets. There may also be less publicly available information
about issuers of foreign securities compared to issuers of U.S. securities. In addition, the economies of certain foreign
markets may not compare favorably with the economy of the United States with respect to issues such as growth of gross national
product, reinvestment of capital, resources and balance of payments position.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Forward and futures contract risk –
</i>The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect
to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between
the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible
lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures
contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s
inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic
factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its
obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation
margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Limited management, trading cost and rebalance
risk </i><b>– </b>Investing primarily according to specific, mechanical criteria applied on a specific date each year
may prevent a Fund from responding to market fluctuations or changes in the financial condition or business prospects of the
selected companies during the year.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Market risk</i> – Portfolio securities
may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political,
or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, among others. Adverse
market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may
fall due to factors affecting a particular issuer, industry or the securities market as a whole.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Non-diversification risk </i><b>–</b>
The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers
and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular
security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Portfolio turnover risk </i><b>–</b>
Active trading, including investments made on a shorter-term basis or in derivative instruments or in instruments with a maturity
of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Small-capitalization investing risk </i><b>–
</b>Investing in smaller companies, some of which may be newer companies or start-ups, generally involves greater risks than
investing in larger, more established ones. The securities of companies with smaller market capitalizations often are less widely held and
trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies
with larger market capitalizations.</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">An
investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund’s shares will change, and you could
lose money by investing in the Fund. The principal risks associated with investing in the Fund include:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Concentration risk</i> <b>– </b>The
Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions,
industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject
to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in
a wider variety of countries, regions, industries, sectors or investments.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Derivatives risk </i><b>–</b> Investments
in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets,
reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated
changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk,
interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper
valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset,
interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives’ original
cost. Certain derivatives transactions may subject the Fund to counterparty risk.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Equity securities risk </i>– Common
and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally
have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate
and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity
or equity-related securities purchased by the Fund could decline if the financial condition of the companies the Fund invests
in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular
industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry.
In addition, they may decline due to general market conditions that are not specifically related to a company or industry,
such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest
or currency rates or generally adverse investor sentiment.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Exchange-traded funds investing risk –
</i>An investment in an ETF generally presents the following risks: (i) the same primary risks as an investment in a conventional
fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies; (ii) the risk
that an ETF may fail to accurately track the market segment or index that underlies its investment objective; (iii) price
fluctuation, resulting in a loss to the Fund; (iv) the risk that an ETF may trade at a discount to its net asset value; (v)
the risk that an active market for an ETF’s shares may not develop or be maintained; and (vi) the risk that an ETF may
no longer meet the listing requirements of any applicable exchanges on which that ETF is listed. When the Fund invests in
an ETF, shareholders of the Fund bear their proportionate share of the ETF’s fees and expenses as well as their share
of the Fund’s fees and expenses.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign regulatory risk</i> – The Adviser
is an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom and
is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United
States of America. Through its ownership structure, the Adviser has a number of global financial industry affiliates. As a
result of this structure, and the asset management and financial industry business activities of the Adviser and its affiliates,
the Adviser and the Fund may be prohibited or limited in effecting transactions in certain securities. Additionally, the Adviser
and the Fund may encounter trading limitations or restrictions because of aggregation issues or other foreign regulatory requirements.
Foreign regulators or foreign laws may impose position limits on securities held by the Fund, and the Fund may be limited
as to which securities it may purchase or sell, as well as the timing of such purchases or sales. These foreign regulatory
limits may increase the Fund’s expenses and may limit the Fund’s performance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Index investing risk – </i>The Fund’s
indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term
periods of poor stock performance. Fund performance may not exactly correspond with the performance of the relevant index
for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares,
changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as Fund diversification
requirements, may limit the ability of a Fund to completely replicate an index.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Market risk</i> – Portfolio securities
may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political,
or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, among others. Adverse
market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may
fall due to factors affecting a particular issuer, industry or the securities market as a whole.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Mid-capitalization investing risk </i><b>–
</b>The prices of securities of mid-capitalization companies may be more volatile than those of larger, more established companies.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Non-diversification risk </i><b>–</b>
The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers
and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular
security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Sector risk </i>– Companies with similar
characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies
within specific sectors of the economy can perform differently than the overall market. For example, thi s may be due to changes
in the regulatory or competitive environment or changes in investor perceptions regarding a sector. Because the Fund may allocate
relatively more assets to certain sectors than others, the Fund’s performance may be more susceptible to any developments
which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar
sectors or comparable benchmarks because of the investment manager’s choice of securities within such sector.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Securities lending risk </i>– Securities
lending involves the risk of loss of rights in the collateral or delay in recovery of the collateral if the borrower fails
to return the security loaned or becomes insolvent.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Small-capitalization investing risk </i><b>–
</b>Investing in smaller companies, some of which may be newer companies or start-ups, generally involves greater risks than
investing in larger, more established ones. The securities of companies with smaller market capitalizations often are less
widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities
of companies with larger market capitalizations.</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">An
investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund’s shares will change, and you could
lose money by investing in the Fund. The principal risks associated with investing in the Fund include:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Concentration risk</i> <b>– </b>The
Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions,
industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject
to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in
a wider variety of countries, regions, industries, sectors or investments.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Derivatives risk </i><b>–</b> Investments
in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets,
reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated
changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk,
interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper
valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset,
interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives’ original
cost. Certain derivatives transactions may subject the Fund to counterparty risk.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Equity securities risk </i>– Common
and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally
have greater price volatility than fixed-income securities. The price of equity or equity-re lated securities will fluctuate
and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity
or equity-related securities purchased by the Fund could decline if the financial condition of the companies the Fund invests
in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular
industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry.
In addition, they may decline due to general market conditions that are not specifically related to a company or industry,
such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest
or currency rates or generally adverse investor sentiment.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Exchange-traded funds investing risk –
</i>An investment in an ETF generally presents the following risks: (i) the same primary risks as an investment in a conventional
fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies; (ii) the risk
that an ETF may fail to accurately track the market segment or index that underlies its investment objective; (iii) price
fluctuation, resulting in a loss to the Fund; (iv) the risk that an ETF may trade at a discount to its net asset value; (v)
the risk that an active market for an ETF’s shares may not develop or be maintained; and (vi) the risk that an ETF may
no longer meet the listing requirements of any applicable exchanges on which that ETF is listed. When the Fund invests in an ETF, shareholders of the Fund bear their
proportionate share of the ETF’s fees and expenses as well as their share of the Fund’s fees and expenses.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign regulatory risk</i> – The Adviser
is an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom and
is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United
States of America. Through its ownership structure, the Adviser has a number of global financial industry affiliates. As a
result of this structure, and the asset management and financial industry business activities of the Adviser and its affiliates,
the Adviser and the Fund may be prohibited or limited in effecting transactions in certain securities. Additionally, the Adviser
and the Fund may encounter trading limitations or restrictions because of aggregation issues or other foreign regulatory requirements.
Foreign regulators or foreign laws may impose position limits on securities held by the Fund, and the Fund may be limited
as to which securities it may purchase or sell, as well as the timing of such purchases or sales. These foreign regulatory
limits may increase the Fund’s expenses and may limit the Fund’s performance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Index investing risk – </i>The Fund’s
indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term
periods of poor stock performance. Fund performance may not exactly correspond with the performance of the relevant index
for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares,
changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as Fund diversification
requirements, may limit the ability of a Fund to completely replicate an index.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Market risk</i> – Portfolio securities
may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political,
or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, among others. Adverse
market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may
fall due to factors affecting a particular issuer, industry or the securities market as a whole.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Mid-capitalization investing risk </i><b>–
</b>The prices of securities of mid-capitalization companies may be more volatile than those of larger, more established companies.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Non-diversification risk </i><b>–</b>
The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers
and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular
security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Sector risk </i>– Companies with similar
characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies
within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes
in the regulatory or competitive environment or changes in investor perceptions regarding a sector. Because the Fund may allocate
relatively more assets to certain sectors than others, the Fund’s performance may be more susceptible to any developments
which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar
sectors or comparable benchmarks because of the investment manager’s choice of securities within such sector.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Small-capitalization investing risk </i><b>–
</b>Investing in smaller companies, some of which may be newer companies or start-ups, generally involves greater risks than
investing in larger, more established ones. The securities of companies with smaller market capitalizations often are less
widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities
of companies with larger market capitalizations.</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">An
investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund’s shares will change, and you could
lose money by investing in the Fund. The principal risks associated with investing in the Fund include:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Concentration risk</i> <b>– </b>The
Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions,
industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject
to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in
a wider variety of countries, regions, industries, sectors or investments.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Derivatives risk </i><b>–</b> Investments
in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets,
reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated
changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk,
interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper
valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset,
interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives’ original
cost. Certain derivatives transactions may subject the Fund to counterparty risk.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Equity securities risk </i>– Common
and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally
have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate
and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity
or equity-related securities purchased by the Fund could decline if the financial condition of the companies the Fund invests
in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular
industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry.
In addition, they may decline due to general market conditions that are not specifically related to a company or industry,
such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest
or currency rates or generally adverse investor sentiment.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Exchange-traded funds investing risk –
</i>An investment in an ETF generally presents the following risks: (i) the same primary risks as an investment in a conventional
fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies; (ii) the risk
that an ETF may fail to accurately track the market segment or index that underlies its investment objective; (iii) price
fluctuation, resulting in a loss to the Fund; (iv) the risk that an ETF may trade at a discount to its net asset value; (v)
the risk that an active market for an ETF’s shares may not develop or be maintained; and (vi) the risk that an ETF may
no longer meet the listing requirements of any applicable exchanges on which that ETF is listed. When the Fund invests in an ETF, shareholders of the Fund bear their
proportionate share of the ETF’s fees and expenses as well as their share of the Fund’s fees and expenses.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Financial services risk </i>– An investment
in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory
framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution
to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements
which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other
unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or
all companies in the financial services sector.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign regulatory risk</i> – The Adviser
is an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom and
is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United
States of America. Through its ownership structure, the Adviser has a number of global financial industry affiliates. As a
result of this structure, and the asset management and financial industry business activities of the Adviser and its affiliates,
the Adviser and the Fund may be prohibited or limited in effecting transactions in certain securities. Additionally, the Adviser
and the Fund may encounter trading limitations or restrictions because of aggregation issues or other foreign regulatory requirements.
Foreign regulators or foreign laws may impose position limits on securities held by the Fund, and the Fund may be limited
as to which securities it may purchase or sell, as well as the timing of such purchases or sales. These foreign regulatory
limits may increase the Fund’s expenses and may limit the Fund’s performance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Index investing risk – </i>The Fund’s
indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term
periods of poor stock performance. Fund performance may not exactly correspond with the performance of the relevant index
for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares,
changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as Fund diversification
requirements, may limit the ability of a Fund to completely replicate an index.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Market risk</i> – Portfolio securities
may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political,
or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, among others. Adverse
market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may
fall due to factors affecting a particular issuer, industry or the securities market as a whole.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Mid-capitalization investing risk </i><b>–
</b>The prices of securities of mid-capitalization companies may be more volatile than those of larger, more established companies.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Non-diversification risk </i><b>–</b>
The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers
and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular
security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Sector risk </i>– Companies with similar
characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies
within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes
in the regulatory or competitive environment or changes in investor perceptions regarding a sector. Because the Fund may allocate
relatively more assets to certain sectors than others, the Fund’s performance may be more susceptible to any developments
which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar
sectors or comparable benchmarks because of the investment manager’s choice of securities within such sector.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Small-capitalization investing risk </i><b>–
</b>Investing in smaller companies, some of which may be newer companies or start-ups, generally involves greater risks than
investing in larger, more established ones. The securities of companies with smaller market capitalizations often are less
widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities
of companies with larger market capitalizations.</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An investment in the Fund is not guaranteed. As with any mutual
fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. The principal risks
associated with investing in the Fund include:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 0.25in">•</td>
<td><i>Concentration risk</i> <b>– </b>The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of fo cus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">  </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 0.25in">•</td>
<td><i>Derivatives risk </i><b>–</b> Investments in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets, reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk, interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives’ original cost. Certain derivatives transactions may subject the Fund to counterparty risk.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 0.25in">•</td>
<td><i>Equity securities risk </i>– Common and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally have greater price volatility than fixed-income securities. The price of equity or equity-re lated securities will fluctuate and can decline and reduce the value of a portfolio investing in equity or equity-re lated securities. The value of equity or equity-related securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 0.25in">•</td>
<td><i>Exchange-traded funds investing risk – </i>An investment in an ETF generally presents the following risks: (i)
the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same
investment objectives, strategies and policies; (ii) the risk that an ETF may fail to accurately track the market segment or
index that underlies its investment objective; (iii) price fluctuation, resulting in a loss to the Fund; (iv) the risk that
an ETF may trade at a discount to its net asset value; (v) the risk that an active market for an ETF’s shares may not
develop or be maintained; and (vi) the risk that an ETF may no longer meet the listing requirements of any applicable
exchanges on which that ETF is listed. When the Fund invests in an ETF, shareholders of the Fund bear their proportionate share of the ETF’s fees and expenses as well as their share of the Fund’s fees and expenses.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"> </p></td>
<td style="width: 0.25in">•</td>
<td><i>Foreign regulatory risk</i> – The Adviser is an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom and is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United States of America. Through its ownership structure, the Adviser has a number of global financial industry affiliates. As a result of this structure, and the asset management and financial industry business activities of the Adviser and its affiliates, the Adviser and the Fund may be prohibited or limited in effecting transactions in certain securities. Additionally, the Adviser and the Fund may encounter trading limitations or restrictions because of aggregation issues or other foreign regulatory requirements. Foreign regulators or foreign laws may impose position limits on securities held by the Fund, and the Fund may be limited as to which securities it may purchase or sell, as well as the timing of such purchases or sales. These foreign regulatory limits may increase the Fund’s expenses and may limit the Fund’s performance.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">  </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 0.25in">•</td>
<td><i>Index investing risk – </i>The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as Fund diversification requirements, may limit the ability of a Fund to completely replicate an index.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">  </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 0.25in">•</td>
<td><i>Market risk</i> – Portfolio securities may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, among others. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">  </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 0.25in">•</td>
<td><i>Mid-capitalization investing risk </i><b>–</b> The prices of securities of mid-capitalization companies may be more volatile than those of larger, more established companies.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">  </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 0.25in">•</td>
<td><i>Non-diversification risk </i><b>–</b> The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">  </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 0.25in">•</td>
<td><i>Sector risk </i>– Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes in the regulatory or competitive environment or changes in investor perceptions regarding a sector. Because the Fund may allocate relatively more assets to certain sectors than others, the Fund’s performance may be more susceptible to any developments which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar sectors or comparable benchmarks because of the investment manager’s choice of securities within such sector.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">  </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 0.25in">•</td>
<td><i>Small-capitalization investing risk </i><b>–</b> Investing in smaller companies, some of which may be newer companies or start-ups, generally involves greater risks than investing in larger, more established ones. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations.</td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">An
investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund’s shares will change, and you could
lose money by investing in the Fund. The principal risks associated with investing in the Fund include:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Concentration risk</i> <b>– </b>The
Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions,
industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject
to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in
a wider variety of countries, regions, industries, sectors or investments.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Derivatives risk </i><b>–</b> Investments
in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets,
reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated
changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk,
interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper
valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset,
interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives’ original
cost. Certain derivatives transactions may subject the Fund to counterparty risk.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Equity securities risk </i>– Common
and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally
have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate
and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity
or equity-related securities purchased by the Fund could decline if the financial condition of the companies the Fund invests
in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular
industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry.
In addition, they may decline due to general market conditions that are not specifically related to a company or industry,
such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest
or currency rates or generally adverse investor sentiment.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Exchange-traded funds investing risk –
</i>An investment in an ETF generally presents the following risks: (i) the same primary risks as an investment in a conventional
fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies; (ii) the risk
that an ETF may fail to accurately track the market segment or index that underlies its investment objective; (iii) price
fluctuation, resulting in a loss to the Fund; (iv) the risk that an ETF may trade at a discount to its net asset value; (v)
the risk that an active market for an ETF’s shares may not develop or be maintained; and (vi) the risk that an ETF may
no longer meet the listing requirements of any applicable exchanges on which that ETF is listed. When the Fund invests in an ETF, shareholders of the Fund bear their
proportionate share of the ETF’s fees and expenses as well as their share of the Fund’s fees and expenses.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign regulatory risk</i> – The Adviser
is an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom and
is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United
States of America. Through its ownership structure, the Adviser has a number of global financial industry affiliates. As a
result of this structure, and the asset management and financial industry business activities of the Adviser and its affiliates,
the Adviser and the Fund may be prohibited or limited in effecting transactions in certain securities. Additionally, the Adviser
and the Fund may encounter trading limitations or restrictions because of aggregation issues or other foreign regulatory requirements.
Foreign regulators or foreign laws may impose position limits on securities held by the Fund, and the Fund may be limited
as to which securities it may purchase or sell, as well as the timing of such purchases or sales. These foreign regulatory
limits may increase the Fund’s expenses and may limit the Fund’s performance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Index investing risk – </i>The Fund’s
indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term
periods of poor stock performance. Fund performance may not exactly correspond with the performance of the relevant index
for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares,
changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as Fund diversification
requirements, may limit the ability of a Fund to completely replicate an index.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Market risk</i> – Portfolio securities
may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political,
or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, among others. Adverse
market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may
fall due to factors affecting a particular issuer, industry or the securities market as a whole.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Mid-capitalization investing risk </i><b>–
</b>The prices of securities of mid-capitalization companies may be more volatile than those of larger, more established companies.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Non-diversification risk </i><b>–</b>
The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers
and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular
security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Sector risk </i>– Companies with similar
characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies
within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes
in the regulatory or competitive environment or changes in investor perceptions regarding a sector. Because the Fund may allocate
relatively more assets to certain sectors than others, the Fund’s performance may be more susceptible to any developments
which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar
sectors or comparable benchmarks because of the investment manager’s choice of securities within such sector.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Small-capitalization investing risk </i><b>–
</b>Investing in smaller companies, some of which may be newer companies or start-ups, generally involves greater risks than
investing in larger, more established ones. The securities of companies with smaller market capitalizations often are less
widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities
of companies with larger market capitalizations.</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">An
investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund’s shares will change, and you could
lose money by investing in the Fund. The principal risks associated with investing in the Fund include:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Concentration risk</i> <b>– </b>The
Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions,
industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject
to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in
a wider variety of countries, regions, industries, sectors or investments.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Derivatives risk </i><b>–</b> Investments
in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets,
reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated
changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk,
interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper
valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset,
interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives’ original
cost. Certain derivatives transactions may subject the Fund to counterparty risk.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Equity securities risk </i>– Common
and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally
have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate
and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity
or equity-related securities purchased by the Fund could decline if the financial condition of the companies the Fund invests
in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular
industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry.
In addition, they may decline due to general market conditions that are not specifically related to a company or industry,
such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest
or currency rates or generally adverse investor sentiment.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Exchange-traded funds investing risk –
</i>An investment in an ETF generally presents the following risks: (i) the same primary risks as an investment in a conventional
fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies; (ii) the risk
that an ETF may fail to accurately track the market segment or index that underlies its investment objective; (iii) price
fluctuation, resulting in a loss to the Fund; (iv) the risk that an ETF may trade at a discount to its net asset value; (v)
the risk that an active market for an ETF’s shares may not develop or be maintained; and (vi) the risk that an ETF may
no longer meet the listing requirements of any applicable exchanges on which that ETF is listed. When the Fund invests in
an ETF, shareholders of the Fund bear their proportionate share of the ETF’s fees and expenses as well as their share
of the Fund’s fees and expenses.</font></td></tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign regulatory risk</i> – The Adviser
is an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom and
is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United
States of America. Through its ownership structure, the Adviser has a number of global financial industry affiliates. As a
result of this structure, and the asset management and financial industry business activities of the Adviser and its affiliates,
the Adviser and the Fund may be prohibited or limited in effecting transactions in certain securities. Additionally, the Adviser
and the Fund may encounter trading limitations or restrictions because of aggregation issues or other foreign regulatory requirements.
Foreign regulators or foreign laws may impose position limits on securities held by the Fund, and the Fund may be limited
as to which securities it may purchase or sell, as well as the timing of such purchases or sales. These foreign regulatory
limits may increase the Fund’s expenses and may limit the Fund’s performance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Index investing risk – </i>The Fund’s
indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term
periods of poor stock performance. Fund performance may not exactly correspond with the performance of the relevant index
for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares,
changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as Fund diversification
requirements, may limit the ability of a Fund to completely replicate an index.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Market risk</i> – Portfolio securities
may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political,
or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, among others. Adverse
market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may
fall due to factors affecting a particular issuer, industry or the securities market as a whole.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Mid-capitalization investing risk </i><b>–
</b>The prices of securities of mid-capitalization companies may be more volatile than those of larger, more established companies.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Non-diversification risk </i><b>–</b>
The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers
and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular
security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Sector risk </i>– Companies with similar
characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies
within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes
in the regulatory or competitive environment or changes in investor perceptions regarding a sector. Because the Fund may allocate
relatively more assets to certain sectors than others, the Fund’s performance may be more susceptible to any developments
which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar
sectors or comparable benchmarks because of the investment manager’s choice of securities within such sector.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Small-capitalization investing risk </i><b>–
</b>Investing in smaller companies, some of which may be newer companies or start-ups, generally involves greater risks than
investing in larger, more established ones. The securities of companies with smaller market capitalizations often are less
widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities
of companies with larger market capitalizations.</font></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">An
investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund’s shares will change, and you could
lose money by investing in the Fund. The principal risks associated with investing in the Fund include:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Derivatives risk </i><b>–</b> Investments
in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets,
reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated
changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk,
interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper
valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset,
interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives’ original
cost. Certain derivatives transactions may subject the Fund to counterparty risk.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Equity securities risk </i>– Common
and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally
have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate
and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity
or equity-related securities purchased by the Fund could decline if the financial condition of the companies the Fund invests
in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular
industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry.
In addition, they may decline due to general market conditions that are not specifically related to a company or industry,
such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest
or currency rates or generally adverse investor sentiment.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Financial services risk </i>– An investment
in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory
framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution
to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements
which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other
unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or
all companies in the financial services sector.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign regulatory risk</i> – The Adviser
is an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom and
is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United
States of America. Through its ownership structure, the Adviser has a number of global financial industry affiliates. As a
result of this structure, and the asset management and financial industry business activities of the Adviser and its affiliates,
the Adviser and the Fund may be prohibited or limited in effecting transactions in certain securities. Additionally, the Adviser
and the Fund may encounter trading limitations or restrictions because of aggregation issues or other foreign regulatory requirements.
Foreign regulators or foreign laws may impose position limits on securities held by the Fund, and the Fund may be limited as to which securities
it may purchase or sell, as well as the timing of such purchases or sales. These foreign regulatory limits may increase the
Fund’s expenses and may limit the Fund’s performance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Index investing risk – </i>The Fund’s
indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term
periods of poor stock performance. Fund performance may not exactly correspond with the performance of the relevant index
for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares,
changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as Fund diversification
requirements, may limit the ability of a Fund to completely replicate an index.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Limited management, trading cost and rebalance
risk </i><b>– </b>Investing primarily according to specific, mechanical criteria applied on a specific date each year
may prevent a Fund from responding to market fluctuations or changes in the financial condition or business prospects of the
selected companies during the year.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Market risk</i> – Portfolio securities
may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political,
or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, among others. Adverse
market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may
fall due to factors affecting a particular issuer, industry or the securities market as a whole.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>Non-diversification risk </i><b>–</b>
The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers
and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular
security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.</font></td></tr>
</table><p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not guaranteed. As with
any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not guaranteed. As with
any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not guaranteed. As with
any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not guaranteed. As with
any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund.</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">An investment
in the Fund is not guaranteed. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money
by investing in the Fund.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not guaranteed. As with
any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not guaranteed. As with
any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund.</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">An investment
in the Fund is not guaranteed. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money
by investing in the Fund.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not guaranteed. As with
any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund.</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">An investment
in the Fund is not guaranteed. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money
by investing in the Fund.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not guaranteed. As with
any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The Fund is non-diversified, as defined by the 1940
Act, and as such may invest in the securities of a limited number of issuers and may invest a greater percentage of its assets
in a particular issuer. Therefore, a decline in the market price of a particular security held by the Fund may affect the Fund’s
performance more than if the Fund were a diversified investment company.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The Fund is non-diversified, as defined by the 1940
Act, and as such may invest in the securities of a limited number of issuers and may invest a greater percentage of its assets
in a particular issuer. Therefore, a decline in the market price of a particular security held by the Fund may affect the Fund’s
performance more than if the Fund were a diversified investment company.</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The Fund
is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers and may
invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular security
held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The Fund is non-diversified, as defined by the 1940
Act, and as such may invest in the securities of a limited number of issuers and may invest a greater percentage of its assets
in a particular issuer. Therefore, a decline in the market price of a particular security held by the Fund may affect the Fund’s
performance more than if the Fund were a diversified investment company.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not guaranteed. As with
any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund.</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The Fund
is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers and may
invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular security
held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The Fund
is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers and may
invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular security
held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The Fund is non-diversified, as defined by the 1940
Act, and as such may invest in the securities of a limited number of issuers and may invest a greater percentage of its assets
in a particular issuer. Therefore, a decline in the market price of a particular security held by the Fund may affect the Fund’s
performance more than if the Fund were a diversified investment company.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Performance.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Performance.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Performance.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Performance.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Performance.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Performance.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Performance.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Performance.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Performance.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Performance.</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Performance.</b></font></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund’s
performance from year to year and by showing how the Fund’s average annual returns compared with those of a broad-based
securities market index which has investment characteristics similar to those of the Fund. Performance information prior to September
25, 2017 shown reflects the Fund’s results when managed by the sub-adviser utilizing a different investment strategy. The
Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Information
for Class I shares is not shown because Class I shares commenced operations on September 25, 2017.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these
amounts were reflected, returns would be less than those shown.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund’s
performance from year to year and by showing how the Fund’s average annual returns compared with those of a broad-based
securities market index which has investment characteristics similar to those of the Fund. The performance information shown prior
to April 25, 2016 reflects the Fund’s results when utilizing a different investment strategy. The Fund’s past performance
is not necessarily an indication of how the Fund will perform in the future.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these
amounts were reflected, returns would be less than those shown.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund’s
performance from year to year and by showing how the Fund’s average annual returns compared with those of broad-based securities
market indices which have investment characteristics similar to those of the Fund. The Fund’s past performance is not necessarily
an indication of how the Fund will perform in the future.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these
amounts were reflected, returns would be less than those shown.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund’s
performance from year to year and by showing how the Fund’s average annual returns compared with those of a broad-based
securities market index which has investment characteristics similar to those of the Fund. The Fund’s past performance is
not necessarily an indication of how the Fund will perform in the future.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these
amounts were reflected, returns would be less than those shown.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Effective
April 24, 2017, the Fund was combined with JNL/Mellon Capital S&P® 24 Fund (“Acquired Fund”) with the Fund
as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of
the Acquired Fund.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The
performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund’s
performance from year to year and by showing how the Fund’s average annual returns compared with those of a broad-based
securities market index which has investment characteristics similar to those of the Fund. The Fund’s past performance is
not necessarily an indication of how the Fund will perform in the future.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these
amounts were reflected, returns would be less than those shown.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund’s
performance from year to year and by showing how the Fund’s average annual returns compared with those of a broad-based
securities market index which has investment characteristics similar to those of the Fund. The Fund’s past performance is
not necessarily an indication of how the Fund will perform in the future.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these
amounts were reflected, returns would be less than those shown.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
performance information s hown provides some indication of the risks of investing in the Fund by showing changes in the Fund’s
performance from year to year and by showing how the Fund’s average annual returns compared with those of a broad-based
securities market index which has investment characteristics similar to those of the Fund. The Fund’s past performance is
not necessarily an indication of how the Fund will perform in the future.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these
amounts were reflected, returns would be less than those shown.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The
performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund’s
performance from year to year and by showing how the Fund’s average annual returns compared with those of a broad-based
securities market index which has investment characteristics similar to those of the Fund. The Fund’s past performance is
not necessarily an indication of how the Fund will perform in the future.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these
amounts were reflected, returns would be less than those shown.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund’s
performance from year to year and by showing how the Fund’s average annual returns compared with those of a broad-based
securities market index which has investment characteristics similar to those of the Fund. The Fund’s past performance is
not necessarily an indication of how the Fund will perform in the future.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these
amounts were reflected, returns would be less than those shown.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The
performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund’s
performance from year to year and by showing how the Fund’s average annual returns compared with those of a broad-based
securities market index which has investment characteristics similar to those of the Fund. The Fund’s past performance is
not necessarily an indication of how the Fund will perform in the future.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The
returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these
amounts were reflected, returns would be less than those shown.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund’s
performance from year to year and by showing how the Fund’s average annual returns compared with those of a broad-based
securities market index which has investment characteristics similar to those of the Fund. The Fund’s past performance is
not necessarily an indication of how the Fund will perform in the future.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Information
for Class I shares is not shown because Class I shares commenced operations on September 25, 2017.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these
amounts were reflected, returns would be less than those shown.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance is not necessarily
an indication of how the Fund will perform in the future.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance is not necessarily
an indication of how the Fund will perform in the future.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance is not necessarily
an indication of how the Fund will perform in the future.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance is
not necessarily an indication of how the Fund will perform in the future.</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s
past performance is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance is
not necessarily an indication of how the Fund will perform in the future.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance is not necessarily
an indication of how the Fund will perform in the future.</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s
past performance is not necessarily an indication of how the Fund will perform in the future.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance is not necessarily
an indication of how the Fund will perform in the future.</font></p><p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s
past performance is not necessarily an indication of how the Fund will perform in the future.</font></p><p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance is not necessarily
an indication of how the Fund will perform in the future.</font></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Annual Total Returns as of December 31</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Class A</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Annual Total Returns as of December 31</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Class I</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Annual Total Returns as of December 31</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Class A</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Annual Total Returns as of December 31</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Class I</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual
Total Returns as of December 31</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Class
A</b></font></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual
Total Returns as of December 31</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Class
I</b></font></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Annual Total Returns as of December 31</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Class A</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Annual Total Returns as of December 31</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Class I</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual
Total Returns as of December 31</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Class
A</b></font></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual
Total Returns as of December 31</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Class
I</b></font></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual
Total Returns as of December 31</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Class
A</b></font></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual
Total Returns as of December 31</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Class
I</b></font></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Annual Total Returns as of December 31</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Class A</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Annual Total Returns as of December 31</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Class I</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual
Total Returns as of December 31</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Class
A</b></font></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual
Total Returns as of December 31</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Class
I</b></font></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Annual Total Returns as of December 31</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Class A</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Annual Total Returns as of December 31</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Class I</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Annual Total Returns as of December 31</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Class A</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Annual Total Returns as of December 31</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Class A</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Best Quarter (ended 3/31/2012):</b> 16.02%;
<b>Worst Quarter (ended 12/31/2008): </b>-26.02%</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Best Quarter (ended 3/31/2012):</b> 16.05%;
<b>Worst Quarter (ended 12/31/2008): </b>-26.01%</p><p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Best Quarter (ended 6/30/2009):</b> 43.87%;
<b>Worst Quarter (ended 9/30/2011): </b>-26.40%</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Best Quarter (ended 6/30/2009):</b> 43.91%;
<b>Worst Quarter (ended 9/30/2011): </b>-26.28%</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 6/30/2009):</b> 20.27%; <b>Worst Quarter (ended 12/31/2008): </b>-26.89%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 6/30/2009):</b> 20.61%; <b>Worst Quarter (ended 12/31/2008): </b>-26.97%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 9/30/2010):</b> 19.85%; <b>Worst Quarter (ended 3/31/2008): </b>-18.69%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 9/30/2010):</b> 20.38%; <b>Worst Quarter (ended 3/31/2008): </b>-18.55%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 9/30/2009):</b> 17.87%; <b>Worst Quarter (ended 12/31/2008): </b>-20.50%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 9/30/2009):</b> 17.89%; <b>Worst Quarter (ended 12/31/2008): </b>-20.39%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 6/30/2009):</b> 29.17%; <b>Worst Quarter (ended 12/31/2008): </b>-33.22%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 6/30/2009):</b> 29.24%; <b>Worst Quarter (ended 12/31/2008): </b>-33.15%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 3/31/2013):</b> 15.81%; <b>Worst Quarter (ended 12/31/2008): </b>-13.55%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 3/31/2013):</b> 15.80%; <b>Worst Quarter (ended 12/31/2008): </b>-13.49%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 12/31/2010):</b> 20.87%; <b>Worst Quarter (ended 9/30/2008): </b>-25.64%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 12/31/2010):</b> 20.91%; <b>Worst Quarter (ended 9/30/2008): </b>-25.60%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 3/31/2012):</b> 21.91%; <b>Worst Quarter (ended 12/31/2008): </b>-25.72%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 3/31/2012):</b> 22.11%; <b>Worst Quarter (ended 12/31/2008): </b>-25.63%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter (ended 9/30/2009):</b> 19.61%; <b>Worst Quarter (ended 12/31/2008): </b>-28.70%</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Best Quarter (ended 6/30/2009):</b> 29.32%;
<b>Worst Quarter (ended 12/31/2008): </b>-26.34%</p><p><b>Best Quarter</b></p><p><b>Best Quarter</b></p><p><b>Best Quarter</b></p><p><b>Best Quarter</b></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Best Quarter</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Best Quarter</b></font></p><p><b>Best Quarter </b></p><p><b>Best Quarter </b></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Best Quarter</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Best Quarter</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Best Quarter</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Best Quarter</b></font></p><p><b>Best Quarter </b></p><p><b>Best Quarter </b></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Best Quarter</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Best Quarter</b></font></p><p><b>Best Quarter </b></p><p><b>Best Quarter </b></p><p><b>Best Quarter </b></p><p><b>Best Quarter</b></p>2012-03-312012-03-312009-06-302009-06-302009-06-302009-06-302010-09-302010-09-302009-09-302009-09-302009-06-302009-06-302013-03-312013-03-312010-12-312010-12-312012-03-312012-03-312009-09-302009-06-300.16020.16050.43870.43910.20270.20610.19850.20380.17870.17890.29170.29240.15810.15800.20870.20910.21910.22110.19610.2932<p><b>Worst Quarter</b></p><p><b>Worst Quarter</b></p><p><b>Worst Quarter</b></p><p><b>Worst Quarter</b></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Worst Quarter</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Worst Quarter</b></font></p><p><b>Worst Quarter </b></p><p><b>Worst Quarter </b></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Worst Quarter</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Worst Quarter</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Worst Quarter</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Worst Quarter</b></font></p><p><b>Worst Quarter </b></p><p><b>Worst Quarter </b></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Worst Quarter</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Worst Quarter</b></font></p><p><b>Worst Quarter </b></p><p><b>Worst Quarter </b></p><p><b>Worst Quarter </b></p><p><b>Worst Quarter</b></p>2008-12-312008-12-312011-09-302011-09-302008-12-312008-12-312008-03-312008-03-312008-12-312008-12-312008-12-312008-12-312008-12-312008-12-312008-09-302008-09-302008-12-312008-12-312008-12-312008-12-31-0.2602-0.2601-0.2640-0.2628-0.2689-0.2697-0.1869-0.1855-0.2050-0.2039-0.3322-0.3315-0.1355-0.1349-0.2564-0.2560-0.2572-0.2563-0.2870-0.2634<p><b>Average Annual Total Returns as of 12/31/2017</b></p><p><b>Average Annual Total Returns as of 12/31/2017</b></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Average Annual Total Returns as of 12/31/2017</b></font></p><p><b>Average Annual Total Returns as of 12/31/2017</b></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Average Annual Total Returns as of 12/31/2017</b></font></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Average Annual Total Returns as of 12/31/2017</b></font></p><p><b>Average Annual Total Returns as of 12/31/2017</b></p><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Average Annual Total Returns as of 12/31/2017</b></font></p><p><b>Average Annual Total Returns as of 12/31/2017</b></p><p><b>Average Annual Total Returns as of 12/31/2017</b></p><p><b>Average Annual Total Returns as of 12/31/2017</b></p><div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact jvf_S000001708Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ 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http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact jvf_ClassesMember column dei_LegalEntityAxis compact jvf_S000001695Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact jvf_ClassesMember column dei_LegalEntityAxis compact jvf_S000001696Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact jvf_ClassesMember column dei_LegalEntityAxis compact jvf_S000001698Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact jvf_ClassesMember column dei_LegalEntityAxis compact jvf_S000001697Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact jvf_ClassesMember column dei_LegalEntityAxis compact jvf_S000001699Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact jvf_ClassesMember column dei_LegalEntityAxis compact jvf_S000001700Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact jvf_ClassesMember column dei_LegalEntityAxis compact jvf_S000001693Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact jvf_ClassesMember column dei_LegalEntityAxis compact jvf_S000001708Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>"Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").Expense information has been restated to reflect current fees.JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Managers approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Managers.EX-101.SCH
3
jvf-20180430.xsd
XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
00000004 - Document - JNL/MELLON CAPITAL DOW SM INDEX FUND Summarylink:presentationLinklink:calculationLinklink:definitionLink00000005 - Document - JNL/MELLON CAPITAL MSCI WORLD INDEX FUND Summarylink:presentationLinklink:calculationLinklink:definitionLink00000006 - Document - JNL/MELLON CAPITAL NASDAQ 100 FUND Summarylink:presentationLinklink:calculationLinklink:definitionLink00000007 - Document - JNL/MELLON CAPITAL S&P SMID 60 FUND Summarylink:presentationLinklink:calculationLinklink:definitionLink00000008 - Document - JNL/MELLON CAPITAL JNL 5 FUND Summarylink:presentationLinklink:calculationLinklink:definitionLink00000009 - Document - JNL/MELLON CAPITAL CONSUMER DISCRETIONARY SECTOR FUND Summarylink:presentationLinklink:calculationLinklink:definitionLink00000010 - Document - JNL/MELLON CAPITAL ENERGY SECTOR FUND Summarylink:presentationLinklink:calculationLinklink:definitionLink00000011 - Document - JNL/MELLON CAPITAL FINANCIAL SECTOR FUND Summarylink:presentationLinklink:calculationLinklink:definitionLink00000012 - Document - JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND Summarylink:presentationLinklink:calculationLinklink:definitionLink00000013 - Document - JNL/MELLON CAPITAL INFORMATION TECHNOLOGY SECTOR FUND Summarylink:presentationLinklink:calculationLinklink:definitionLink00000014 - Document - JNL/MELLON CAPITAL TELECOMMUNICATIONS SECTOR FUND Summarylink:presentationLinklink:calculationLinklink:definitionLinkEX-101.DEF
4
jvf-20180430_def.xml
XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT
EX-101.LAB
5
jvf-20180430_lab.xml
XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
Legal Entity [Axis]JNL/MELLON CAPITAL MSCI WORLD INDEX FUNDShare Class [Axis]Class APerformance Measure [Axis]MSCI World Index (Net) (reflects no deduction for fees, expenses or taxes)JNL/MELLON CAPITAL NASDAQ 100 INDEX FUNDClass ANasdaq 100 Index (reflects no deduction for fees, expenses or taxes)Class IJNL/MELLON CAPITAL S&P SMID 60 FUNDClass AS&P MidCap 400 Index (reflects no deduction for fees, expenses or taxes)S&P SmallCap 600 Index (reflects no deduction for fees, expenses or taxes)Class IJNL/MELLON CAPITAL JNL 5 FUNDClass AS&P 500 Index (reflects no deduction for fees, expenses or taxes)Class IJNL/MELLON CAPITAL TELECOMMUNICATIONS SECTOR FUNDClass AMSCI USA IMI Telecommunications Services 25/50 Index (Gross) (reflects no deduction for fees, expenses or taxes)Class IJNL/MELLON CAPITAL CONSUMER DISCRETIONARY SECTOR FUNDClass AMSCI USA IMI Consumer Discretionary Index (Gross) (reflects no deduction for fees, expenses or taxes)Class IJNL/MELLON CAPITAL FINANCIAL SECTOR FUNDClass AMSCI USA IMI Financials Index (Gross) (reflects no deduction for fees, expenses or taxes)Class IJNL/MELLON CAPITAL HEALTHCARE SECTOR FUNDClass AMSCI USA IMI Health Care Index (Gross) (reflects no deduction for fees, expenses or taxes)Class IJNL/MELLON CAPITAL ENERGY SECTOR FUNDClass AMSCI USA IMI Energy Index (Gross) (reflects no deduction for fees, expenses or taxes)Class IJNL/MELLON CAPITAL INFORMATION TECHNOLOGY SECTOR FUNDClass AMSCI USA IMI Information Technology Index (Gross) (reflects no deduction for fees, expenses or taxes)Class IDocument Information, Document [Axis]ClassesJNL/MELLON CAPITAL DOW INDEX FUNDClass ADow Jones Industrial Average (reflects no deduction for fees, expenses or taxes)Class IClass IProspectus: [Table]Prospectus [Line Items]Risk/Return [Heading]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]Portfolio Turnover [Heading]Portfolio Turnover [Text Block]Portfolio Turnover, RateStrategy [Heading]Strategy Narrative [Text Block]Risk [Heading]Risk Narrative [Text Block]Risk Closing [Text Block]Bar Chart and Performance Table [Heading]Performance Narrative [Text Block]Bar Chart Narrative [Text Block]Bar Chart [Heading]Bar Chart [Table]Bar Chart Footnotes [Text Block]Highest Quarterly Return, LabelHighest Quarterly Return, DateHighest Quarterly ReturnLowest Quarterly Return, LabelLowest Quarterly Return, DateLowest Quarterly ReturnBar Chart Closing [Text Block]Performance Table HeadingPerformance Table NarrativePerformance [Table]Market Index Performance [Table]Performance Table FootnotesPerformance Table Closing [Text Block]Shareholder Fees Column [Text]Maximum Cumulative Sales Charge (as a percentage of Offering Price)Maximum Cumulative Sales Charge (as a percentage)Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)Maximum Deferred Sales Charge (as a percentage of Offering Price)Maximum Deferred Sales Charge (as a percentage)Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)Redemption Fee (as a percentage of Amount Redeemed)Redemption FeeExchange Fee (as a percentage of Amount Redeemed)Exchange FeeMaximum Account Fee (as a percentage of Assets)Maximum Account FeeShareholder Fee, OtherSeriesOperating Expenses Column [Text]Management FeeDistribution and/or Service (12b-1) FeesDistribution or Similar (Non 12b-1) FeesComponent1 Other ExpensesComponent2 Other ExpensesComponent3 Other ExpensesOther ExpensesAcquired Fund Fees and ExpensesTotal Annual Fund Operating ExpensesLess Waiver/ReimbursementTotal Net Annual Fund Operating Expenses After Waiver/ReimbursementExpense Example, By Year, Column [Text]1 Year3 Years5 Years10 YearsExpense Example, No Redemption, By Year, Column [Text]Expense Example, No Redemption, 1 YearExpense Example, No Redemption, 3 YearsExpense Example, No Redemption, 5 YearsExpense Example, No Redemption, 10 YearsAnnual Return Caption [Text]Annual Return, Column [Text]Annual Return, Inception DateAnnual Return 1990Annual Return 1991Annual Return 1992Annual Return 1993Annual Return 1994Annual Return 1995Annual Return 1996Annual Return 1997Annual Return 1998Annual Return 1999Annual Return 2000Annual Return 2001Annual Return 2002Annual Return 2003Annual Return 2004Annual Return 2005Annual Return 2006Annual Return 2007Annual Return 2008Annual Return 2009Annual Return 2010Annual Return 2011Annual Return 2012Annual Return 2013Annual Return 2014Annual Return 2015Annual Return 2016Annual Return 2017Annual Return 2018Annual Return 2019Annual Return 2020Label1 Year5 Years10 YearsLife of FundInception DateRisk/Return Detail [Table]Document TypeDocument Period End DateRegistrant NameCentral Index KeyAmendment FlagAmendment DescriptionTrading SymbolDocument Creation DateDocument Effective DateProspectus DateNet Expenses (as a percentage of Assets)Fee Waiver or Reimbursement over Assets, Date of TerminationExpense 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 CaptionRisk 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, LabelBar Chart, Year to Date Return, DateBar Chart, Year to Date ReturnPerformance Table Does Reflect Sales LoadsPerformance Table Market Index ChangedIndex No Deduction for Fees, Expenses, Taxes [Text]Performance Table Uses Highest Federal RatePerformance Table Not Relevant to Tax DeferredPerformance Table One Class of after Tax Shown [Text]Performance Table Explanation after Tax HigherPerformance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text]CaptionColumnMoney Market Seven Day Yield, Caption [Text]Money Market Seven Day Yield Column [Text]Money Market Seven Day Yield PhoneMoney Market Seven Day YieldMoney Market Seven Day Tax Equivalent YieldThirty Day Yield CaptionThirty Day Yield Column [Text]Thirty Day Yield PhoneThirty Day YieldThirty Day Tax Equivalent YieldJNL/MELLON CAPITAL DOW INDEX FUND.JNL/MELLON CAPITAL DOW INDEX FUND (A).Performance Measures: Dow Jones Industrial Average (reflects no deduction for fees, expenses or taxes).JNL/Mellon Capital MSCI World Index FundJNL/Mellon Capital MSCI World Index Fund (A).Performance Measures: MSCI World IndexSM (Net) (reflects no deduction for fees, expenses or taxes).JNL/MELLON CAPITAL NASDAQ 100 FUND.JNL/MELLON CAPITAL NASDAQ 100 INDEX FUND (A).Performance Measures: Nasdaq 100 Index (reflects no deduction for fees, expenses or taxes).JNL/MELLON CAPITAL NASDAQ 100 FUND (I).Performance Measures: S&P 500 Index (index reflects no deduction for fees, expenses or taxes).JNL/MELLON CAPITAL S&P SMID 60 FUND.JNL/MELLON CAPITAL S&P SMID 60 FUND (A).Performance Measures: S&P® Midcap 400 Index (reflects no deduction for fees, expenses or taxes).Performance Measures: S&P® Smallcap 600 Index (reflects no deduction for fees, expenses or taxes).JNL/MELLON CAPITAL S&P SMID 60 FUND (I).JNL/MELLON CAPITAL JNL 5 FUND.JNL/MELLON CAPITAL JNL 5 FUND (A).JNL/MELLON CAPITAL JNL 5 FUND (I).JNL/Mellon Capital Telecommunications Sector FundJNL/Mellon Capital Telecommunications Sector Fund (A).JNL/Mellon Capital Telecommunications Sector Fund (I).JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND.JNL/MELLON CAPITAL CONSUMER DISCRETIONARY SECTOR FUND (A).JNL/MELLON CAPITAL CONSUMER DISCRETIONARY SECTOR FUND (I).JNL/MELLON CAPITAL FINANCIAL SECTOR FUND.JNL/MELLON CAPITAL FINANCIAL SECTOR FUND (A).JNL/MELLON CAPITAL FINANCIAL SECTOR FUND (I).JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND.JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND (A).JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND (I).JNL/Mellon Capital Energy Sector FundJNL/Mellon Capital Energy Sector Fund (A).JNL/Mellon Capital Energy Sector Fund (I).JNL/Mellon Capital Information Technology Sector FundJNL/Mellon Capital Information Technology Sector Fund (A).JNL/Mellon Capital Information Technology Sector Fund (I).Performance Measures: MSCI USA IMI Consumer Discretionary Index (Gross) (reflects no deduction for fees, expenses or taxes).Performance Measures: MSCI USA IMI Financials Index (Gross) (reflects no deduction for fees, expenses or taxes).Performance Measures: MSCI USA IMI Health Care Index (Gross) (reflects no deduction for fees, expenses or taxes).Performance Measures: MSCI USA IMI Energy Index (Gross) (reflects no deduction for fees, expenses or taxes).Performance Measures: MSCI USA IMI Information Technology Index (Gross) (reflects no deduction for fees, expenses or taxes).Information by series.Information by class.Performance Measures: MSCI USA IMI Telecom Services 25/50 Index (Gross) (reflects no deduction for fees, expenses or taxes).JNL/MELLON CAPITAL DOW INDEX FUND (I).JNL/Mellon Capital MSCI World Index Fund (I)C000004599MemberC000047526MemberC000064670MemberC000004602MemberC000064668MemberC000004583MemberC000064657MemberC000004584MemberC000064658MemberC000004586MemberC000064660MemberC000004585MemberC000064659MemberC000004587MemberC000064661MemberC000004588MemberC000064662MemberC000004581MemberC000192157MemberC000192158MemberExpense Example, with Redemption, 1 YearExpense Example, with Redemption, 5 YearsExpense Example, with Redemption, 10 YearsEX-101.PRE
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This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
The
expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly
invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.
"Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").
[2]
Expense information has been restated to reflect current fees.
[3]
JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Managers approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Managers.
This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses
of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be
applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on
a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period and (3) that the Fund operating
expenses remain the same. This example also assumes that the Class I administrative fee waiver is discontinued after one year.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating
Expenses or in the Expense Example above, affect the Fund’s performance.
The
Fund seeks to achieve its objective by investing at least 80% of its assets (net assets plus the amount of any borrowings made
for investment purposes) in the thirty securities which comprise the Dow Jones Industrial Average (“DJIA”), with the
weight of each security in the Fund substantially corresponding to the weight of such security in the DJIA. The thirty securities
are adjusted from time to time to conform to periodic changes to the identity and/or relative weightings in the DJIA.
Certain
provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), and the Internal Revenue Code of 1986,
as amended, may limit the ability of the Fund to invest in certain securities beyond a certain percentage limitations.
The
Fund may invest in financial futures, a type of derivative, that may be used to obtain market exposure consistent with the Fund’s
investment objective and strategies , to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that
facilitate meeting the Fund’s objective.
The
Fund may invest in securities issued by companies in the financial services sector.
The
Fund is “non-diversified” under the 1940 Act and may invest more of its assets in fewer issuers than “diversified”
mutual funds.
An
investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund’s shares will change, and you could
lose money by investing in the Fund. The principal risks associated with investing in the Fund include:
•
Derivatives risk – Investments
in derivatives, which are financial instruments whose value depends on, or is derived from, the value of underlying assets,
reference rates, or indices, can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated
changes in securities prices and global currency investment. Derivatives also are subject to leverage risk, liquidity risk,
interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or improper
valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset,
interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives’ original
cost. Certain derivatives transactions may subject the Fund to counterparty risk.
•
Equity securities risk – Common
and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally
have greater price volatility than fixed-income securities. The price of equity or equity-related securities will fluctuate
and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity
or equity-related securities purchased by the Fund could decline if the financial condition of the companies the Fund invests
in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular
industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry.
In addition, they may decline due to general market conditions that are not specifically related to a company or industry,
such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest
or currency rates or generally adverse investor sentiment.
•
Financial services risk – An investment
in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory
framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution
to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements
which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other
unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or
all companies in the financial services sector.
•
Foreign regulatory risk – The Adviser
is an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom and
is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United
States of America. Through its ownership structure, the Adviser has a number of global financial industry affiliates. As a
result of this structure, and the asset management and financial industry business activities of the Adviser and its affiliates,
the Adviser and the Fund may be prohibited or limited in effecting transactions in certain securities. Additionally, the Adviser
and the Fund may encounter trading limitations or restrictions because of aggregation issues or other foreign regulatory requirements.
Foreign regulators or foreign laws may impose position limits on securities held by the Fund, and the Fund may be limited as to which securities
it may purchase or sell, as well as the timing of such purchases or sales. These foreign regulatory limits may increase the
Fund’s expenses and may limit the Fund’s performance.
•
Index investing risk – The Fund’s
indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term
periods of poor stock performance. Fund performance may not exactly correspond with the performance of the relevant index
for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares,
changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as Fund diversification
requirements, may limit the ability of a Fund to completely replicate an index.
•
Limited management, trading cost and rebalance
risk – Investing primarily according to specific, mechanical criteria applied on a specific date each year
may prevent a Fund from responding to market fluctuations or changes in the financial condition or business prospects of the
selected companies during the year.
•
Market risk – Portfolio securities
may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political,
or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, among others. Adverse
market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may
fall due to factors affecting a particular issuer, industry or the securities market as a whole.
•
Non-diversification risk –
The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in the securities of a limited number of issuers
and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline in the market price of a particular
security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.
The
performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund’s
performance from year to year and by showing how the Fund’s average annual returns compared with those of a broad-based
securities market index which has investment characteristics similar to those of the Fund. The Fund’s past performance is
not necessarily an indication of how the Fund will perform in the future.
Information
for Class I shares is not shown because Class I shares commenced operations on September 25, 2017.
The
returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these
amounts were reflected, returns would be less than those shown.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Total Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
This item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
This element represents the rate of portfolio turnover presented as a percentage (SEC Form N-1A 2006-09-14 A.3.example.3 Portfolio Turnover A.3.instructions.5 Portfolio Turnover).
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.