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NORTHERN LIGHTS FUND TRUST III
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FUND SUMMARY
Investment Objective:
<p id="xdx_A8F_err--ObjectivePrimaryTextBlock_zXfwBVoTLSob" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund seeks high total
return with reasonable risk.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
Fees and Expenses of the Fund:
<p id="xdx_A89_err--ExpenseNarrativeTextBlock_zvvP636aUEr9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This table describes
the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions
and other fees to financial intermediaries, which are not reflected in the table and example below</b>. <span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_902_err--ExpenseBreakpointDiscounts_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member__rr--ProspectusShareClassAxis__custom--C000159719Member_zPZGvwNc4QGl">You may qualify for sales charge
discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_905_err--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member__rr--ProspectusShareClassAxis__custom--C000159719Member_zuZzK4dgC7A2">25,000</span> in the Fund.</span>
More information about these and other discounts is available from your financial professional and in <b>How to Purchase Shares</b> on
page 13 of this Prospectus.</p>
<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
You may qualify for sales charge
discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.
25000
Shareholder Fees (fees paid directly from your
investment)
0.0575
0
0
0
0
0
-0.0100
-0.0100
-0.0100
Annual Fund Operating Expenses (expenses that you pay
each year as a percentage of the value of your investment)
0.0100
0.0100
0.0100
0.0025
0.0100
0
0.0042
0.0042
0.0042
0.0015
0.0015
0.0015
0.0182
0.0257
0.0157
-0.0018
-0.0018
-0.0018
0.0164
0.0239
0.0139
The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the
financial statements include only the direct operating expenses incurred by the Fund
July 31, 2023
Example:
<p id="xdx_A83_err--ExpenseExampleNarrativeTextBlock_zWMVqDE54kJ6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher
or lower, based upon these assumptions your costs would be:
732
1098
1488
2575
242
782
1349
2892
142
478
838
1852
Portfolio Turnover:
<p id="xdx_A8F_err--PortfolioTurnoverTextBlock_ziZ6hrAMkAwl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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 and may result in higher taxes when Fund shares are held in a taxable account. 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 <span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_902_err--PortfolioTurnoverRate_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_zsPaTjQbzoG5">551%</span> of the average value of its portfolio.</p>
5.51
Principal Investment Strategies:
<p id="xdx_A80_err--StrategyNarrativeTextBlock_zZJKqs0t1UU5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund seeks
to meet its investment objective by investing, under normal market conditions, in all major asset classes including, but not limited to,
foreign and domestic (i) equity securities of all market capitalizations, (ii) fixed income securities of any credit quality, and (iii)
cash and cash equivalents. The Fund intends to generally invest in a mix of asset classes. The Fund may invest in individual securities
or in exchange traded funds (“ETFs”), and may invest in emerging markets. The Fund actively trades its portfolio investments.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Adviser uses signals that come from W.E. Sherman
& Co. to determine the Fund’s equity, fixed income, and/or cash allocations. W.E. Sherman & Co. publishes “The Sherman
Sheet,” a financial research newsletter and website for licensed financial professionals that provides model portfolios along with
the supporting research, analysis and data for those portfolios under various market conditions. The Adviser analyzes several models on
The Sherman Sheet to determine the Fund’s allocations.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The process for each model is similar: (1) the expected
market trend for equity securities over a period is examined; (2) if equities are trending upward for the applicable period based on the
market indicator, the assets allocated to the applicable model are invested in equities based on the relative strength rankings of a limited
number of asset classes and sectors; and (3) if equities are trending downward based on the market indicator, the assets allocated to
the applicable model are primarily invested in fixed income securities or cash as dictated by the applicable model. The Fund actively
trades its portfolio investments.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
Principal Investment Risks:
<p id="xdx_A88_err--RiskNarrativeTextBlock_zr6vGPTZ4mb7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><i><span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_904_err--RiskLoseMoney_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_zbgz5RHZoA1b">As with all mutual
funds, there is a risk that you could lose money through your investment in the Fund.</span> The Fund is not intended to be a complete investment
program. Many factors affect the Fund’s net asset value (“NAV”) and performance. </i></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Cash and Cash Equivalents Risk: </i>When the Fund is out of the market and invests in cash and cash
equivalents, there is a risk that the market will begin to rise rapidly, and the Fund will not be able to reinvest its cash positions
into areas of the advancing market quickly enough to capture the initial returns of changing market conditions.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Credit Risk: </i>Issuers may not make interest or principal payments on securities, resulting in losses
to the Fund. In addition, the credit quality of securities held by the Fund may be lowered if an issuer’s financial condition changes.
These risks are more pronounced for securities with lower credit quality, such as those rated below BBB- by Standard & Poor’s
Ratings Group or another credit rating agency.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Derivatives Risk: </i>The derivative instruments in which the Fund may invest either directly or through
an underlying fund, may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity,
interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of a derivative may
not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In
addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve
a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be
available when sought by the portfolio manager.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Emerging Market Risk: </i>Investing in emerging markets involves not only the risks described below
with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less
diverse and mature, limited availability and reliability of information material to an investment decision, and exposure to political
systems that can be expected to have less stability than those of developed countries. The market for the securities of issuers in emerging
market typically is small, and a low or nonexistent trading volume in those securities may result in a lack of liquidity and price volatility.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Equity Risk: </i>The NAV of the Fund will fluctuate based on changes in the value of the equity securities
held by the underlying ETFs that invest in U.S. and/or foreign equity securities. Equity prices can fall rapidly in response to developments
affecting a specific company or industry, or to changing economic, political or market conditions.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>ETF Risk: </i>ETFs are subject to investment advisory and other expenses, which will be indirectly
paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be
higher than other mutual funds that invest directly in securities. Each ETF is subject to specific risks, depending on its investments.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Fixed Income Risk: </i>Typically, a rise in interest rates causes a decline in the value of fixed income
securities. The value of fixed income securities typically falls when an issuer’s credit quality declines and may even become worthless
if an issuer defaults.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Foreign Currency Risk: </i>Currency trading risks include market risk, credit risk and country risk.
Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a
currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Foreign Investment Risk: </i>Foreign investing (including through American Depositary Receipts (“ADRs”),
European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”)) involves risks not typically associated
with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments,
less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and
legal standards. Investing in emerging markets imposes different or greater risks than those associated with foreign developed countries.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>High Yield (Junk) Bond Risk: </i>Lower-quality fixed income securities, known as “high yield”
or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn
or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds.
The lack of a liquid market for these bonds could decrease the Fund’s share price.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 45pt"/><td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Defaulted Securities Risk: </i>Repayment of defaulted securities and obligations of distressed issuers
(including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or in solvency proceedings)
is subject to significant uncertainties. Investments in defaulted securities and obligations of distressed issuers are considered speculative.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Issuer-Specific Risk: </i>The value of securities of smaller issuers can be more volatile than those
of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political,
regulatory, market, or economic developments.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Large Capitalization Risk: </i>Large-capitalization companies may be less able than smaller capitalization
companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth
potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Management Risk: </i>The Adviser’s judgment about the attractiveness, value and potential appreciation
of particular asset classes and securities in which the Fund invests (long or short) may prove to be incorrect and may not produce the
desired results.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Market and Geopolitical Risk: </i>The increasing interconnectivity between global economies and financial
markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different
country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation),
interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics,
epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those
in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Model Risk: </i>Like all quantitative analysis, the investment model carries a risk that the model
might be based on one or more incorrect assumptions or may not perform as expected.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Portfolio Turnover Risk: </i>A higher portfolio turnover will result in higher transactional and brokerage
costs.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Small and Medium Capitalization Risk: </i>The value of small or medium capitalization companies may
be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>Sovereign Debt Risk: </i>The issuer of the foreign debt or the governmental authorities that control
the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in
the event of a default. The market prices of sovereign debt, and the Fund’s NAV, may be more volatile than prices of U.S. debt obligations
and certain emerging markets may encounter difficulties in servicing their debt obligations.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><i>U.S. Government Obligations Risk: </i>U.S. Treasury obligations are backed by the “full faith
and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies
or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of
the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies
or authorities and U.S. government-sponsored instrumentalities or enterprises.</td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
As with all mutual
funds, there is a risk that you could lose money through your investment in the Fund.
Performance:
<p id="xdx_A85_err--PerformanceNarrativeTextBlock_zNyNza1NWnxf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_903_err--PerformanceInformationIllustratesVariabilityOfReturns_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_zu7Ngj5hjyci">The bar chart and performance table
below show the variability of the Fund’s returns over time, which is some indication of the risks of investing in the Fund. The
bar chart shows performance of the Fund’s Class I shares for each full calendar year since the Fund’s inception.</span> The performance
table compares the performance of the Fund’s shares over time to the performance of a broad-based market index. <span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_907_err--PerformancePastDoesNotIndicateFuture_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_zsuDYZ8SHSQk">You should be aware
that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.</span> Although
Class A and Class C shares have similar returns to Class I shares because the classes are invested in the same portfolio of securities,
the returns for Class A and Class C shares are different from Class I shares because Class A and Class C shares have different expenses
than Class I shares. Updated performance information is available at no cost by visiting <span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_90C_err--PerformanceAvailabilityWebSiteAddress_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_zPC9W8VUdA1f">www.pinnacledynamicfunds.com</span> or by calling <span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_901_err--PerformanceAvailabilityPhone_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_zTRoNChgVcNc">1-888-985-9830</span>.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
The bar chart and performance table
below show the variability of the Fund’s returns over time, which is some indication of the risks of investing in the Fund. The
bar chart shows performance of the Fund’s Class I shares for each full calendar year since the Fund’s inception.
You should be aware
that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.
www.pinnacledynamicfunds.com
1-888-985-9830
Class I Performance Bar Chart For Calendar Years
Ended December 31
0.0913
0.1114
-0.1304
0.1505
0.2220
0.0865
<div id="xdx_A8A_err--BarChartClosingTextBlock_zC3VJqVgModc"/>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
<td class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_982_err--HighestQuarterlyReturnLabel_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_z4Uj7YLU5qLf" style="border: black 1pt solid; width: 43%; text-align: center">Best Quarter:</td>
<td class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_988_err--BarChartHighestQuarterlyReturnDate_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_zQ9m0VJrkSMg" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 26%; text-align: center">12/31/20</td>
<td class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_986_err--BarChartHighestQuarterlyReturn_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_z0B84a4zbWX2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 31%; text-align: center">11.74%</td></tr>
<tr>
<td class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_982_err--LowestQuarterlyReturnLabel_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_zbz5rzwf3zd3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Worst Quarter:</td>
<td class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_983_err--BarChartLowestQuarterlyReturnDate_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_z56KVJJVp8Aj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">12/31/18</td>
<td class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_98E_err--BarChartLowestQuarterlyReturn_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_z3E30kPPc0uk" style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">(15.84)%</td></tr>
</table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"> </p>
Best Quarter:
2020-12-31
0.1174
Worst Quarter:
2018-12-31
-0.1584
Performance Table
Average Annual Total Returns
(For the periods ended December 31, 2021)
2015-10-01
2015-10-01
2015-10-01
2015-10-01
2015-10-01
2015-10-01
Return before taxes
Return before taxes
0.0865
0.0810
0.0800
0.0353
0.0629
0.0651
0.0617
0.0570
0.0579
Return before taxes
Return before taxes
0.0217
0.0658
0.0671
Return before taxes
Return before taxes
0.0761
0.0701
0.0692
reflects no deduction for fees, expenses or taxes
reflects no deduction for fees, expenses or taxes
0.1405
0.1203
0.1166
<p id="xdx_A84_err--PerformanceTableClosingTextBlock_zsgWb51aRIhh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_90A_err--PerformanceTableUsesHighestFederalRate_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_zn4CTklc3iH2">After-tax returns were calculated using the historical
highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_900_err--PerformanceTableNotRelevantToTaxDeferred_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_zYvXKEEC8lq4">Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors
who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_90D_err--PerformanceTableOneClassOfAfterTaxShown_c20220207__20220207__dei--LegalEntityAxis__custom--S000050600Member_z2EAId4AAPHi">After tax returns
for the share classes which are not presented will vary from the after-tax returns of Class I shares.</span></p>
After-tax returns were calculated using the historical
highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors
who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After tax returns
for the share classes which are not presented will vary from the after-tax returns of Class I shares.