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abf:Dabniscoreplusbondfundfyepro_2391Member abf:S000069392Member rr:RiskNotInsuredDepositoryInstitutionMember 2023-06-01 2023-06-01 abf:Years iso4217:USD pure shares iso4217:USD shares 2023-01-01 false 0000809593 485BPOS 2023-06-01 -0.0382 0.1039 0.1488 -0.0351 0.1310 0.0225 0.0663 -0.1150 -0.0002 -0.1276 2023-05-25 N-1A AMERICAN BEACON FUNDS 2023-06-01 2023-06-01 Investment Objective <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investment objectives are to seek high current income and, secondarily, capital appreciation.</span></div> Fees and Expenses of the Fund <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">discounts if you and your eligible family members invest, or agree to invest in the future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$50,000</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> More information about these and other discounts is available from your financial professional and in “Choosing Your Share Class” on page </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">23</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Prospectus and “Additional Purchase and Sale Information for A Class Shares” on page </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">39</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Statement of Additional Information (“SAI”). With </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in Appendix </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A to the Fund’s Prospectus entitled “Intermediary Sales Charge Discounts, Waivers and Other Information.”</span></div> You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in all classes of the American Beacon Funds on an aggregated basis. 50000 Shareholder Fees (fees paid directly from your investment) 0.0375 0 0 0 0.0050 0.0100 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0.0055 0.0055 0.0025 0.0100 0.0000 0.0000 0.0289 0.0291 0.0287 0.0288 0.0369 0.0446 0.0342 0.0343 -0.0291 -0.0293 -0.0289 -0.0300 0.0078 0.0153 0.0053 0.0043 <span style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">A contingent deferred sales charge (‘‘CDSC’’) of 0.50% will be charged on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">18 months of purchase.</span> May 31, 2024 Example <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that this Example reflects the fee waiver/expense </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reimbursement arrangement for each share class through May 31, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2024</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. C Class shares automatically convert to A Class shares 8 years after purchase</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, if the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conversion is available through your financial intermediary</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. This Example reflects your costs as though C Class shares were held for the full 10-year period. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div> 452 1201 1971 3986 256 1083 2021 4411 54 779 1528 3507 44 772 1524 3509 Assuming no redemption of shares: 156 1083 2021 4411 Portfolio Turnover <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">114%</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div> 1.14 Principal Investment Strategies <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund seeks to achieve its investment objectives by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrowings for investment purposes, in fixed income securities and investments that provide exposure to fixed income securities. Under normal circumstances, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund seeks to invest primarily in a diversified mix of U.S. and U.S. dollar denominated foreign investment grade fixed income securities. The fixed income </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities in which the Fund invests may include securities of the U.S. government, its agencies and instrumentalities, including U.S. government-sponsored </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">enterprises (some of which are not backed by the full faith and credit of the U.S. government), corporate bonds, municipal securities, including but not limited </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to private activity bonds, debentures, bank loans and senior loans, preferred stocks, and convertible securities</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The Fund may invest significantly in U.S. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Treasury obligations and asset-backed</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, mortgage-backed</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and mortgage-related securities (including collateralized mortgage obligations (“CMOs”), </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">commercial mortgage-backed securities (“CMBSs”), and mortgage pass-through securities). The Fund may invest in securities with call features.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund considers investment grade fixed income securities to be debt securities that are rated BBB- or better by S&amp;P Global Ratings (“S&amp;P Global”) or Fitch </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Ratings Inc. (“Fitch”), Baa3 or better by Moody’s Investors Service, Inc. (“Moody’s”) or, if not rated, are of equivalent investment quality as determined by the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sub-advisor. To a lesser extent, the Fund may invest in high-yield securities (commonly referred to as “junk bonds”). The Fund may also invest in unrated </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. The Fund’s investments may include fixed income instruments of any maturity or duration.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor follows a fixed income investment strategy that combines top-down and bottom-up processes while utilizing a relative value approach to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security selection, which takes into account the expected economic and market environments. The sub-advisor uses a team approach to determine sector </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">allocations as well as interest rate and yield curve positioning. The team then conducts thorough research to select securities for the Fund that the sub-advisor </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">deems to have the best relative value. The Fund is managed to have a similar overall interest rate risk to the Bloomberg US Aggregate Bond Index.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To reduce market exposure or in anticipation of liquidity needs, the</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Fund may invest cash balances in other investment companies, including </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">money market </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fund advised by the Manager, with respect to which the Manager receives a management fee</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div> Principal Risks <span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objectives and you could lose part or all of your investment in the Fund. </span> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Allocation Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The allocations among strategies, asset classes and market exposures may be less than optimal and may adversely affect the Fund’s performance. There can be </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">no assurance, particularly during periods of market disruption and stress, that judgments about allocations will be correct. The Fund’s allocations may be </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invested in strategies, asset classes and market exposures during a period when such strategies, asset classes and market exposures underperform.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Asset-Backed Securities Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in asset-backed securities are influenced by factors affecting the assets underlying the securities, including the broader market sector and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">individual markets, such as the auto markets. These securities may be more sensitive to changes in interest rates than other types of debt securities. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in asset-backed securities also are subject to risks of fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prepayment and extension risk, callable securities risk, valuation risk, liquidity risk, and restricted securities risk. A decline in the credit quality of the issuers of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. These securities are also subject to the risk of default on the underlying assets, particularly during periods of market downturn, and an unexpectedly </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">high rate of defaults on the underlying assets will adversely affect the security’s value.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Callable Securities Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in fixed-income securities with call features. A call feature allows the issuer of the security to redeem or call the security prior to its stated </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity date. In periods of falling interest rates, issuers may be more likely to call in securities that are paying higher coupon rates than prevailing interest </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates. In the event of a call, the Fund would lose the income that would have been earned to maturity on that security, and the proceeds received by the Fund </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be invested in securities paying lower coupon rates and may not benefit from any increase in value that might otherwise result from declining interest </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Convertible Securities Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of a convertible security</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to the market risks of stocks when the underlying stock’s price is high relative to the conversion price and is subject to the market risks of debt securities when </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the underlying stock’s price is low relative to the conversion price. The general market risks of debt securities that are common to convertible securities </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">include, but are not limited to, interest rate risk and credit risk. Many convertible securities have credit ratings that are below investment grade and are subject </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to the same risks as an investment in below investment grade debt securities (commonly known as “junk bonds”). Lower-rated debt securities may fluctuate </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">more widely in price and yield than investment grade debt securities and may fall in price during times when the economy is weak or is expected to become </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">weak. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible security‘s investment value. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Convertible securities are sensitive to movement in interest rates.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Counterparty Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that a party or participant to a transaction, such as a broker or a derivative counterparty, will be unwilling or unable to satisfy its </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Fund.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Credit Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the issuer, guarantor or insurer of an obligation, or the counterparty to a transaction may fail, or become less able or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unwilling, to make timely payment of interest or principal or otherwise honor its obligations or default completely. Changes in the actual or perceived </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">creditworthiness of an issuer, or a downgrade or default affecting any of the Fund’s securities, could affect the Fund’s performance. Generally, the longer the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity and the lower the credit quality of a security, the more sensitive it is to credit risk.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact the Fund and its service providers as well as the ability of shareholders to transact with the Fund</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, and result in financial losses</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Cybersecurity incidents </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service providers, as well </span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Cybersecurity incidents can result from </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">deliberate attacks or unintentional events. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">It is not possible for the Fund or its service providers to identify all of the operational risks that may affect the Fund </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund cannot control the cybersecurity plans and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Most issuers in which the Fund invests are heavily </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dependent on computers for data storage and operations, and require ready access to the internet to conduct their business. Thus, cybersecurity incidents </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could also affect issuers of securities in which the Fund invests, leading to significant loss of value.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Debentures Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Debentures are unsecured debt securities. The holder of a debenture is protected only by the general creditworthiness of the issuer. The Fund may invest in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">both corporate and government debentures.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Investing Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks include, but are not limited to: (1) currency exchange rate </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing and financial reporting standards, (5) greater </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, (6) different government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or failures </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transaction </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">payment and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">settlement in some foreign markets. The Fund’s investment in a foreign issuer may subject the Fund to regulatory, political, currency, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security, economic and other risks associated with that country. Global economic and financial markets </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have become</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> increasingly interconnected and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions (including recent volatility</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, terrorism, war and political</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> instability) and events (including natural disasters) in one country, region or financial market </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may adversely impact issuers in a different country, region or financial market.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Portfolio Turnover </b></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Portfolio turnover is a measure of the Fund’s trading activity over a one-year period. A portfolio turnover rate of 100% would indicate that the Fund sold and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">replaced the entire value of its securities holdings during the period. The Fund may engage in active and frequent trading and may have a high portfolio </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">turnover rate, which could increase the Fund’s transaction costs, have a negative impact on performance, and generate higher capital gain distributions to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shareholders than if the Fund had a lower portfolio turnover rate.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High-Yield Securities Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to high-yield, below investment-grade securities (commonly referred to as “junk bonds”) generally involves significantly greater risks than an </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in investment grade securities. High-yield debt securities may fluctuate more widely in price and yield and may fall in price when the economy is </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">weak or expected to become weak. These securities also may be difficult to sell at the time and price the Fund desires. High-yield securities are considered to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be speculative with respect to an issuer’s ability to pay interest and principal and carry a greater risk that the issuers of lower-rated securities will default on the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timely payment of principal and interest. High-yield securities may experience greater price volatility and less liquidity than investment grade securities. Issuers </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Interest Rate Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Generally, the value of investments with interest rate risk, such as fixed-income securities, will move in the opposite direction to movements in interest rates. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, which could </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the value of the Fund’s investments to decline. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Interest rates may rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The prices of fixed-income securities are also affected by their durations. Fixed-income securities with longer durations generally have greater </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sensitivity to changes in interest rates. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Rising interest rates may cause the value of the Fund’s investments with longer durations and terms to maturity to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline, which may adversely affect the value of the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">For example, if a bond has a duration of six years, a 1% increase in interest rates could be expected </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to result in a 6% decrease in the value of the bond. An increase in interest rates can impact markets broadly as well. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent the Fund holds an </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment with a negative interest rate to maturity, the Fund may generate a negative return on that investment.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div> <span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Liquidity Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is susceptible to the risk that certain investments held by the Fund may have limited marketability, be subject to restrictions on sale, be difficult or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impossible to purchase or sell at favorable times or prices or become less liquid in response to market developments or adverse credit events that may affect </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or guarantors of a security. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">advantage of other investment opportunities. Market prices for such instruments may be volatile. During periods of substantial market volatility, an </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund’s ability to limit losses. The Fund </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lose money if it is unable to dispose of an investment at a time that is most beneficial to the Fund. The Fund may be required to dispose of investments </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">For example, liquidity risk may be magnified in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rising interest rate environments in the event of higher</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">-</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">than</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">-</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">normal redemption rates.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Unexpected redemptions may force the Fund to sell certain investments </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at unfavorable prices to meet redemption requests or other cash needs. Judgment plays a greater role in pricing illiquid investments than in investments with </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">more active markets.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Loan Interests Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In making investments in bank loans or senior loans, the Fund will depend primarily on the creditworthiness of the borrower for payment of principal and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest and will also rely on the financial institution to make principal and interest payments to the Fund once it receives payment on the underlying loan. The </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund will also rely on the financial institution to pursue appropriate remedies against a borrower in the event that the borrower defaults. As such, the Fund </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be exposed to the credit risk of both the financial institution that made the loan and the underlying borrower.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unlike publicly traded common stocks, which trade on national exchanges, there is no central place or exchange for loans, including bank loans and senior </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">loans, to trade. There is a risk that the value of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sufficient to cover the amount owed on the loan. In the event that the borrower defaults, the Fund’s access to the collateral may be limited or delayed by </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bankruptcy or other insolvency laws. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market </span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions with a high volume of shareholder redemptions, present a risk to shareholders with respect to the Fund’s ability to pay redemption proceeds within </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the allowable time periods stated in the Prospectus. The secondary market for loans also may be subject to irregular trading activity and wide bid/ask spreads. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The lack of an active trading market for certain loans may impair the ability of the Fund to sell its loan interests at a time when it may otherwise be desirable </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to do so or may require the Fund to sell them at prices that are less than what the Fund regards as their fair market value and may make it difficult to value </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such loans. Accordingly, loan interests may at times be illiquid. Interests in loans made to finance highly leveraged companies or transactions, such as </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">corporate acquisitions, may be especially vulnerable to adverse changes in economic or market conditions.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other factors, which may negatively affect the Fund’s performance. Equity securities generally have greater price volatility than fixed-income securities, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets, multiple assets may decline in value simultaneously. Prices in many financial markets have increased significantly over the last decade, but there have </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future. The value of a security may decline </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, such as changes in interest or inflation rates, or factors </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters and related </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. Changes in value may be temporary or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may last for extended periods.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policy changes by the U.S. government and/or Federal Reserve and political events within the U.S. and abroad, such as changes in the U.S. presidential </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">administration and Congress, the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government shutdown and threats not to increase the federal government’s debt limit</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> which could result in a default on the government’s obligations</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, may </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these fluctuations.</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in the Fund may be increased. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An outbreak of infectious respiratory illness caused by a novel coronavirus, known as COVID-19, was first detected in late 2019 and has subsequently </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">spread globally. The transmission of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">various variants of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">COVID-19</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">,</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and efforts to contain </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> spread</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">,</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> have resulted, and may continue to result, in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant disruptions to business operations, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">travel restrictions and closed borders, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> lower consumer demand, as well as general concern and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainty that has negatively affected the global economy. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Any resurgence of COVID-19, a variant or other significant viruses could negatively impact the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund and adversely impact</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> the economies of many nations, individual companies and the global securities and commodities markets, including their </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquidity, in ways that cannot necessarily be foreseen at the present time.</span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates were unusually low in recent years in the</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> U.S. and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">abroad, in 2022, the Federal Reserve and certain foreign central banks began to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">raise interest rates as part of their efforts to address rising inflation. It is difficult to accurately predict the pace at which interest rates may continue to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increase, or the timing, frequency or magnitude of any such increases. Additionally, various economic and political factors could cause the Federal Reserve </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or another foreign central bank to change their approach in the future and such actions may result in an economic slowdown in the U.S. and abroad. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty.</span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In March 2023, the shutdown of certain financial institutions in the U.S. and questions regarding the viability of other financial institutions raised economic </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">concerns over disruption in the U.S. and global banking systems. There can be no certainty that the actions taken by the U.S. or foreign governments will </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. and global banking systems.</span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with a </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes to some international trade agreements; tensions, war, or open conflict between nations, such as between Russia and Ukraine or in eastern Asia; </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen at the present time. Russia’s military invasion </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of Ukraine beginning in February 2022, the responses and sanctions by the United States and other countries, and the potential for wider conflict have had, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and could continue to have, severe adverse effects on the performance and liquidity of global markets, and negatively affect the value of the Fund’s </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.</span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consequences of regulation or business trends driven by climate change</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span> </div> </td> </tr> </table></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mortgage-Backed and Mortgage-Related Securities Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in mortgage-backed and mortgage-related securities are influenced by the factors affecting the mortgages underlying the securities or the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">housing market. These securities tend to be more sensitive to changes in interest rates than other types of debt securities. Investments in mortgage-backed </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and mortgage-related securities also are subject to market risks for fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prepayment and extension risk, callable securities risk, valuation risk, liquidity risk, and restricted securities risk. A decline in the credit quality of the issuers of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">mortgage-backed and mortgage-related securities or instability in the markets for such securities may affect the value and liquidity of such securities, which </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could result in losses to the Fund. These securities are also subject to the risk of default on the underlying mortgages, particularly during periods of market </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">downturn, and an unexpectedly high rate of defaults on the underlying assets will adversely affect the security’s value. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Additionally, certain mortgage-related </span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities may include securities backed by pools of loans made to “subprime” borrowers or borrowers with blemished credit histories; the risk of defaults is </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">generally higher in the case of mortgage pools that include such subprime mortgages.</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Collateralized Mortgage Obligation (“CMOs”) Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> CMOs may offer a higher yield than U.S. government securities, but they may also be subject to greater </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price fluctuation and credit risk. In addition, CMOs typically will be issued in a variety of classes or series, which have different maturities and are retired in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sequence. In the event of a default by an issuer of a CMO, there is no assurance that the collateral securing such CMO will be sufficient to pay principal and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest. It is possible that there will be limited opportunities for trading CMOs in the OTC market, the depth and liquidity of which will vary from time to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">time.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Commercial Mortgage-Backed Securities (“CMBS”) Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> CMBS include securities that reflect an interest in, and are secured by, mortgage loans on </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">commercial real property. CMBS are subject to the risks generally associated with mortgage-backed securities. CMBS may not be backed by the full faith </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and credit of the U.S. Government and are subject to risk of default on the underlying mortgages. CMBS also are subject to many of the risks of investing in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ability of tenants to make loan payments, and the ability of a property to attract and retain tenants.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Mortgage Pass-Through Securities Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Mortgage pass-through securities provide for the “pass through” of the monthly payments made by individual </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrowers on their residential or commercial mortgage loans, net of any fees by the security issuer and guarantor, as applicable, to the holder of the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security. Small movements in interest rates, both increases and decreases, may quickly and significantly affect the value of certain mortgage pass-through </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. Mortgage pass-through securities involve interest rate risk, credit risk, prepayment risk and extension risk.</span></div> </td> </tr> </table></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Municipal Securities Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Municipal securities could be affected by adverse political and legislative changes. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> ability of a municipal issuer to make </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">payments can be affected by </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainties in the municipal securities market, including: litigation; the strength of the local or national economy; the issuer’s ability to raise revenues </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">through tax or other means; budgetary constraints of local, state and federal governments upon which the issuer may be relying for funding; a legislature’s </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">willingness or ability to appropriate funds needed to pay municipal securities obligations; the bankruptcy of the issuer; adverse political and legislative </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes, including to eliminate or limit the tax-exempt status of municipal bond interest or dividends; and other changes in the financial condition of a </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">municipality</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Changes in interest rates and market conditions may directly impact the liquidity and valuation of municipal securities, which may affect the yield </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and value of the Fund’s municipal securities investments. A downgrade in an issuer’s or security’s credit rating can reduce the market value of the security. At </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">times, municipal issuers have defaulted on obligations or commenced insolvency proceedings. Financial difficulties of municipal issuers may continue or get </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">worse in the future. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Reductions in tax rates may make municipal securities less attractive in comparison to taxable bonds. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition, the Fund’s investments </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in municipal securities are subject to the following risks:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Private Activity Bonds Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The issuers of private activity bonds in which the Fund may invest may be negatively impacted by conditions affecting either the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">general credit of the user of the private activity project or a project itself. The Fund’s private activity bond holdings also may pay interest subject to the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">alternative minimum tax. See the section of the Prospectus entitled “About Your Investment-Distributions and Taxes” for more details.</span></div> </td> </tr> </table></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment companies in addition to the Fund’s direct fees and expenses. To the extent the Fund invests in other investment companies that invest in equity </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in those companies, including but not limited to the following:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in government money market funds are subject to interest rate risk, credit risk, and market risk.</span></div> </td> </tr> </table></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Preferred Stock Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Preferred stocks are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bond holders. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">generally more sensitive to actual or perceived changes in the issuer’s financial condition or prospects than are the prices of debt securities.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Prepayment and Extension Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Prepayment risk is the risk that the principal amount of a bond may be repaid prior to the bond’s maturity date. Due to a decline in interest rates or excess </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cash flow into the issuer, a debt security may be called or otherwise converted, prepaid or redeemed before maturity. If this occurs, no additional interest will </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be paid on the investment. The Fund may have to reinvest the proceeds in another investment at a lower rate, may not benefit from an increase in value that </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may result from declining interest rates, and may lose any premium it paid to acquire the security. The rate of prepayments tends to increase as interest rates </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fall, which could cause the average maturity of the portfolio to shorten. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Extension risk is the risk that a decrease in prepayments may, as a result of higher </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates or other factors, result in the extension of a security’s effective maturity, increase the risk of default and delayed payment, heighten interest rate </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk and increase the potential for a decline in its price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund for investment would be reduced.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Heavy redemptions could hurt the Fund’s performance. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sale of assets to meet redemption requests may create net capital gains, which could cause the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A rise in interest rates or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other market developments may cause investors to move out of fixed-income securities on a large scale.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> During periods of heavy redemptions, the Fund may </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Secured, Partially Secured and Unsecured Obligation Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Debt obligations may be secured, partially secured or unsecured. Interests in secured and partially-secured obligations have the benefit of collateral and, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. However, there is no assurance that the liquidation of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">collateral from a secured or partially-secured obligation would satisfy the borrower’s obligation, or that the collateral can be liquidated. Furthermore, there is a </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk that the value of any collateral securing an obligation in which the Fund has an interest may decline and that the collateral may not be sufficient to cover </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the amount owed on the obligation. In the event the borrower defaults, the Fund’s access to the collateral may be limited or delayed by bankruptcy or other </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">insolvency laws. Unsecured debt, including senior unsecured and subordinated debt, will not be secured by any collateral and will be effectively subordinated </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to a borrower’s secured indebtedness (to the extent of the collateral securing such indebtedness). With respect to unsecured obligations, the Fund lacks any </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">collateral on which to foreclose to satisfy its claim in whole or in part. Such instruments generally have greater price volatility than that of fully secured </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and may be less liquid.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to its </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> index(es), or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Small Fund Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Like other smaller funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. Investment positions may also have a </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disproportionate impact, negative or positive, on performance, and Fund performance may be more volatile than that of a larger fund. The Fund’s shareholder </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fees and annual fund operating expenses also may be higher than those of a fund that has attracted sufficient assets to achieve investment and trading </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">efficiencies. Shareholders of the Fund may incur higher expenses if the Fund fails to attract sufficient assets to realize economies of scale. Investors in the Fund </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">also bear the risk that, without sufficient assets, the Fund may not be successful in implementing its investment strategy or may not employ a successful </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategy.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Unrated Securities Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Because the Fund may purchase securities that are not rated by any rating organization, the sub-advisor, after assessing their credit quality, may internally </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assign ratings to certain of those securities in categories similar to those of rating organizations. Unrated securities are subject to the risk that the sub-advisor </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may not accurately evaluate the security’s comparative credit rating. Some unrated securities may not have an active trading market or may be difficult to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, which means the Fund might have difficulty selling them promptly at an acceptable price. Unrated securities may be subject to greater liquidity risk and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price volatility.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>U.S. Government Securities and Government-Sponsored Enterprises Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Securities held by the Fund that are issued by </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government-sponsored enterprises, such as the Federal National Mortgage Association (‘‘Fannie Mae’’), Federal Home Loan Mortgage Corporation (‘‘Freddie </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Mac’’), Federal Home Loan Bank (‘‘FHLB’’), </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Federal Farm Credit Bank (“FFCB”), </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are not guaranteed by the U.S. Treasury and are not backed by the full </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">faith and credit of the U.S. government, and no assurance can be given that the U.S. government will provide financial support if these organizations do not </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have the funds to meet future payment obligations. U.S. government securities and securities of government-sponsored entities are also subject to credit risk, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rate risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. government securities due to potentially </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">higher costs for the U.S. government to obtain new financing.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>U.S. Treasury Obligations Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of U.S. Treasury obligations may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government may cause the value of the Fund’s investments in obligations issued by the U.S. Treasury to decline. Certain political events in the U.S., such as a </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prolonged government </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shutdown or potential default on the national debt</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, may also cause investors to lose confidence in the U.S. government and may </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the value of U.S. Treasury obligations to decline.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Valuation Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Certain of the Fund’s assets may be valued</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> at a price different from the price at which they can be sold. This risk may be especially pronounced for </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments that are illiquid or may become illiquid, or securities that trade in relatively thin markets and/or markets that experience extreme volatility. The </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">valuation of the Fund’s</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as pricing services or accounting agents.</span></div> Fund Performance <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">how </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund’s </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">has varied from year to</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> year. The table shows how the Fund’s average annual total returns compare to a broad-based market index</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> for the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods indicated.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may obtain updated performance information on the Fund’s website at </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">necessarily an indication of how the Fund will perform in the future.</span></div> The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based market index for the periods indicated. www.americanbeaconfunds.com Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Calendar year total returns for Y Class Shares. Year Ended 12/31 <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>2.29%</b></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> 2nd Quarter 2021</span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2021 through 12/31/2022</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>-5.61%</b></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> 1st Quarter 2022</span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2021 through 12/31/2022</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The calendar year-to-date total return as of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">March 31, 2023</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.05%</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div> Highest Quarterly Return:2.29% 2nd Quarter 202101/01/2021 through 12/31/2022 0.0229 2021-06-30 Lowest Quarterly Return:-5.61% 1st Quarter 202201/01/2021 through 12/31/2022 -0.0561 2022-03-31 The calendar year-to-date total return as of March 31, 2023 was 3.05%. 2023-03-31 0.0305 Average annual total returns for periods ended December 31, 2022 2020-09-10 -0.1276 -0.0512 -0.1379 -0.0604 -0.0753 -0.0421 2020-09-10 -0.1628 -0.0691 2020-09-10 -0.1463 -0.0606 2020-09-10 -0.1267 -0.0502 -0.1301 -0.0623 <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are shown only for </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y Class shares of the Fund; after-tax returns for other share </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes will vary.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, the after-tax returns do not apply to your situation. After-tax returns are shown only for the Y Class shares of the Fund; after-tax returns for other share classes will vary. Investment Objective <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investment objective is to seek income with capital appreciation as a secondary objective.</span></div> Fees and Expenses of the Fund <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">discounts if you and your eligible family members invest, or agree to invest in the future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$50,000</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> More information about these and other discounts is available from your financial professional and in “Choosing Your Share Class” on page </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">28</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Prospectus and “Additional Purchase and Sale Information for A Class Shares” on page </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">48</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Statement of Additional Information (“SAI”). With </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in Appendix </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A to the Fund’s Prospectus entitled “Intermediary Sales Charge Discounts, Waivers and Other Information.”</span></div> You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in all classes of the American Beacon Funds on an aggregated basis. 50000 Shareholder Fees (fees paid directly from your investment) 0.0475 0 0 0 0 0.0050 0.0100 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0085 0.0085 0.0085 0.0085 0.0025 0.0100 0.0000 0.0000 0.0000 0.0031 0.0033 0.0032 0.0027 0.0059 0.0001 0.0001 0.0001 0.0001 0.0001 0.0142 0.0219 0.0118 0.0113 0.0145 <span style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">A contingent deferred sales charge (‘‘CDSC’’) of 0.50% will be charged on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">18 months of purchase.</span> The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Fund’s Financial Highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Example <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">your investment has a 5% return each year and that the Fund’s operating expenses remain the same. C Class shares automatically convert to A Class shares 8 </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">years after purchase, if the conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the full 10-year period. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div> 613 903 1214 2096 322 685 1175 2524 120 375 649 1432 115 359 622 1375 148 459 792 1735 Assuming no redemption of shares: 222 685 1175 2524 Portfolio Turnover <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">42%</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div> 0.42 Principal Investment Strategies <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that are economically tied to developing countries. Developing countries include all countries in the world except the countries that are classified by MSCI Inc. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">as “developed markets.” Developing countries typically have lower incomes, less integrated financial markets, smaller economies, and less mature political </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems compared to developed countries. Developing countries are commonly located in Africa, the Asia-Pacific region, Central or Eastern Europe, the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Middle East, Central America or the Caribbean, and South America.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investments in developing countries will generally include countries that are commonly referred to as “frontier market” countries, which are </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among the least developed countries. To a lesser extent, the Fund’s investments in developing countries may include countries that are commonly referred to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">as “emerging market” countries, which are relatively more developed than frontier market countries. Countries considered to be developing change from </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">time to time, and the Fund’s sub-advisors may </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reasonably determine any country</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to be a developing country</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, other than countries that are classified by MSCI </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Inc. as “developed markets.”</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment is generally regarded as being economically tied to a developing country if:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;-sec-ix-redline:true;;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the issuer is a government agency or is guaranteed by a sovereign government agency, including a regional or municipal government within the country, or quasi-governmental agency of a developing country;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;-sec-ix-redline:true;;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the issuer is organized under the laws of, or maintains its principal place of business in, a developing country;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;-sec-ix-redline:true;;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the issuer derives at least 50% of its revenues from, or has at least 50% of its assets in, a developing country;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;-sec-ix-redline:true;;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">it is a currency of a developing country;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;-sec-ix-redline:true;;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">it is principally traded in a developing country;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of the investment is linked to one of the above categories; or</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">it is a derivative instrument whose value is linked to one of the above categories.</span></div> </td> </tr> </table></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments economically tied to developing countries may include debentures, currencies, and derivative investments. The Fund’s investments are expected to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">include primarily sovereign and quasi-sovereign debt instruments, such as obligations issued or guaranteed by foreign (non-U.S.) governments, their agencies </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or instrumentalities and political subdivisions, and investments that provide exposure to sovereign and quasi-sovereign debt instruments. The Fund also may </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invest in callable securities, municipal securities, including but not limited to general obligation bonds, inflation index-linked securities, illiquid securities, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">restricted securities, and variable and floating-rate securities. The Fund may also invest in debt instruments issued by corporations that are economically tied to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">developing countries and in obligations of supranational entities. Investments may be denominated in foreign (non-U.S.) currencies.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In making investment decisions for the Fund, one of the Fund’s sub-advisors, Global Evolution USA, LLC (“Global Evolution”), employs a top-down investment </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">process that focuses on macroeconomic and political risk, as well as country risk, while the Fund’s other sub-advisor, abrdn Investments Limited (formerly, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Aberdeen Asset Managers Limited) (“AIL”), employs a bottom-up investment process that applies fundamental research to countries and companies in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">selecting investments. The Fund may, at times, invest significantly in issuers located in or economically tied to African countries. However, as the country and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">geographic allocation of the Fund’s portfolio changes over time, the Fund’s exposure to African countries may be lower at a future date, and the Fund’s </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exposure to other countries and geographic regions may be higher.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Each sub-advisor’s investment processes generally incorporate the sub-advisor’s environmental, social and/or governance (“ESG” and separately, “E,” “S,” and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">“G”) analysis as a consideration in the assessment of potential portfolio investments. However, as ESG information is just one investment consideration, ESG </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">considerations generally are not solely determinative in any investment decision made by a sub-advisor.</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Global Evolution may exclude certain countries from its portion of the Fund’s investment universe based on ESG considerations, such as political rights and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">corruption. Environmental considerations, for example, include renewable energy, management of natural resources, risk of natural disasters, and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">institutional capacity to manage and regulate environmental standards. In situations where Global Evolution believes that E, S, and G factors, such as the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">management of natural resource wealth, corruption, human capital accumulation, and freedom of speech are either improving or deteriorating, Global </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Evolution will take such developments into consideration along with macro-economic, financial, political and other credit-related factors in its assessment of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the creditworthiness of sovereign debt investments.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">AIL considers and assesses how ESG issues are managed and mitigated, and may avoid investing in countries where ESG factors may erode the willingness </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and ability of the issuer to service its debt. ESG factors considered by AIL may include, among others, environmental factors, such as greenhouse gas </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">emissions and air quality and an issuer’s energy management; social factors, such as human rights, community relations and customer welfare, privacy and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data management; and governance factors, such as financial transparency and complexity of group structure/ownership. AIL also considers political factors </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(referred to as “P”), such as political corruption perception, political stability, state fragility and press freedom, as such factors relate to sovereign debt </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers.</span></div> </td> </tr> </table></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The ESG and P factors listed above are not comprehensive; not all of the factors will be material for all investments. A sub-advisor may invest in countries that </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are deemed to have poor ESG and/or P factors, but have favorable non-ESG and/or P factors. A sub-advisor may use ESG research and/or ratings information </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">provided by one or more third parties in performing an ESG and P analysis and considering the related risks.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investments in derivatives may include structured products (including credit-linked and structured notes which may be issued by special purpose </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">vehicles), options</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (including non-deliverable options (“NDOs”), and options on non-U.S. currency futures),</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> warrants (including sovereign warrants), futures </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">contracts (including interest rate, currency and Treasury futures contracts), forward contracts (including non-deliverable forwards (“NDFs”)), swaps, contracts </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">for difference </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CFDs”) </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and similar instruments. The types of swaps that the Fund may enter into include credit default swaps, currency swaps, interest rate </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">swaps, total return swaps, and similar instruments. The Fund uses derivative instruments to enhance total return, to hedge against fluctuations in securities </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prices, interest rates or currency exchange rates, to change the effective duration of its portfolio, to manage certain investment risks or as a substitute for the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchase or sale of the underlying currencies or securities.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Derivative instruments allow the Fund to obtain economic exposure to developing countries </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">without directly holding their securities. For example, derivatives may be used where regulatory or other restrictions make it difficult or undesirable for the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to invest directly in developing countries. Subject to applicable regulatory restrictions, there is no limit on the amount of the Fund’s exposure to a single </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund also may have significant exposure to foreign currencies for investment or hedging purposes by purchasing or selling foreign currency forward </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">contracts (including NDFs), non-U.S. currency futures contracts, options on non-U.S. currencies, and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency swaps</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The Fund may also make direct </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in non-U.S. currencies, including on a spot (cash) basis at the rate prevailing in the currency exchange market, and in securities denominated in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-U.S. currencies. Investments in currencies and currency derivatives are established to add value or reduce risk.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund does not have specific requirements for investment yield, duration, maturity, market capitalization, or credit quality rating, and may invest without </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">limitation in securities, and trade with counterparties, which are rated below investment grade (commonly known as “high-yield” securities or “junk bonds”). </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Such instruments or counterparties are rated BB or lower by S&amp;P Global Ratings or Fitch, Inc. and/or Ba or lower by Moody’s Investors Service, Inc., or the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unrated equivalent. The Fund may achieve capital appreciation when a stronger macro-economic and political situation for developing countries leads to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lower yields, lower credit spreads and potentially stronger currencies.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To reduce market exposure or in anticipation of liquidity needs, the</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Fund may invest </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cash balances in other investment companies, including a government </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">money market fund advised by the Manager, with respect to which the Manager receives a management fee.</span></div> Principal Risks <span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objectives and you could lose part or all of your investment in the Fund.</span> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Allocation Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The allocations among strategies, asset classes and market exposures may be less than optimal and may adversely affect the Fund’s performance. There can be </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">no assurance, particularly during periods of market disruption and stress, that judgments about allocations will be correct. The Fund’s allocations may be </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invested in strategies, asset classes and market exposures during a period when such strategies, asset classes and market exposures underperform.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Callable Securities Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in fixed-income securities with call features. A call feature allows the issuer of the security to redeem or call the security prior to its stated </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity date. In periods of falling interest rates, issuers may be more likely to call in securities that are paying higher coupon rates than prevailing interest </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates. In the event of a call, the Fund would lose the income that would have been earned to maturity on that security, and the proceeds received by the Fund </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be invested in securities paying lower coupon rates and may not benefit from any increase in value that might otherwise result from declining interest </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Counterparty Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that a party or participant to a transaction, such as a broker or a derivative counterparty, will be unwilling or unable to satisfy its </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Fund.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Credit Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the issuer, guarantor or insurer of an obligation, or the counterparty to a transaction may fail, or become less able or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unwilling, to make timely payment of interest or principal or otherwise honor its obligations or default completely. Changes in the actual or perceived </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">creditworthiness of an issuer, or a downgrade or default affecting any of the Fund’s securities, could affect the Fund’s performance. Generally, the longer the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity and the lower the credit quality of a security, the more sensitive it is to credit risk.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Currency Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may have exposure to foreign currencies by using various instruments. Foreign currencies may fluctuate significantly over short periods of time, may </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be affected unpredictably by intervention, or the failure to intervene, of the U.S. or foreign governments or central banks, and may be affected by currency </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">controls or political developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">thereby affect the Fund’s investments.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact the Fund and its service providers as well as the ability of shareholders to transact with the Fund, and result in financial losses. Cybersecurity incidents </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service providers, as well </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify all of the operational risks that may affect the Fund </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity plans and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. Most issuers in which the Fund invests are heavily </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dependent on computers for data storage and operations, and require ready access to the internet to conduct their business. Thus, cybersecurity incidents </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could also affect issuers of securities in which the Fund invests, leading to significant loss of value.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Debentures Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Debentures are unsecured debt securities. The holder of a debenture is protected only by the general creditworthiness of the issuer. The Fund may invest in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">both corporate and government debentures.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Derivatives Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Derivatives may involve significant risk. The use of derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">directly in the securities or other instruments underlying those derivatives, including the high degree of leverage often embedded in such instruments, and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potential material and prolonged deviations between the theoretical value and realizable value of a derivative. Some derivatives have the potential for </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unlimited loss, regardless of the size of the Fund’s initial investment. The use of derivatives may also increase any adverse effects resulting from the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underperformance of strategies, asset classes and market exposures to which the Fund has allocated its assets. Derivatives may at times be highly illiquid, and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Certain derivatives may be difficult to value, and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">valuation may be more difficult in times of market turmoil. Derivatives may also be more volatile than other types of investments. The Fund may buy or sell </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">derivatives not traded on an exchange, which may be subject to heightened liquidity and valuation risk. Derivative investments can increase portfolio turnover </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and transaction costs. Derivatives also are subject to counterparty risk and credit risk. As a result, the Fund may not recover its investment or may only obtain </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, which may expose the Fund to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">greater losses in the event of a default by a counterparty. There may be imperfect correlation between the behavior of a derivative and that of the reference </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instrument underlying the derivative. An abrupt change in the price of a reference instrument could render a derivative worthless. Derivatives may involve risks </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">different from, and possibly greater than, the risks associated with investing directly in the reference instrument. Suitable derivatives may not be available in all </span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">circumstances, and there can be no assurance that the Fund will use derivatives to reduce exposure to other risks when that might have been beneficial. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Ongoing changes to the regulation of the derivatives markets and potential changes in the regulation of funds using derivative instruments could limit the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s ability to pursue its investment strategies. New regulation of derivatives may make them more costly, or may otherwise adversely affect their liquidity, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value or performance. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Contracts for Difference Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> A contract for difference (“CFD”) is a contract between two parties, typically described as “buyer” and “seller,” stipulating </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that the seller will pay to the buyer the difference between the current value of an asset and its value in the future. If the difference is negative, then the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">buyer instead pays the seller. By entering into a CFD transaction, the Fund could incur losses because it would face many of the same types of risks as </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">owning the underlying security directly. As over-the-counter derivative instruments, CFDs are subject to counterparty risk. Because CFDs are not traded on </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">an exchange and may not have an expiration date, CFDs may be illiquid.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Credit-Linked Notes Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Credit-Linked Notes (“CLNs”) are debt obligations that are structured so that their performance is linked to that of an underlying </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bond or other debt obligation (a “reference asset”), normally by means of an embedded or underlying credit default swap. They may be highly volatile and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are subject to the credit risk of both the issuer of the CLN and the issuer of the reference assets. In the event the issuer defaults or there is a credit event </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that relates to the reference asset, the recovery rate generally is less than the Fund’s initial investment, and the Fund may lose money. They also are subject </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to currency risk, liquidity risk, valuation risk, counterparty risk, the other risks of a credit default swap, and potential conflicts of interest with the CLN issuer </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or sponsor.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Foreign Currency Forward Contracts Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Foreign currency forward contracts, including non-deliverable forwards (“NDFs”), are derivative instruments </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pursuant to a contract where the parties agree to a fixed price for an agreed amount of foreign currency at an agreed date or to buy or sell a specific </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency at a future date at a price set at the time of the contract and include the risks associated with fluctuations in currency. There are no limitations on </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">daily price movements of forward contracts. There can be no assurance that any strategy used will succeed. Not all forward contracts, including NDFs, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty. The use of foreign </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency forward contracts may expose the Fund to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to if </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">it invested directly in the securities or currencies underlying the foreign currency forward contract.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Foreign Currency Futures Contracts Risk</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Foreign currency futures contracts are derivative instruments pursuant to a contract where the parties agree to pay </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a fixed price for an agreed amount of foreign currency at an agreed date or to buy or sell a specific currency at a future date at a price set at the time of the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">contract. Foreign currency futures contracts are similar to foreign currency forward contracts, except that they are traded on exchanges (and may have </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">margin requirements) and are standardized as to contract size and delivery date. The Fund may use foreign currency futures contracts for the same </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purposes as foreign currency forward contracts, subject to Commodity Futures Trading Commission (“CFTC”) regulations. The use of foreign currency </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">futures contracts may expose the Fund to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to if it </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invested directly in the currencies underlying the foreign currency futures contract. Foreign currency futures transactions and currency futures contracts </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">include risks associated with fluctuations in currency, and other risks inherent in trading derivatives. There can be no assurance that a liquid secondary </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market will be available to the Fund for the appropriate type of contract at any particular time. Consequently, the Fund may experience losses if it is unable </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to timely exit its position due to an illiquid secondary market.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Forward Contracts Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Forward contracts, including foreign currency forward contracts and non-deliverable forwards (“NDFs”), are derivative instruments </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pursuant to a contract where the parties agree to a fixed price for an agreed amount of securities or other underlying assets at an agreed date or to buy or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sell a specific currency at a future date at a price set at the time of the contract. There are no limitations on daily price movements of forward contracts. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There can be no assurance that any strategy used will succeed. Not all forward contracts, including NDFs, require a counterparty to post collateral, which </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may expose the Fund to greater losses in the event of a default by a counterparty. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Forward contracts involving currency include the risks associated with </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fluctuations in currency.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The use of forward contracts may expose the Fund to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">would not be subject to if it invested directly in the securities or currencies underlying the forward contract.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Futures Contracts Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Futures contracts</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks, such as credit risk, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquidity risk, and counterparty risk, that it would not be subject to if it invested directly in the securities underlying those derivatives. There can be no </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assurance that any strategy used will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of their underlying instruments or indexes. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">contract that the Fund has previously bought or sold, and this may result in the inability to close a futures contract when desired. Futures contracts may </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">experience potentially dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Interest </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rate futures contracts expose the Fund to price fluctuations resulting from changes in interest rates. The Fund could suffer a loss if interest rates rise after </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund has purchased an interest rate futures contract or fall after the Fund has sold an interest rate futures contract.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Treasury futures contracts expose </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund to price fluctuations resulting from changes in interest rates and to potential losses if interest rates do not move as expected.</span> </div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Options Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">seller (writer) of the option the security or currency underlying the option at a specified exercise price at any time during the term of the option (normally </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not exceeding nine months). </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may use non-deliverable options (“NDOs”)</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to assist in reducing the foreign exchange risk, in particular situations </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">when physical delivery of the underlying currencies is not required or not possible.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> There can be no guarantee that the use of options will increase the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s return or income. In addition, there may be an imperfect correlation between the movement in prices of options and the securities underlying them, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and there may at times not be a liquid secondary market for options. If an option that the Fund has purchased expires unexercised, the Fund will experience </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a loss in the amount of the premium it paid. In order for a call option to be profitable, the market price of the underlying security or index must rise </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sufficiently above the call option exercise price to cover the premium and any transaction costs. These costs will reduce any profit that might otherwise have </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been realized had the Fund bought the underlying security instead of the call option. In order for a put option to be profitable, the market price of the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying security or index must decline sufficiently below the put option’s exercise price to cover the premium and any transaction costs. By using put </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">options in this manner, the Fund will reduce any profit it might otherwise have realized from having shorted the declining underlying security by the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">premium paid for the put option and by transaction costs. Options on currencies expose the Fund to the risks associated with investments in currencies.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Structured Notes Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Structured notes are derivative debt instruments with principal and/or interest payments linked to the value of a commodity, a </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">foreign currency, an index of securities, an interest rate, or other financial indicators (“reference instruments”). The payments on a structured note may vary </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on changes in one or more specified reference instruments, such as a floating interest rate compared to a fixed interest rate, the exchange rates </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">between two currencies, one or more securities or a securities or commodities index. If the underlying investment or index does not perform as anticipated, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the structured note might pay less interest than the stated coupon payment or repay less principal upon maturity. The movement of such factors may cause </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant price fluctuations. A structured note may be positively or negatively indexed. Structured notes are subject to interest rate risk, market risk, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquidity risk and counterparty risk. They are also subject to credit risk with respect both to the issuer and, if applicable, to the underlying security or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrower. Structured notes may have a limited trading market, making it difficult to value them or sell them at an acceptable price.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Swap Agreements Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Swap agreements or “swaps” are transactions in which the Fund and a counterparty agree to pay or receive payments at specified </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dates based upon or calculated by reference to changes in specified prices or rates or the performance of specified securities, indices or other assets based </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on a specified amount (the “notional” amount). Swaps can involve greater risks than a direct investment in an underlying asset, because swaps typically </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">include a certain amount of embedded leverage and as such are subject to leverage risk. If swaps are used as a hedging strategy, the Fund is subject to the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk that the hedging strategy may not eliminate the risk that it is intended to offset, due to, among other reasons, the occurrence of unexpected price </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">movements or the non-occurrence of expected price movements. Swaps also may be difficult to value. Swaps may be subject to liquidity risk and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risk, and swaps that are traded over-the-counter are not subject to standardized clearing requirements and may involve greater liquidity and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risks. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in the following types of swaps:</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;padding-right:2%;padding-left:2%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:96%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Credit default swaps</i></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, which may be subject to credit risk and the risks associated with the purchase and sale of credit protection.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;padding-right:2%;padding-left:2%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:96%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Currency swaps</i></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, which may be subject to currency risk and credit risk.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;padding-right:2%;padding-left:2%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:96%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Interest rate swaps</i></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, which may be subject to interest rate risk and credit risk.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;padding-right:2%;padding-left:2%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:96%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Total return swaps</i></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, which may be subject to credit risk and</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> market risk and</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, if the underlying securities are bonds or other debt obligations, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rate </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Warrants Risk, including Sovereign Warrants.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Warrants are derivative securities that give the holder the right to purchase a specified amount of securities at </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a specified price. Warrants may be more speculative than certain other types of investments because warrants do not carry with them dividend or voting </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rights with respect to the underlying securities, or any rights in the assets of the issuer. In addition, the value of a warrant does not necessarily change with </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of the underlying securities, and a warrant ceases to have value if it is not exercised prior to its expiration date. The Fund may invest in warrants </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that represent the right to receive payments if an identified revenue, commodity price or economic measure within a country, including a developing </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market country, such as the price or volume of domestically produced oil or the growth of the country’s gross domestic product, equals or exceeds a </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">specified level. Such warrants may result from the restructuring of a sovereign debt obligation and may be more speculative than certain other types of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sovereign investments. The market for warrants may be very limited and there may at times not be a liquid secondary market for warrants.</span></div> </td> </tr> </table></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Developing Markets Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When investing in developing markets, the risks of investing in foreign securities are heightened. Developing markets are generally smaller, less developed, less </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">restrictions; the imposition of economic sanctions or other government restrictions; a limited number of potential buyers for such securities resulting in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increased volatility and limited liquidity for developing market securities; trading suspensions and other restrictions on investment; delays and disruptions in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities settlement procedures; greater sensitivity to interest rate changes; currency exchange rate volatility and currency inflation or deflation; and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant limitations on investor rights and recourse. The governments of developing market countries may also be more unstable and more likely to impose </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">information about issuers in developing markets than would be available about issuers in developed markets, and such issuers may not be subject to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">accounting, auditing, financial reporting and recordkeeping standards and requirements comparable to those to which U.S. companies are subject. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Developing markets may possess less developed regulatory or legal structures governing private and foreign investment, and also may be more vulnerable to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market manipulation, corruption and fraud. These matters have the potential to impact the Fund’s investment objectives and performance.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The risks of investing in developing market countries are magnified in frontier market countries, which generally have smaller economies and less developed </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">capital markets and legal, regulatory and political systems than other developing market countries. The magnification of risks is generally the result of: (1) the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potential for extreme price volatility and illiquidity in frontier markets; (2) government ownership or control of parts of the private sector or other protectionist </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">measures; (3) large currency fluctuations; (4) fewer companies and investment opportunities; or (5) inadequate investor protections and regulatory </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">enforcement. Investments that the Fund holds may be exposed to these risks, which could have a negative impact on their value.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Environmental, Social, and/or Governance Investing Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The use of environmental, social, and/or governance (“ESG”) considerations by a sub-advisor may cause the Fund to make different investments than funds </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that have a similar investment style but do not incorporate such considerations in their strategy. As with the use of any investment considerations involved in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment decisions, there is no guarantee that the use of any ESG investment considerations will result in the selection of issuers that will outperform other </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or help reduce risk in the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may choose not to, or may not be able to, take advantage of certain investment opportunities due to these </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">considerations, which may adversely affect investment performance.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund may underperform funds that do not incorporate these considerations or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incorporate different ESG considerations. Although a sub-advisor has established its own process to oversee ESG integration in accordance with the Fund’s </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategies, successful integration of ESG factors will depend on a sub-advisor’s skill in researching, identifying, and applying these factors, as well as on the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">availability of relevant data.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may require the Fund to change its </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment process with respect to the integration of ESG factors.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Investing Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks include, but are not limited to: (1) currency exchange rate </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing and financial reporting standards, (5) greater </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, (6) different government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays or failures in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transaction payment and settlement in some foreign markets. The Fund’s investment in a foreign issuer may subject the Fund to regulatory, political, currency, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security, economic and other risks associated with that country. Global economic and financial markets have become increasingly interconnected and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions (including recent volatility, terrorism, war and political instability) and events (including natural disasters) in one country, region or financial market </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may adversely impact issuers in a different country, region or financial market.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Geographic Concentration Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">From time to time, based on market or economic conditions, the Fund may invest a significant portion of its assets in the securities of issuers located in, or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with significant economic ties to, a single country or geographic region, which could increase the risk that economic, political, business, regulatory, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">diplomatic, social and environmental conditions in that particular country or geographic region may have a significant impact on the Fund’s performance. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in such a manner could cause the Fund’s performance to be more volatile than the performance of more geographically diverse funds.</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">African Investment Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> African countries involve heightened risks of political instability, civil war, armed conflict and warfare, social instability as a result of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">religious, ethnic and/or socio-economic unrest, authoritarian and/or military involvement in governmental decision-making, corruption, expropriation and/or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nationalization of assets, confiscatory taxation and other risks. The capital markets in many African countries do not include the same safeguards as </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">developed countries, and there may be less financial and other information publicly available to investors. The governments of certain countries may restrict </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"/> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or control foreign investment, limit repatriation of investment proceeds, or levy taxes on foreign investments, which may impact the Fund’s returns. Many </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">African countries are heavily dependent on international trade and may be subject to trade barriers, embargoes, exchange controls, currency valuation </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adjustments and other protectionist measures. As a primary source of revenue for these countries is the export of commodities, they are more vulnerable to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes in commodity prices, interest rates, or factors affecting a particular commodity. In addition, disease epidemics are more likely to affect trade </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">practices and international dealings with certain African countries. Continued political and social unrest, including ongoing warfare and terrorist activities in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">African countries, may negatively affect the value of an investment in the Fund.</span></div> </td> </tr> </table></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Hedging Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If the Fund uses a hedging instrument at the wrong time or judges the market conditions incorrectly, or the hedged instrument does not correlate to the risk </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sought to be hedged, the hedge might be unsuccessful, reduce the Fund’s return, or create a loss. In addition, hedges, even when successful in mitigating </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk, may not prevent the Fund from experiencing losses on its investments. Hedging instruments may also reduce or eliminate gains that may otherwise have </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been available had the Fund not used the hedging instruments.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High-Yield Securities Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to high-yield, below investment-grade securities (commonly referred to as “junk bonds”) generally involves significantly greater risks than an </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in investment grade securities. High-yield debt securities may fluctuate more widely in price and yield and may fall in price when the economy is </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">weak or expected to become weak. These securities also may be difficult to sell at the time and price the Fund desires. High-yield securities are considered to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be speculative with respect to an issuer’s ability to pay interest and principal and carry a greater risk that the issuers of lower-rated securities will default on the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timely payment of principal and interest. High-yield securities may experience greater price volatility and less liquidity than investment grade securities. Issuers </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inflation Index-Linked Securities Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unlike a conventional bond, whose issuer makes regular fixed interest payments and repays the face value of the bond at maturity, an inflation index-linked </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security provides principal payments and interest payments that vary as the principal and/or interest are adjusted over time to reflect a rise or a drop in the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reference inflation-related index. However, there can be no assurance that the inflation index used will accurately measure the rate of inflation. For inflation </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">index-linked debt securities for which repayment of the original principal upon maturity (as adjusted for inflation) is not guaranteed, the adjusted principal </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of the securities repaid at maturity may be less than the original principal value. The value of inflation index-linked securities is expected to change in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">response to real interest rates. The price of an inflation index-linked security generally falls when real interest rates rise and rises when real interest rates fall. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Because the interest and/or principal payments on an inflation index-linked security are adjusted periodically for changes in inflation, the income distributed by </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund may be irregular. In periods of deflation, the Fund may have no income at all from such investments. The principal value of an investment in the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund is not protected or otherwise guaranteed by the value of the Fund’s investments in inflation index-linked securities.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Interest Rate Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Generally, the value of investments with interest rate risk, such as fixed-income securities or derivatives, will move in the opposite direction to movements in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rise, which could cause the value of the Fund’s investments to decline. Interest rates may rise, perhaps significantly and/or rapidly, potentially resulting in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">substantial losses to the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Interest rate changes may have a more pronounced effect on the market value of fixed-rate instruments than on floating-rate </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instruments. The value of floating rate and variable securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prices of fixed-income securities or derivatives are also affected by their durations. Fixed-income securities or derivatives with longer durations generally have </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">greater sensitivity to changes in interest rates. Rising interest rates may cause the value of the Fund’s investments with longer durations and terms to maturity </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to decline, which may adversely affect the value of the Fund. For example, if a bond has a duration of four years, a 1% increase in interest rates could be </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expected to result in a 4% decrease in the value of the bond. An increase in interest rates can impact markets broadly as well. To the extent the Fund holds an </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment with a negative interest rate to maturity, the Fund may generate a negative return on that investment.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div> <span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Leverage Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s use of derivative instruments may have the economic effect of financial leverage. Financial leverage magnifies the Fund’s exposure to the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">movements in prices of an asset or class of assets underlying a derivative instrument and may result in increased volatility, which means that the Fund will </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have the potential for greater losses than if the Fund does not use the derivative instruments that have a leveraging effect. Leverage may result in losses that </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exceed the amount originally invested and may accelerate the rate of losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decrease in the Fund’s exposure to an asset or class of assets and may cause the Fund’s net asset value (“NAV”) per share to be volatile. There can be no </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assurance that the Fund’s use of leverage will be successful.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Liquidity Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is susceptible to the risk that certain investments held by the Fund may have limited marketability, be subject to restrictions on sale, be difficult or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impossible to purchase or sell at favorable times or prices or become less liquid in response to market developments or adverse credit events that may affect </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or guarantors of a security. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">advantage of other investment opportunities. Market prices for such instruments may be volatile. During periods of substantial market volatility, an </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund’s ability to limit losses. The Fund </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lose money if it is unable to dispose of an investment at a time that is most beneficial to the Fund. The Fund may be required to dispose of investments </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">For example, liquidity risk may be magnified in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rising interest rate environments in the event of higher-than-normal redemption rates.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Unexpected redemptions may force the Fund to sell certain investments </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at unfavorable prices to meet redemption requests or other cash needs. Judgment plays a greater role in pricing illiquid investments than in investments with </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">more active markets.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other factors, which may negatively affect the Fund’s performance. Equity securities generally have greater price volatility than fixed-income securities, </span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets, multiple assets may decline in value simultaneously. Prices in many financial markets have increased significantly over the last decade, but there have </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future. The value of a security may decline </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, such as changes in interest or inflation rates, or factors </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters and related </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. Changes in value may be temporary or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may last for extended periods.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policy changes by the U.S. government and/or Federal Reserve and political events within the U.S. and abroad, such as changes in the U.S. presidential </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">administration and Congress, the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government shutdown and threats not to increase the federal government’s debt limit which could result in a default on the government’s obligations, may </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these fluctuations.</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in the Fund may be increased. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An outbreak of infectious respiratory illness caused by a novel coronavirus, known as COVID-19, was first detected in late 2019 and has subsequently </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">spread globally. The transmission of various variants of COVID-19, and efforts to contain their spread, have resulted, and may continue to result, in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant disruptions to business operations, travel restrictions and closed borders, and lower consumer demand, as well as general concern and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainty that has negatively affected the global economy. Any resurgence of COVID-19, a variant or other significant viruses could negatively impact the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund and adversely impact the economies of many nations, individual companies and the global securities and commodities markets, including their </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquidity, in ways that cannot necessarily be foreseen at the present time.</span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks began to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">raise interest rates as part of their efforts to address rising inflation. It is difficult to accurately predict the pace at which interest rates may continue to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increase, or the timing, frequency or magnitude of any such increases. Additionally, various economic and political factors could cause the Federal Reserve </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or another foreign central bank to change their approach in the future and such actions may result in an economic slowdown in the U.S. and abroad. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reduce bank balance sheets. Any of these could cause an increase in market volatility</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">,</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> reduce liquidity across various markets</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> or decrease confidence in the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty.</span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In March 2023, the shutdown of certain financial institutions in the U.S. and questions regarding the viability of other financial institutions raised economic </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">concerns over disruption in the U.S. and global banking systems. There can be no certainty that the actions taken by the U.S. or foreign governments will </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. and global banking systems.</span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with a </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes to some international trade agreements; tensions, war, or open conflict between nations, such as between Russia and Ukraine or in eastern Asia; </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen at the present time. Russia’s military invasion </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of Ukraine beginning in February 2022, the responses and sanctions by the United States and other countries, and the potential for wider conflict have had, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and could continue to have, severe adverse effects on the performance and liquidity of global markets, and negatively affect the value of the Fund’s </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.</span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consequences of regulation or business trends driven by climate change.</span></div> </td> </tr> </table></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Timing Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk of market timing activities by investors due to the nature of the Fund’s investments, which requires the Fund, in certain </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instances, to fair value certain of its investments. Some investors may engage in frequent short-term trading in the Fund to take advantage of any price </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">differentials that may be reflected in the net asset value (“NAV”) of the Fund’s shares. Frequent trading by Fund shareholders poses risks to other shareholders </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Fund, including (i) the dilution of the Fund’s NAV, (ii) an increase in the Fund’s expenses, and (iii) interference with the ability to execute efficient </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategies.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Multiple Sub-Advisor Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Manager may allocate the Fund’s assets among multiple sub-advisors, each of which is responsible for investing its allocated portion of the Fund’s assets. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To a significant extent, the Fund’s performance will depend on the success of the Manager in selecting and overseeing the sub-advisors and allocating the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s assets to sub-advisors. The sub-advisors’ investment styles may not work together as planned, which could adversely affect the performance of the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. In addition, because each sub-advisor makes its trading decisions independently, the sub-advisors may purchase or sell the same security at the same </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">time without aggregating their transactions. This may cause unnecessary brokerage and other expenses.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Municipal Securities Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Municipal securities could be affected by adverse political and legislative changes. The ability of a municipal issuer to make payments can be affected by </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainties in the municipal securities market, including: litigation; the strength of the local or national economy; the issuer’s ability to raise revenues </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">through tax or other means; budgetary constraints of local, state and federal governments upon which the issuer may be relying for funding; a legislature’s </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">willingness or ability to appropriate funds needed to pay municipal securities obligations; the bankruptcy of the issuer; adverse political and legislative </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes, including to eliminate or limit the tax-exempt status of municipal bond interest or dividends; and other changes in the financial condition of a </span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">municipality. Changes in interest rates and market conditions may directly impact the liquidity and valuation of municipal securities, which may affect the yield </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and value of the Fund’s municipal securities investments. A downgrade in an issuer’s or security’s credit rating can reduce the market value of the security. At </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">times, municipal issuers have defaulted on obligations or commenced insolvency proceedings. Financial difficulties of municipal issuers may continue or get </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">worse in the future. Reductions in tax rates may make municipal securities less attractive in comparison to taxable bonds. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition, the Fund’s investments </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in municipal securities are subject to the following risks:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">General Obligation Bond Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> A general obligation bond is secured by the full faith, credit and taxing power of the issuing municipality, not revenues from </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a specific project or source. Consequently, timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adequate tax base. A municipality in which the Fund invests may experience significant financial difficulties, including bankruptcy or default, which may </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively impact the Fund.</span></div> </td> </tr> </table></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment companies in addition to the Fund’s direct fees and expenses. To the extent the Fund invests in other investment companies that invest in equity </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in those companies, including but not limited to the following:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in government money market funds are subject to interest rate risk, credit risk, and market risk.</span></div> </td> </tr> </table></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Heavy redemptions could hurt the Fund’s performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A rise in interest rates or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other market developments may cause investors to move out of fixed-income securities on a large scale.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> During periods of heavy redemptions, the Fund may </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Restricted Securities Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities not registered in the U.S. under the Securities Act of 1933, as amended (the “Securities Act”), or in non-U.S. markets pursuant to similar </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulations, including “Section 4(a)(2)” securities and “Rule 144A” securities, are restricted as to their resale. Such securities may not be listed on an </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exchange and may have no active trading market. The prices of these securities may be more difficult to determine than publicly traded securities and these </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities may involve heightened risk as compared to investments in securities of publicly traded companies. They may be more difficult to purchase or sell at </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">an advantageous time or price because such securities may not be readily marketable in broad public markets or may have to be held for a certain time period </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">before they can be resold. The Fund may not be able to sell a restricted security when a sub-advisor considers it desirable to do so and/or may have to sell the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security at a lower price than the Fund believes is its fair market value. In addition, transaction costs may be higher for restricted securities and the Fund may </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">receive only limited information regarding the issuer of a restricted security. The Fund may have to bear the expense of registering restricted securities for </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resale and the risk of substantial delays in effecting the registration.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to its </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> index(es), or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Segregated Assets Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In connection with certain transactions that may give rise to future payment obligations, the Fund may be required to maintain a segregated amount of, or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise earmark, cash or liquid securities to cover the obligation. Segregated assets generally cannot be sold while the position they are covering is </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">outstanding, unless they are replaced with other assets of equal value. The need to segregate cash or other liquid securities could limit the Fund’s ability to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pursue other opportunities as they arise.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sovereign and Quasi-Sovereign Debt Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund normally will have significant investments in sovereign and quasi-sovereign debt securities.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Sovereign or quasi-sovereign debt securities are subject </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to risk of payment delays or defaults due to, among other things: (1) country cash flow problems, (2) insufficient foreign currency reserves, (3) political </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">considerations, (4) large debt positions relative to the country’s economy, (5) policies toward foreign lenders or investors, (6) the failure to implement </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic reforms required by the International Monetary Fund or other multilateral agencies, or (7) an inability or unwillingness to repay debts. It may be </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">particularly difficult to enforce the rights of debt holders in developing markets. A governmental entity that defaults on an obligation may request additional </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">time in which to repay loans, may request further loans, or may seek to restructure its obligations to reduce interest rates or outstanding principal. There is no </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">legal process for collecting sovereign and quasi-sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">part of the sovereign debt that a governmental entity has not repaid may be collected. Sovereign and quasi-sovereign debt risk is increased for developing </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets issuers, which are among the largest debtors to commercial banks and foreign governments. At times, certain developing market countries have </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">declared moratoria on the payment of principal and interest on external debt. Certain developing market countries have experienced difficulty in servicing </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their sovereign debt on a timely basis, which has led to defaults and the restructuring of certain indebtedness.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Supranational Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Obligations of supranational entities are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be unable or unwilling to provide that support. Political changes in principal donor nations may also unexpectedly disrupt the finances of supranational </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">entities. Obligations of a supranational entity that are denominated in non-U.S. currencies will also be subject to the risks associated with investments in </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-U.S. currencies.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Unrated Securities Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Because the Fund may purchase securities that are not rated by any rating organization, a sub-advisor, after assessing their credit quality, may internally assign </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ratings to certain of those securities in categories similar to those of rating organizations. Unrated securities are subject to the risk that a sub-advisor may not </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">accurately evaluate the security’s comparative credit rating. Some unrated securities may not have an active trading market or may be difficult to value, which </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">means the Fund might have difficulty selling them promptly at an acceptable price. Unrated securities may be subject to greater liquidity risk and price </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Valuation Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Certain of the Fund’s assets may be valued at a price different from the price at which they can be sold. This risk may be especially pronounced for </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments that are illiquid or may become illiquid, or securities that trade in relatively thin markets and/or markets that experience extreme volatility. The </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">valuation of the Fund’s investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as pricing services or accounting agents.</span></div> <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Variable and Floating Rate Securities Risk</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The coupons on variable and floating-rate securities are not fixed and may fluctuate based upon changes in market rates. A variable rate security has a </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">coupon that is adjusted at pre-designated periods in response to changes in the market rate of interest on which the coupon is based. The coupon on a </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating rate security is generally based on an interest rate, such as a money-market index, ICE LIBOR, Secured Overnight Financing Rate (“SOFR”), or a </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Treasury bill rate. Variable and floating rate securities are subject to interest rate risk and credit risk. As short-term interest rates decline, the coupons on </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">variable and floating-rate securities typically decrease. Alternatively, during periods of rising short-term interest rates, the coupons on variable and </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating-rate securities typically increase. Changes in the coupons of variable and floating-rate securities may lag behind changes in market rates or may have </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">limits on the maximum increases in the coupon rates. The value of variable and floating-rate securities may decline if their coupons do not rise as much, or as </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">quickly, as interest rates in general. Conversely, variable and floating rate securities will not generally increase in value if interest rates decline. Certain types of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">variable and floating rate instruments may be subject to greater liquidity risk than other debt securities.</span></div> Fund Performance <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based market index</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> for the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods indicated.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">On October 1, 2018, abrdn Investments Limited, formally known as Aberdeen Asset Managers Limited, began managing a portion of the assets of the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Prior to that date, the Fund was known as American Beacon Global Evolution Frontier Markets Income Fund and Global Evolution USA, LLC served as the </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s sole sub-advisor. On January 4, 2023, the American Beacon Frontier Markets Income Fund’s name changed to the American Beacon Developing World </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Income Fund.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C Class shares automatically convert to A Class shares 8 years after purchase, if the conversion is available through your financial intermediary. In the table </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below, the performance for C Class shares reflects the conversion of C Class shares to A Class shares after 8 years.</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may obtain updated performance information on the Fund’s website at </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">necessarily an indication of how the Fund will perform in the future.</span></div> The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based market index for the periods indicated. www.americanbeaconfunds.com Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Calendar year total returns for Investor Class Shares. Year Ended 12/31 <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>11.19%</b></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> 2nd Quarter 2020</span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2015 through 12/31/2022</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>-14.43%</b></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> 1st Quarter 2020</span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2015 through 12/31/2022</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The calendar year-to-date total return as of </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">March 31, 2023</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.76%</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div> Highest Quarterly Return:11.19% 2nd Quarter 202001/01/2015 through 12/31/2022 0.1119 2020-06-30 Lowest Quarterly Return:-14.43% 1st Quarter 202001/01/2015 through 12/31/2022 -0.1443 2020-03-31 The calendar year-to-date total return as of March 31, 2023 was 0.76%. 2023-03-31 0.0076 Average annual total returns for periods ended December 31, 2022 2014-02-25 -0.1150 0.0104 0.0317 -0.1447 -0.0218 0.0034 -0.0681 -0.0050 0.0122 2014-02-25 -0.1567 0.0002 0.0257 2014-02-25 -0.1307 0.0030 0.0246 2014-02-25 -0.1125 0.0129 0.0344 2014-02-25 -0.1120 0.0137 0.0352 -0.1778 -0.0131 0.0224 <div><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes will vary.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, the after-tax returns do not apply to your situation. After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share classes will vary. 1A contingent deferred sales charge (‘‘CDSC’’) of 0.50% will be charged on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase. 2The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Fund’s Financial Highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. *The Since Inception performance for C Class shares reflects the conversion of C Class shares to A Class shares after 8 years. If C Class shares were not converted to A Class shares after 8 years, and were instead held for the full period since inception, performance would have been 2.39%. 1A contingent deferred sales charge (‘‘CDSC’’) of 0.50% will be charged on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase. 2American Beacon Advisors, Inc. (the “Manager”) has contractually agreed to waive fees and/or reimburse expenses of the Fund’s A Class, C Class, Y Class, and R6 Class shares, as applicable, through May 31, 2024 to the extent that Total Annual Fund Operating Expenses exceed 0.78% for the A Class, 1.53% for the C Class, 0.53% for the Y Class, and 0.43% for the R6 Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). The contractual expense reimbursement can be changed or terminated only in the discretion and with the approval of a majority of the Fund’s Board of Trustees. The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager may also, from time to time, voluntarily waive fees and/or reimburse expenses of the Fund. The Manager can be reimbursed by the Fund for any contractual or voluntary fee waivers or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment.