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abf:Dabeaminternationalsmallcapfundfyepro_2477Member abf:S000063601Member rr:RiskNotInsuredDepositoryInstitutionMember 2024-03-01 2024-03-01 abf:Years iso4217:USD pure shares iso4217:USD shares 2023-10-31 false 0000809593 485BPOS 0.0893 -0.0441 0.1201 0.1221 -0.0819 0.2209 0.0612 0.1633 -0.0784 0.1206 0.0295 0.0050 0.0402 0.0431 -0.0223 -0.0989 0.0506 -0.0737 -0.0205 -0.0010 0.2439 -0.1664 0.1900 0.0073 0.0930 -0.1115 0.2207 0.1019 -0.0637 0.1561 0.1668 -0.1226 0.2918 0.0294 0.2754 -0.0556 0.1307 0.0433 -0.0536 0.2634 0.0835 -0.1589 0.2307 0.0370 0.2772 -0.0806 0.1629 -0.0437 0.0727 0.0346 0.2418 -0.1989 0.1938 0.1261 0.0749 -0.2057 0.1540 2024-02-23 N-1A AMERICAN BEACON FUNDS 2024-03-01 2024-03-01 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investment objective is income and capital appreciation.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="clear:both;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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">page  </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">67</span><span style="clear:both;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  74  of the Statement of Additional Information (“SAI”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Appendix 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) 0.0575 0 0 0 0 0 0.0050 0.0100 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0052 0.0052 0.0052 0.0052 0.0052 0.0052 0.0025 0.0100 0.0000 0.0025 0.0000 0.0000 0.0032 0.0031 0.0032 0.0047 0.0026 0.0052 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0110 0.0184 0.0085 0.0125 0.0079 0.0105 <span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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> 680 903 1144 1833 286 577 993 2154 86 270 469 1043 127 395 684 1506 80 251 436 972 107 333 577 1277 Assuming no redemption of shares: 186 577 993 2154 Portfolio Turnover <div><span style="clear:both;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="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">48%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div> 0.48 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, between 50% and 70% of the Fund’s total assets are invested in equity securities and between 30% and 50% of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">total assets are invested in debt securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Manager allocates the assets of the Fund among different sub-advisors. The Manager believes that this strategy may help the Fund outperform other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment styles over the longer term while reducing volatility and downside risk.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, including convertible preferred securities, master limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">partnerships (“MLPs”), real estate investment trusts (“REITs”), depositary receipts, which may include American depositary receipts (“ADRs”) and global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">depositary receipts (“GDRs”), and U.S. dollar-denominated foreign stocks traded on U.S. exchanges (collectively referred to as “stocks”). The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in stocks include dividend-paying stocks. The Fund principally invests in large-capitalization and mid-capitalization companies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s sub-advisors select stocks that, in their opinion, have most or all of the following characteristics (relative to the S&amp;P 500® Index):</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">above-average earnings growth potential,</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below-average price to earnings ratio,</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below-average price to book value ratio, and</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">above-average dividend yields.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Each of the Fund’s sub-advisors determines the earnings growth prospects of companies based upon a combination of internal and external research using </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fundamental analysis and considering changing economic trends. The sub-advisors typically seek to invest in companies that they believe to be undervalued at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the time of purchase. The decision to sell a stock is typically based on the belief that the company is no longer considered undervalued or shows deteriorating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fundamentals, or that better investment opportunities exist in other stocks.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s debt securities may include: debentures; obligations of the U.S. Government, its agencies and instrumentalities, including U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Government-sponsored enterprises (some of which are not backed by the full faith and credit of the U.S. Government); corporate debt securities, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">notes and bonds; mortgage-backed and mortgage-related securities, including collateralized mortgage obligations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">(“CMOs”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">mortgage-backed securities</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> (“CMBSs”)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">; asset-backed securities; and variable and floating rate securities, which pay interest at variable rates, certain of which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are based on a lending rate.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund will only buy debt securities that are deemed by the Manager or sub-advisors, as applicable, to be investment grade at the time of the purchase. If </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">an investment held by the Fund is downgraded below investment grade, the Manager or sub-advisors, as applicable</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> will take action that they believe to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">advantageous to the Fund. The Fund has no limitations regarding the duration of the debt securities it can buy.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may have significant exposure to the Financials sector. However, as the sector composition of the Fund’s portfolio changes over time, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exposure to the Financials sector may be lower at a future date, and the Fund’s exposure to other market sectors may be higher.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In determining which debt securities to buy and sell, the Manager and the sub-advisors generally use </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">either </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a “top-down” or “bottom-up” investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategy, or a combination of both strategies. The top-down fixed income investment strategy is implemented as follows:</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Develop an overall investment strategy, including a portfolio duration target, by examining the current trends in the U.S. economy.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Set desired portfolio duration structure by comparing the differences between corporate and U.S. Government securities of similar duration to judge their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potential for optimal return in accordance with the target duration benchmark.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Determine the weightings of each security type by analyzing the difference in yield spreads between corporate and U.S. Government securities.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Select specific debt securities within each security type.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Review and monitor portfolio composition for changes in credit, risk-return profile and comparisons with benchmarks.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bottom-up fixed income investment strategy is implemented as follows:</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Search for eligible securities with a yield to maturity advantage versus a U.S. Government security with a similar duration.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Evaluate credit quality of the securities.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Perform an analysis of the expected price volatility of the securities to changes in interest rates by examining actual price volatility between U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Government and non-U.S. Government securities.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Each sub-advisor’s investment processes incorporate the sub-advisor’s environmental, social and/or governance (“ESG”) analysis as a consideration in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assessment of potential equity investments, and of potential debt security investments to which such analysis is deemed applicable by the sub-advisor. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">However, as ESG information is just one investment consideration, ESG considerations are not solely determinative in any investment decision made by a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sub-advisor. In addition, the sub-advisors do not use ESG considerations to limit, restrict or otherwise exclude companies or sectors from the Fund’s investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">universe. A sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing this analysis and considering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ESG risks.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest cash balances in a government money market fund advised by the Manager, with respect to which the Manager receives a management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fee.  The Fund may also purchase and sell equity index futures contracts to gain market exposure on cash balances or reduce market exposure in anticipation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of liquidity needs. The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions.</span></div> Principal Risks <span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective and you could lose part or all of your investment in the Fund. </span></span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Allocation Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Asset-Backed Securities Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Asset Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Assets selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to other funds with similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment objectives.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Convertible Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of a convertible security</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including a convertible preferred security,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> typically increases or decreases with the price of the underlying common stock. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In general, a convertible security is subject to the market risks of stocks when the underlying stock’s price is high relative to the conversion price and is subject </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to the market risks of debt securities when the underlying stock’s price is low relative to the conversion price. The general market risks of debt securities that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are common to convertible securities include, but are not limited to, interest rate risk and credit risk. Many convertible securities have credit ratings that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below investment grade and are subject to the same risks as an investment in below investment grade debt securities (commonly known as “junk bonds”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Lower-rated debt securities may fluctuate more widely in price and yield than investment grade debt securities and may fall in price during times when the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economy is weak or is expected to become weak. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">convertible security‘s investment value. </span><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">In addition, to the extent the Fund invests in convertible securities issued by mid-capitalization companies, it will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">subject to the market risks of investing in such companies. The stocks of mid-capitalization companies may fluctuate more widely in price than the market as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">a whole and there may also be less trading in mid-capitalization stocks.</span></div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Convertible securities are sensitive to movement in interest rates.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Counterparty Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Credit Risk</b></span><br/><span style="clear:both;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</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may fail, or become less able or </span><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;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="clear:both;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 </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">in the Fund’s shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, and result in financial losses. Cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">can result from 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The issuers of the Fund’s investments are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">likely to be</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> dependent on computers for </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">their operations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and require ready access to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">their data and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the internet to conduct their business. Thus, cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidents could also affect issuers of </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the Fund’s investments</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, leading to significant loss of value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Debentures Risk</b></span><br/><span style="clear:both;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. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The Fund may invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">both corporate and government debentures.  </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Dividend Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at current levels or increase over time. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. Securities that pay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dividends may be sensitive to changes in interest rates and, as interest rates rise or fall, the prices of such securities may fall.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Environmental, Social, and/or Governance Investing Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations or incorporate different ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">considerations. Although a  sub-advisor has established its own process to oversee ESG integration in accordance with the Fund’s strategies, successful </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">integration of ESG factors will depend on a  sub-advisor’s skill in researching, identifying, and applying these factors, as well as on the availability of relevant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing this analysis and considering ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">change its investment process with respect to the integration of ESG factors.</span><span style="-sec-ix-redline:true;"></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Equity Investments Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Equity securities are subject to investment risk, issuer risk and market risk. In general, the values of stocks and other equity securities fluctuate, and sometimes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">widely fluctuate, in response to changes in a company’s financial condition as well as general market, economic and political conditions and other factors. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund may experience a significant or complete loss on its investment in an equity security. In addition, stock prices may be particularly sensitive to rising </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates, which increase borrowing costs and the costs of capital. The Fund may invest in the following equity securities, which may expose the Fund to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the following additional 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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Common Stock Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Depositary Receipts and/or U.S. Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Depositary receipts and U.S. dollar-denominated foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">stocks traded on U.S. exchanges are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency exchange rate fluctuations, political and financial instability in the home country of a particular depositary receipt or foreign stock, less liquidity, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">more volatility, less government regulation and supervision and delays in transaction settlement.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Master Limited Partnerships (“MLPs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">associated with pooled investment vehicles. Investments held by MLPs may be relatively illiquid, limiting the MLPs’ ability to change their portfolios promptly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volume, they may be difficult to value, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">companies. Holders of units in MLPs have more limited rights to vote on matters affecting the partnership and may be required to sell their common units </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top: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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at an undesirable time or price. The Fund’s investments in MLPs will be limited to no more than 25% of its assets in order for the Fund to meet the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">requirements necessary to qualify as a “regulated investment company” under the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”).</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Real Estate Investment Trusts (“REITs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in REITs are subject to the risks associated with investing in the real estate industry, including, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among other risks: adverse developments affecting the real estate industry; declines in real property values; changes in interest rates; defaults by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">mortgagors or other borrowers and tenants; lack of availability of mortgage funds or financing; extended vacancies of properties, especially during </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic downturns; casualty or condemnation losses; </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">regulatory limitations on rents and operating expenses; and other</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> governmental actions, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes to tax laws, zoning regulations or environmental regulations. REITs also are dependent upon the skills of their managers and are subject to heavy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cash flow dependency or self-liquidation. Regardless of where a REIT is organized or traded, its performance may be affected significantly by events in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">region where its properties are located. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">REITs may not be diversified geographically or by property or tenant type. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Domestic REITs could be adversely affected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">by failure to qualify for tax-free “pass-through” of distributed net income and net realized gains under the Internal Revenue Code of 1986, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“Internal Revenue Code”), or to maintain their exemption from registration under the Investment Company Act of 1940, as amended (“Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Company Act”).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> REITs typically incur fees that are separate from those incurred by the Fund. Accordingly, the Fund’s investment in REITs will result in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of REIT common stock may decline when interest rates rise. REITs tend to be small- to mid-capitalization securities and, as such, are subject to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risks of investing in small- to mid-capitalization securities.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Exposure Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-U.S. issuers carries potential risks not associated with </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">exposure to  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. issuers. Such risks may include, but are not limited to: (1) currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exchange rate fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing and financial reporting standards, (5) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">greater volatility, (6) different government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or failures </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transaction </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">payment and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">settlement in some foreign markets. The Fund’s exposure to a foreign issuer may subject the Fund to regulatory, political, currency, </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions (including recent volatility</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, terrorism, war and political</span><span style="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Futures Contracts </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Risk</b></span><span style="-sec-ix-redline:true;"></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Futures contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of securities or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying assets at an agreed date. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The use of such derivative instruments may expose the Fund to additional risks, such as credit risk, liquidity risk, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risk, that it would not be subject to if it invested directly in the securities underlying those derivatives.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  There can be no assurance that any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategy used will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying instruments or indexes. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">has previously bought or sold, and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Futures contracts on indices</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> expose the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to volatility in an underlying </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">index.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in some respects greater than, those associated with investing in more traditional investments. Derivatives can be highly complex and highly volatile and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">perform in unanticipated ways.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Interest Rate Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Generally, the value of investments with interest rate risk, such as fixed-income securities, will move in the opposite direction as movements in interest rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">cause the value of the Fund’s investments to decline. Interest rate increases, including significant or rapid increases, may result in a decline in the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">bonds held by the Fund, lead to heightened volatility in the fixed-income markets and adversely affect the liquidity of certain fixed-income investments, any of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">which may result in substantial losses to the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Interest rate changes may have a more pronounced effect on the market value of fixed-rate instruments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">than on floating-rate instruments. The value of floating rate and variable securities may decline if their interest rates do not rise as quickly, or as much, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  The prices of fixed-income securities are also affected by their durations. Fixed-income securities with longer durations generally have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">greater sensitivity to changes in interest rates than those with shorter durations. Rising interest rates may cause the value of the Fund’s investments with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">longer durations and terms to maturity to decline, which may adversely affect the value of the Fund. For example, if a bond has a duration of eight years, a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">1% increase in interest rates could be expected to result in an 8% decrease in the value of the bond. Fluctuations in interest rates may also affect the liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">of fixed income securities and instruments held by the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div> <span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Large-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">competitive challenges and opportunities and, at times, such companies may be out of favor with investors. Many larger-capitalization companies also may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Liquidity Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  For example, liquidity risk may be magnified in </span></div><div><span style="clear:both;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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Unexpected redemptions may force the Fund to sell certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">investments at unfavorable prices to meet redemption requests or other cash needs.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  Judgment plays a greater role in pricing illiquid investments than in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments with more active markets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may last for extended periods.</span></div><div><span style="clear:both;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="clear:both;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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or occurrence </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">federal government shutdown and threats </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or the occurrence of a failure</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to increase the federal government’s debt limit</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> which could result in a default on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government’s obligations, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">suddenly and to a significant degree.</span></div><div><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span> </div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">policymaking uncertainty.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">possibility of changes to some international trade agreements; political or economic dysfunction within some nations, including major producers of oil; and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and its investments or operations could be negatively impacted.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Regulators in the  U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit the Fund’s ability to pursue its investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">consequences of regulation or business trends driven by climate change.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mid-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since mid-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity, and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mortgage-Backed and  Mortgage-Related Securities Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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></div><div><span style="clear:both;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="clear:both;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="-sec-ix-redline:true;"></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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Collateralized Mortgage Obligation (“CMOs”) Risk</span><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Commercial Mortgage-Backed Securities (“CMBS”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> CMBS </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">reflect the risks of</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> investing in the real estate securing the underlying mortgage loans. These </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">property to attract and retain tenants.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> CMBS may not be backed by the full faith and credit of the U.S. Government and are subject to risk of default on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">underlying mortgages, particularly during periods of economic downturn. CMBS are subject to a greater degree of prepayment and extension risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">many other forms of fixed-income securities, and CMBS may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">securities. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of CMBS.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Multiple Sub-Advisor Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;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><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  Interest rate risk is the risk that rising interest rates could cause the value of such an investment to decline. Credit risk is the risk that the issuer, guarantor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or insurer of an obligation, or the counterparty to a transaction, may fail or become less able or unwilling, to make timely payment of interest or principal or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise honor its obligations, or that it may default completely.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Preferred Stock Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Prepayment and Extension Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Prepayment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and extension </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk is the risk that </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">a bond or other fixed-income security or investment might, in the case of prepayment risk, be called or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be prepaid as expected</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Due to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline in interest rates or excess cash flow into the issuer, a debt security may be called or otherwise converted, prepaid or redeemed before maturity. If this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurs, no additional interest will be paid on the investment. The Fund may have to reinvest the proceeds in another investment at a lower rate, may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">benefit from an increase in value that may result from declining interest rates, and may lose any premium it paid to acquire the security</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, any of which could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">result in a reduced yield to the Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to shorten. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Conversely, extension risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of a security’s effective maturity, increase the risk of default </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> delayed payment, heighten interest rate risk and increase the potential for a decline in </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">investment’s</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to the Fund for investment would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reduced.</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> Extensions of obligations could cause the Fund to exhibit additional volatility and hold securities paying lower-than-market rates of interest. Either </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">case could hurt the Fund’s performance.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A rise in interest rates or </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> During periods of heavy redemptions, the Fund may </span><span style="clear:both;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><span style="-sec-ix-redline:true;"></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sector Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When the Fund focuses its investments in certain sectors of the economy, its performance </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could fluctuate more widely than if the Fund were invested more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">evenly across sectors. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">unfavorable developments in that economic sector than funds that invest more broadly. Additionally, individual</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> sectors may be more volatile, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">perform differently, than the broader market. As the Fund’s portfolio changes over time, the Fund’s exposure to a particular sector may become higher or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lower.</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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;-sec-ix-redline:true;">Financials Sector Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Companies in the Financials sector are subject to extensive governmental regulation and intervention, which may result in financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">penalties and limits on the scope of their activities, the amounts and types of loans and other financial commitments they can make, the interest rates and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fees they can charge, the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact of recent or future regulation on the Financials sector, including more stringent capital requirements, cannot be predicted. In addition, fiscal, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulatory and monetary policies, economic conditions, interest rate changes, credit rating downgrades, and decreased liquidity in the credit markets may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets, thereby affecting a wide range </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of companies in the Financials sector. Cybersecurity incidents and technology malfunctions and failures have become increasingly frequent and have caused </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant losses to companies in this sector, which also may negatively impact the Fund.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Secured, Partially Secured and Unsecured Obligation Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and may be less liquid.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Lending Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent the Fund lends its securities, it may be subject to the following risks: (i) the securities in which the Fund reinvests cash collateral may decrease in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, causing the Fund to incur a loss, or may not perform sufficiently to cover the Fund’s payment to the borrower of a pre-negotiated fee or “rebate” for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the use of that cash collateral in connection with the loan; (ii) non-cash collateral may decline in value, resulting in the Fund becoming under-secured; (iii) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">delays may occur in the recovery of loaned securities from borrowers, which could result in the Fund being unable to vote proxies or settle transactions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the Fund to incur increased costs; and (iv) if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to enforce its rights in its collateral.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">performance</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Segregated Assets Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pursue other opportunities as they arise.</span></div> <div><span style="clear:both;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="clear:both;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 </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">stated interest rate and face value at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">maturity, not its current market price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The market prices for such securities are not guaranteed and will fluctuate. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Certain securities</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> held by the Fund that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issued by government-sponsored enterprises, such as the Federal National Mortgage Association (‘‘Fannie Mae’’), Federal Home Loan Mortgage Corporation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(‘‘Freddie Mac’’), Federal Home Loan Bank (‘‘FHLB’’), </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Federal Farm Credit Bank (“FFCB”), </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are not guaranteed by the U.S. Treasury and are not backed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the full 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">do not have the funds to meet future payment obligations. U.S. government securities and securities of government-sponsored </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">enterprises</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> are also subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">credit risk, 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potentially higher costs for the U.S. government to obtain new financing.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> It is possible that the U.S. government and government-sponsored enterprises will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">not have the funds to meet their payment obligations in the future.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Value Stocks Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Value stocks are subject to the risk that their intrinsic or full value may never be realized by the market, that a stock judged to be undervalued may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appropriately priced, or that their prices may decline. Although value stocks tend to be inexpensive relative to their earnings, they can continue to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inexpensive for long periods of time. The Fund’s investments in value stocks seek to limit potential downside price risk over time; however, value stock prices </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">still may decline substantially. In addition, the Fund may produce more modest gains as a trade-off for this potentially lower risk. The Fund’s investment in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value stocks could cause the Fund to underperform funds that use a growth or non-value approach to investing or have a broader investment style.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Variable and Floating Rate Securities Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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,</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Secured Overnight Financing Rate (“SOFR”), or a Treasury bill rate. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Variable and floating rate securities are subject to interest rate risk and credit risk. As short-term interest rates decline, the coupons on variable and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating-rate securities typically decrease. Alternatively, during periods of rising short-term interest rates, the coupons on variable and floating-rate securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically increase. Changes in the coupons of variable and floating-rate securities may lag behind changes in market rates or may have limits on the maximum </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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 quickly, as interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in general. Conversely, variable and floating rate securities will not generally increase in value if interest rates decline. Certain types of variable and floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rate instruments may be subject to greater liquidity risk than other debt securities.</span></div> Fund Performance <div><span style="clear:both;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="clear:both;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 composite index and the two </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">broad-based securities market indices that comprise the composite index, for the periods indicated.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The chart and the table show the performance of the Fund’s Investor Class shares for all periods. C Class shares automatically convert to A Class shares 8 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">years after purchase, if the conversion is available through your financial intermediary. In the table below, the performance for C Class shares reflects the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conversion of C Class shares to A Class shares after 8 years.</span></div><div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not </span><span style="clear:both;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 composite index and the two broad-based securities market indices that comprise the composite 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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;"><b>15.36%</b></span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">4th Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">01/01/2014 through 12/31/2023</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;"><b>-19.59%</b></span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">1st Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">01/01/2014 through 12/31/2023</span></div> Highest Quarterly Return:15.36% 4th Quarter 202001/01/2014 through 12/31/2023 0.1536 2020-12-31 Lowest Quarterly Return:-19.59% 1st Quarter 202001/01/2014 through 12/31/2023 -0.1959 2020-03-31 Average annual total returns for periods ended December 31, 2023 1994-08-01 0.1206 0.0925 0.0646 0.1119 0.0660 0.0422 0.0741 0.0684 0.0462 2010-05-17 0.0559 0.0793 0.0580 2010-09-01 0.1019 0.0841 0.0580 2010-03-01 0.1227 0.0950 0.0673 2005-05-31 0.1190 0.0908 0.0629 1987-07-17 0.1234 0.0959 0.0679 0.0918 0.0728 0.0600 0.0553 0.0110 0.0181 0.1146 0.1091 0.0840 <div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;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="clear:both;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. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investment objective is high current income consistent with preservation of capital.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. More information  is available </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">from your financial professional and in “Choosing Your Share Class” on page </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">67</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Prospectus.</span></div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 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 0.0000 0.0000 0.0000 0.0000 0.0020 0.0010 0.0014 0.0062 0.0075 0.0065 0.0069 0.0117 -0.0024 -0.0024 -0.0024 -0.0034 0.0051 0.0041 0.0045 0.0083 December 31, 2025 Example <div><span style="clear:both;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="clear:both;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="clear:both;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 the Example reflects the fee waiver/expense </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reimbursement  arrangement for each share class through  </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">December 31, 2025</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.  Although your actual costs may be higher or lower, based on these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assumptions, whether you redeem or hold your shares, your costs would be:</span></div> 52 194 372 888 42 163 317 767 46 175 339 816 85 308 582 1363 Portfolio Turnover <div><span style="clear:both;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="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">72%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div> 0.72 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bonds. For purposes of the 80% policy, investment grade bonds include other investment grade debt securities. The Fund considers investment grade debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities to be debt securities that are rated A-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">/A3</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> or better by S&amp;P Global Ratings (“S&amp;P”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch Ratings Inc. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“Fitch”).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The types of investment grade debt securities that the Fund invests in primarily include obligations of the U.S. Government, its agencies and instrumentalities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">including U.S. Government-sponsored enterprises (some of which are not backed by the full faith and credit of the U.S. Government), corporate bonds, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">debentures, and mortgage-backed and mortgage-related securities, including mortgage pass-through securities. These types of obligations may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fixed-rate or floating-rate coupons (or variable rate coupons), which pay interest at variable rates based on a lending rate, such as</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Secured Overnight </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Financing Rate (“SOFR”), and are commonly referred to as fixed income securities or bonds. If an investment held by the Fund is downgraded below </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment grade, the sub-advisor may sell the security or request the Manager’s permission to continue to hold the security.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In selecting investment grade debt securities within the corporate sector, the sub-advisor first focuses on the largest U.S. issuers and companies rated A-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">/A3</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">better by at least two </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rating agencies. The sub-advisor then </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">utilizes screens to identify issuers that carry high levels of unquantifiable risk that could have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">financial impact on the issuers, which includes risks associated with environmental, social, and/or governance (“ESG”) considerations. This includes, but is not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">limited to, risks associated with</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> foreign companies, Yankee bonds, alcohol, tobacco, gambling, and defense </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">contractors. Issuers identified as having a higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">risk profile during this stage are either excluded from further consideration or subject to further evaluation to determine their inclusion in the investable</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">universe. The sub-advisor then </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">utilizes research and/or rankings provided by one or more third parties to analyze and scale the remaining issuers</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> based on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sustainability of their operations and their consideration of </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">ESG</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> principles as an integrated part of the sub-advisor’s evaluation and investment process. These </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment considerations are not solely determinative in any investment decision. Thereafter, if the sub-advisor deems securities to be comparable from an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment perspective, the sub-advisor generally expects to select for the Fund’s portfolio the securities with the highest </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">ranking</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> consistent with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sub-advisor’s </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">proprietary scale methodology.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, the Fund seeks to maintain a weighted-average duration that is 25% above or below the then-current duration of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">benchmark, the Bloomberg US Aggregate Bond Index (“Benchmark”). As of December </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">29, 2023</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the Benchmark’s duration was 6.2 years, which means that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund’s duration would have been expected to range from approximately 4.6 years to approximately 7.7 years at that time. The Benchmark’s duration is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expected to change over time and could be higher or lower at a future date, and the Fund’s duration may change accordingly. Duration is an indicator of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bond’s price sensitivity to a change in interest rates. For example, a duration of eight years means that a security’s price would be expected to decrease by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">approximately 8% with a 1% increase in interest rates. The Fund may invest in securities of any maturity, but typically invests in securities with maximum </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturities of up to 30 years.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor follows a fixed income investment strategy that focuses on high current income, given its outlook for interest rates, and the preservation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">capital. In selecting securities for the Fund, the sub-advisor employs a top-down approach, which includes a broad fundamental analysis of the current fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">income markets, including duration, the yield curve, and the performance of market sectors. Through this analysis, the sub-advisor creates defined parameters </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">for the selection of investments for the Fund’s portfolio and implements a proprietary investment process comprised of qualitative and quantitative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">components.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may have a focused portfolio of fewer companies than other diversified funds. The Fund may have significant exposure to the Financials sector. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">However, as the sector composition of the Fund’s portfolio changes over time, the Fund’s exposure to the Financials sector may be lower at a future date, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund’s exposure to other market sectors may be higher. The Fund may engage in active and frequent trading of portfolio securities to achieve its principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategies. The Fund may invest cash balances in a government money market fund advised by the Manager, with respect to which the Manager </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">receives a management fee.</span></div> Principal Risks <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective and you could lose part or all of your investment in the Fund.</span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Callable Securities Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Counterparty Risk</b></span><br/><span style="clear:both;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</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, will be unwilling or unable to satisfy its obligation to make timely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">principal, interest or settlement payments or to otherwise honor its obligations to the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Credit Risk</b></span><br/><span style="clear:both;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</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may fail, or become less able or </span><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;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="clear:both;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 </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">in the Fund’s shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, and result in financial losses. Cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">can result from 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The issuers of the Fund’s investments are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">likely to be</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> dependent on computers for </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">their operations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and require ready access to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">their data and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the internet to conduct their business. Thus, cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidents could also affect issuers of </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the Fund’s investments</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, leading to significant loss of value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Debentures Risk</b></span><br/><span style="clear:both;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. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The Fund may invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">both corporate and government debentures.  </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Environmental, Social, and/or Governance Investing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The use of environmental, social, and/or governance (“ESG”) considerations by  the sub-advisor may cause the Fund to make different investments than funds </span><span style="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or help reduce risk in the Fund. </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">considerations, which may adversely affect investment performance.</span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incorporate different ESG considerations. Although the  sub-advisor has established its own process to oversee ESG integration in accordance with the Fund’s </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategies, successful integration of ESG factors will depend on the  sub-advisor’s skill in researching, identifying, and applying these factors, as well as on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">availability of relevant data. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing this analysis </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and considering ESG risks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">require the Fund to change its investment process with respect to the integration of ESG factors.</span><span style="-sec-ix-redline:true;"></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Focused Holdings Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Because the Fund may have a focused portfolio of fewer companies than other diversified funds, the increase or decrease of the value of a single investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may have a greater impact on the Fund’s net asset value (“NAV”) and total return when compared to other diversified funds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Portfolio Turnover </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Interest Rate Risk</b></span><br/><span style="clear:both;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 </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">as</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> movements in interest rates. </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the value of the Fund’s investments to decline. Interest </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">rate increases, including significant or rapid increases, may result in a decline in the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">bonds held by the Fund, lead to heightened volatility in the fixed-income markets and adversely affect the liquidity of certain fixed-income investments, any of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">which may result</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in substantial losses to the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">longer durations generally have greater sensitivity to changes in interest rates</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> than those with shorter durations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Rising interest rates may cause the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund’s investments with longer durations and terms to maturity to decline, which may adversely affect the value of the Fund. For example, if a bond has a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">duration of eight years, a 1% increase in interest rates could be expected to result in an 8% decrease in the value of the bond. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Fluctuations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in interest rates </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">may also affect the liquidity of fixed income securities and instruments held by the Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div> <span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Liquidity Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  For example, liquidity risk may be magnified in </span><span style="clear:both;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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Unexpected redemptions may force the Fund to sell certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">investments at unfavorable prices to meet redemption requests or other cash needs.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  Judgment plays a greater role in pricing illiquid investments than in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments with more active markets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may last for extended periods.</span></div><div><span style="clear:both;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="clear:both;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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or occurrence </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">federal government shutdown and threats </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or the occurrence of a failure</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to increase the federal government’s debt limit</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> which could result in a default on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government’s obligations, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">suddenly and to a significant degree.</span></div><div><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span> </div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">policymaking uncertainty.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">possibility of changes to some international trade agreements; political or economic dysfunction within some nations, including major producers of oil; and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and its investments or operations could be negatively impacted.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Regulators in the  U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit the Fund’s ability to pursue its investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">consequences of regulation or business trends driven by climate change.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mortgage-Backed and  Mortgage-Related Securities Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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></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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Mortgage Pass-Through Securities Risk.</span><span style="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Mortgage pass-through securities are sensitive to interest rate changes, and small</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> movements in interest rates,</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> both increases and decreases,</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">quickly and significantly affect the value of certain mortgage pass-through securities. Mortgage pass-through securities involve interest rate risk, credit risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prepayment risk and extension risk.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;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><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  Interest rate risk is the risk that rising interest rates could cause the value of such an investment to decline. Credit risk is the risk that the issuer, guarantor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or insurer of an obligation, or the counterparty to a transaction, may fail or become less able or unwilling, to make timely payment of interest or principal or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise honor its obligations, or that it may default completely.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Prepayment and Extension Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Prepayment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and extension </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk is the risk that </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">a bond or other fixed-income security or investment might, in the case of prepayment risk, be called or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be prepaid as expected</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Due to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline in interest rates or excess cash flow into the issuer, a debt security may be called or otherwise converted, prepaid or redeemed before maturity. If this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurs, no additional interest will be paid on the investment. The Fund may have to reinvest the proceeds in another investment at a lower rate, may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">benefit from an increase in value that may result from declining interest rates, and may lose any premium it paid to acquire the security</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, any of which could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">result in a reduced yield to the Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to shorten. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Conversely, extension risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of a security’s effective maturity, increase the risk of default </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> delayed payment, heighten interest rate risk and increase the potential for a decline in </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">investment’s</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to the Fund for investment would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reduced.</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> Extensions of obligations could cause the Fund to exhibit additional volatility and hold securities paying lower-than-market rates of interest. Either </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">case could hurt the Fund’s performance.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A rise in interest rates or </span></div><div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> During periods of heavy redemptions, the Fund may </span><span style="clear:both;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><span style="-sec-ix-redline:true;"></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sector Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When the Fund focuses its investments in certain sectors of the economy, its performance </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could fluctuate more widely than if the Fund were invested more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">evenly across sectors. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">unfavorable developments in that economic sector than funds that invest more broadly. Additionally, individual</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> sectors may be more volatile, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">perform differently, than the broader market. As the Fund’s portfolio changes over time, the Fund’s exposure to a particular sector may become higher or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lower.</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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;-sec-ix-redline:true;">Financials Sector Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Companies in the Financials sector are subject to extensive governmental regulation and intervention, which may result in financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">penalties and limits on the scope of their activities, the amounts and types of loans and other financial commitments they can make, the interest rates and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fees they can charge, the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact of recent or future regulation on the Financials sector, including more stringent capital requirements, cannot be predicted. In addition, fiscal, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulatory and monetary policies, economic conditions, interest rate changes, credit rating downgrades, and decreased liquidity in the credit markets may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets, thereby affecting a wide range </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of companies in the Financials sector. Cybersecurity incidents and technology malfunctions and failures have become increasingly frequent and have caused </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant losses to companies in this sector, which also may negatively impact the Fund.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Secured, Partially Secured and Unsecured Obligation Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and may be less liquid.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">performance</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div> <div><span style="clear:both;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="clear:both;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 </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">stated interest rate and face value at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">maturity, not its current market price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The market prices for such securities are not guaranteed and will fluctuate. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Certain securities</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> held by the Fund that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issued by government-sponsored enterprises, such as the Federal National Mortgage Association (‘‘Fannie Mae’’), Federal Home Loan Mortgage Corporation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(‘‘Freddie Mac’’), Federal Home Loan Bank (‘‘FHLB’’), </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Federal Farm Credit Bank (“FFCB”), </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are not guaranteed by the U.S. Treasury and are not backed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the full 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">do not have the funds to meet future payment obligations. U.S. government securities and securities of government-sponsored </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">enterprises</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> are also subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">credit risk, 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potentially higher costs for the U.S. government to obtain new financing.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> It is possible that the U.S. government and government-sponsored enterprises will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">not have the funds to meet their payment obligations in the future.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>U.S. Treasury Obligations Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of U.S. Treasury obligations may vary due to </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">fluctuations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in interest rates. In addition, changes to the financial condition or credit rating of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the U.S. 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., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as a prolonged government shutdown or potential default on the national debt, may also cause investors to lose confidence in the U.S. government and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may cause the value of U.S. Treasury obligations to decline.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Variable and Floating Rate Securities Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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,</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Secured Overnight Financing Rate (“SOFR”), or a Treasury bill rate. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Variable and floating rate securities are subject to interest rate risk and credit risk. As short-term interest rates decline, the coupons on variable and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating-rate securities typically decrease. Alternatively, during periods of rising short-term interest rates, the coupons on variable and floating-rate securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically increase. Changes in the coupons of variable and floating-rate securities may lag behind changes in market rates or may have limits on the maximum </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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 quickly, as interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in general. Conversely, variable and floating rate securities will not generally increase in value if interest rates decline. Certain types of variable and floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rate instruments may be subject to greater liquidity risk than other debt securities.</span></div> Fund Performance <div><span style="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods indicated.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The chart and the table show the performance of the Fund’s Investor Class shares for all periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In the table below, for the period prior to February 28, 2019, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the performance of the R6 Class shares reflects the returns of the R5 Class shares of the Fund. The R6 Class shares would have had similar annual returns to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the R5 Class shares of the Fund because the shares of each class represent investments in the same portfolio securities. However, as reflected in the table in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the “Fees and Expenses of the Fund” section of this Fund Summary, the expenses of the R5 Class shares differ from those of the R6 Class shares, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">would affect performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">To the extent that the R5 Class shares may have had lower expenses than the R6 Class shares prior to February 28, 2019, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">performance of the R5 Class shares would likely have been higher than the performance the R6 Class shares would have realized during the same period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance of the R6 Class shares shown in the table has not been adjusted for differences in operating expenses between the R6 Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and R5 Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares.</span></div><div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;"><b>8.18%</b></span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">4th Quarter 2023</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">01/01/2017 through 12/31/2023</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;"><b>-5.80%</b></span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">3rd Quarter 2022</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">01/01/2017 through 12/31/2023</span></div> Highest Quarterly Return:8.18% 4th Quarter 202301/01/2017 through 12/31/2023 0.0818 2023-12-31 Lowest Quarterly Return:-5.80% 3rd Quarter 202201/01/2017 through 12/31/2023 -0.0580 2022-09-30 Average annual total returns for periods ended December 31, 2023 2016-04-04 0.0506 0.0009 0.0028 0.0364 -0.0083 -0.0050 0.0297 -0.0028 -0.0009 2016-04-04 0.0540 0.0038 0.0057 2019-02-28 0.0550 0.0048 0.0067 2016-04-04 0.0558 0.0047 0.0066 0.0553 0.0110 0.0111 <div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;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="clear:both;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. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investment objective is long-term capital appreciation.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="clear:both;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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">page  </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">67</span><span style="clear:both;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  74  of the Statement of Additional Information (“SAI”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Appendix 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) 0.0575 0 0 0 0 0 0 0.0050 0.0100 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0061 0.0061 0.0061 0.0061 0.0061 0.0061 0.0061 0.0025 0.0100 0.0000 0.0000 0.0025 0.0000 0.0000 0.0033 0.0035 0.0025 0.0016 0.0041 0.0018 0.0051 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0120 0.0197 0.0087 0.0078 0.0128 0.0080 0.0113 -0.0000 -0.0000 -0.0000 -0.0008 -0.0000 -0.0000 -0.0000 0.0120 0.0197 0.0087 0.0070 0.0128 0.0080 0.0113 <span style="clear:both;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="clear:both;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. December 31, 2025 Example <div><span style="clear:both;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="clear:both;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="clear:both;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 the Example reflects the fee waiver/expense </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reimbursement arrangement for the R6 Class shares through </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">December 31, 2025</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. C Class shares automatically convert to A Class shares 8 years after </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchase, if the conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">10-year period. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div> 690 933 1195 1943 300 618 1061 2293 89 277 481 1069 71 234 418 952 130 405 701 1542 81 255 443 987 115 358 621 1372 Assuming no redemption of shares: 200 618 1061 2293 Portfolio Turnover <div><span style="clear:both;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="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">46%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div> 0.46 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) are invested in common </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">stocks and securities convertible into common stocks (collectively, “stocks”) of issuers based in at least three different countries located outside the United </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">States. The Fund’s investments in stocks may include depositary receipts, which may include American depositary receipts (“ADRs”), and U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dollar-denominated foreign stocks traded on U.S. exchanges. The Fund will primarily invest in countries comprising the MSCI</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">^®</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> EAFE Index. The MSCI EAFE </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Index is designed to represent the performance of large- and mid-capitalization securities across 21 developed markets countries, including countries in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Europe, Australasia and the Far East, and excluding the U.S. and Canada. It covers approximately 85% of the free float-adjusted market capitalization in each </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">country. Companies included in the MSCI EAFE Index are selected from among the larger capitalization companies in these markets. The Fund principally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invests in large-capitalization and mid-capitalization companies, and to a lesser extent in small-capitalization companies. The Fund may use futures contracts, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">foreign currency forward contracts, including non-deliverable forward contracts (“NDFs”), and currency swaps as a hedge against foreign currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fluctuations.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Manager allocates the assets of the Fund among different sub-advisors. The Manager believes that this strategy may help the Fund outperform other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment styles over the longer term while reducing volatility and downside risk.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisors select stocks that, in their opinion, have most or all of the following characteristics (relative to that stock’s country, sector or industry):</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">above-average return on equity or earnings growth potential,</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below-average price to earnings or price to cash flow ratio,</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below-average price to book value ratio, and</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">above-average dividend yields.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisors may consider potential changes in currency exchange rates when choosing stocks. Each of the sub-advisors determines the earnings growth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prospects of companies based upon a combination of internal and external research using fundamental analysis and considering changing economic trends. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The decision to sell a stock is typically based on the belief that the company is no longer considered undervalued or shows deteriorating fundamentals, or that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">better investment opportunities exist in other stocks. The Fund may have significant exposure to </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers located in, or with economic ties to, Europe and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">United Kingdom. However, as the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">geographic composition of the Fund’s portfolio changes over time, the Fund’s exposure to </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Europe and/or the United </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Kingdom may decline, and the Fund’s exposure to other </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">geographic areas may increase.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Each sub-advisor’s investment processes incorporate the sub-advisor’s environmental, social and/or governance (“ESG”) analysis as a consideration in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assessment of potential portfolio investments. However, as ESG information is just one investment consideration, ESG considerations are not solely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">determinative in any investment decision made by a sub-advisor. In addition, the sub-advisors do not use ESG considerations to limit, restrict or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exclude companies or sectors from the Fund’s investment universe. A sub-advisor may use ESG research and/or ratings information provided by one or more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">third parties in performing this analysis and considering ESG risks.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest cash balances in a government money market fund advised by the Manager, with respect to which the Manager receives a management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fee. The Fund also may purchase and sell equity index futures contracts to gain market exposure on cash balances or reduce market exposure in anticipation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of liquidity needs. The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions.</span></div> Principal Risks <span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective and you could lose part or all of your investment in the Fund. </span></span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Convertible Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of a convertible security typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject </span><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">addition, to the extent the Fund invests in convertible securities issued by small- or mid-capitalization companies, it will be subject to the market risks of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in such companies. The stocks of small- and mid-capitalization companies may fluctuate more widely in price than the market as a whole and there </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may also be less trading in small- or mid-capitalization stocks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Convertible securities are sensitive to movement in interest rates.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Counterparty Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Credit Risk</b></span><br/><span style="clear:both;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</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may fail, or become less able or </span><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Currency Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may have exposure to foreign currencies</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Foreign currencies may fluctuate significantly over short periods of time, may be affected unpredictably by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intervention, or the failure to intervene, of the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. or foreign governments or central banks, and may be affected by currency controls or political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and thereby affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;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="clear:both;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 </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">in the Fund’s shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, and result in financial losses. Cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">can result from 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The issuers of the Fund’s investments are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">likely to be</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> dependent on computers for </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">their operations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and require ready access to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">their data and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the internet to conduct their business. Thus, cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidents could also affect issuers of </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the Fund’s investments</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, leading to significant loss of value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Derivatives Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value or performance. </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Foreign Currency Forward Contracts Risk.</span><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Futures Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Futures contracts</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Futures </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">contracts on indices</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> expose the Fund to volatility in an underlying </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">index.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Foreign currency futures contracts expose the Fund to risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fluctuations in the value of foreign currencies.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> Foreign currency futures contracts are similar to foreign currency forward contracts, except that they are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">traded on exchanges (and may have margin requirements) and are standardized as to contract size and delivery date. The Fund may use foreign currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">futures contracts for the same purposes as foreign currency forward contracts, subject to Commodity Futures Trading Commission (“CFTC”) regulations.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Swap Agreements Risk.</span><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risks. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  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="clear:both;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="clear:both;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><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Dividend Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at current levels or increase over time. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. Securities that pay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dividends may be sensitive to changes in interest rates and, as interest rates rise or fall, the prices of such securities may fall.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Environmental, Social, and/or Governance Investing Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations or incorporate different ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">considerations. Although a  sub-advisor has established its own process to oversee ESG integration in accordance with the Fund’s strategies, successful </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">integration of ESG factors will depend on a  sub-advisor’s skill in researching, identifying, and applying these factors, as well as on the availability of relevant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing this analysis and considering ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">change its investment process with respect to the integration of ESG factors.</span><span style="-sec-ix-redline:true;"></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Equity Investments Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Equity securities are subject to investment risk, issuer risk and market risk. In general, the values of stocks and other equity securities fluctuate, and sometimes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">widely fluctuate, in response to changes in a company’s financial condition as well as general market, economic and political conditions and other factors. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund may experience a significant or complete loss on its investment in an equity security. In addition, stock prices may be particularly sensitive to rising </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates, which increase borrowing costs and the costs of capital. The Fund may invest in the following equity securities, which may expose the Fund to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the following additional 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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Common Stock Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Depositary Receipts and/or U.S. Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Depositary receipts and U.S. dollar-denominated foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">stocks traded on U.S. exchanges are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency exchange rate fluctuations, political and financial instability in the home country of a particular depositary receipt or foreign stock, less liquidity, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">more volatility, less government regulation and supervision and delays in transaction settlement.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Investing Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Geographic Concentration Risk</b></span><br/><span style="clear:both;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="clear:both;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, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">political, business, regulatory, </span><span style="clear:both;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="clear:both;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><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> A decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the economies or financial markets of one country or region may adversely affect the economies or financial markets of another.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">European Securities Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund’s performance may be affected by political, social and economic conditions in Europe, such as growth of economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">output (the gross national product</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> of the countries in the region</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">), the rate of inflation, the rate at which capital is reinvested into European economies, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">success of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, the monetary exchange rates between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">European countries,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and conflict between European countries. The European financial markets have experienced and may continue to experience volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and adverse trends due to concerns relating to economic downturns; rising government debt levels and the possible default on government debt; national </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unemployment in several European countries; </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">public health crises; political unrest; economic sanctions; inflation; energy crises; and war and military conflict, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">such as the Russian invasion of Ukraine. A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">default or debt </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">restructuring</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> by any European country could adversely impact holders of that country’s debt and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sellers of credit default swaps linked to that country’s creditworthiness, which may be located in other countries. Such a default or debt restructuring could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect exposures to </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">European countries</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. In addition, issuers have faced difficulties obtaining credit or refinancing existing obligations, and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have experienced extreme volatility and declines in asset values and liquidity. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">These events have affected the exchange rate of the Euro and may continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">significantly affect European countries</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Responses to financial problems by European governments, central banks, and others, including austerity measures and other reforms, may not produce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">desired results, may result in social unrest and may limit future growth and economic recovery or may have unintended consequences. The Fund makes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">investments in securities of issuers that are domiciled in member states of the European Union (the “EU”). The economies and markets of European </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">One or more countries may abandon the Euro and/or withdraw from the EU. The impact of these actions, especially if they occur in a disorderly fashion, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">could be significant and far-reaching. The United Kingdom’s withdrawal from the EU could be an indication that one or more other countries may withdraw </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">from the EU and/or abandon the Euro. These events and actions have affected, and may in the future affect, the value and exchange rate of the Euro and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-EU member states.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The continuing effects on the economies of European countries of the Russia/Ukraine war and Russia’s response to sanctions imposed by the  U.S., EU, UK </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and others, are impossible to predict, but have been and could continue to be significant. For example, exports in Eastern Europe have been disrupted for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">certain key commodities, pushing commodity prices to record highs. Also, both wholesale energy prices and energy prices charged to consumers in Europe </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">have increased significantly.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">United Kingdom Securities Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  The Fund’s exposure to issuers located in, or with economic ties to, the United Kingdom, could expose the Fund to risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">associated with investments in the United Kingdom to a greater extent than more geographically diverse funds. Investments in United Kingdom issuers may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">subject the Fund to regulatory, political, currency, security, and economic risks specific to the United Kingdom. The United Kingdom has one of the largest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economies in Europe, and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the United </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Kingdom economy may be impacted by changes to the economic condition of the United States and other European countries.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Increasing commodity prices and rising inflation levels caused or exacerbated by the war between Russia and Ukraine recently prompted the United </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Kingdom government to implement significant policy changes. It is difficult to predict what effects such policies (or the suggestion of such policies) may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have and the duration of those effects, which may last for extended periods. These effects may negatively impact broad segments of business and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">population and have a significant and rapid negative impact on the performance of the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Additionally, the transitional period following the United Kingdom’s departure from the European Union (commonly referred to as “Brexit”) ended on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">December 31, 2020 and European Union law ceased to have effect in the United Kingdom except to the extent retained by the United Kingdom by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unilateral act. The United Kingdom and the European Union then reached a trade agreement that was ratified by all applicable United Kingdom and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">European Union governmental bodies. The economic effects of Brexit, including certain negative impacts on the ability of the United Kingdom to trade </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top: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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">seamlessly with the European Union, are becoming clearer but some political, regulatory and commercial uncertainty in relation to the longer term impacts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nevertheless remains to be resolved. Accordingly, there remains a risk that the aftermath of Brexit, including its ongoing effect on the United Kingdom’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">relationships with other countries, including the United States, and with the European Union, may negatively impact the value of investments held by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. Although a sub-advisor may hedge the Fund’s currency exposures back to the U.S. dollar, a depreciation of the British pound sterling and/or the Euro </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in relation to the U.S. dollar could adversely affect the Fund’s investments denominated in British pound sterling or Euros that are not fully hedged </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regardless of the performance of the underlying issuer.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Hedging Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div> <span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Large-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">competitive challenges and opportunities and, at times, such companies may be out of favor with investors. Many larger-capitalization companies also may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may last for extended periods.</span></div><div><span style="clear:both;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="clear:both;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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or occurrence </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">federal government shutdown and threats </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or the occurrence of a failure</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to increase the federal government’s debt limit</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> which could result in a default on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government’s obligations, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">suddenly and to a significant degree.</span></div><div><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span> </div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">policymaking uncertainty.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">possibility of changes to some international trade agreements; political or economic dysfunction within some nations, including major producers of oil; and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and its investments or operations could be negatively impacted.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Regulators in the  U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit the Fund’s ability to pursue its investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">consequences of regulation or business trends driven by climate change.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Timing Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mid-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since mid-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity, and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Multiple Sub-Advisor Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;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><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  Interest rate risk is the risk that rising interest rates could cause the value of such an investment to decline. Credit risk is the risk that the issuer, guarantor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or insurer of an obligation, or the counterparty to a transaction, may fail or become less able or unwilling, to make timely payment of interest or principal or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise honor its obligations, or that it may default completely.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Lending Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent the Fund lends its securities, it may be subject to the following risks: (i) the securities in which the Fund reinvests cash collateral may decrease in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, causing the Fund to incur a loss, or may not perform sufficiently to cover the Fund’s payment to the borrower of a pre-negotiated fee or “rebate” for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the use of that cash collateral in connection with the loan; (ii) non-cash collateral may decline in value, resulting in the Fund becoming under-secured; (iii) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">delays may occur in the recovery of loaned securities from borrowers, which could result in the Fund being unable to vote proxies or settle transactions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the Fund to incur increased costs; and (iv) if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to enforce its rights in its collateral.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">performance</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Segregated Assets Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pursue other opportunities as they arise.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Small-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of small-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since small-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets, and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Valuation Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as pricing services or accounting agents.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Value Stocks Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Value stocks are subject to the risk that their intrinsic or full value may never be realized by the market, that a stock judged to be undervalued may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appropriately priced, or that their prices may decline. Although value stocks tend to be inexpensive relative to their earnings, they can continue to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inexpensive for long periods of time. The Fund’s investments in value stocks seek to limit potential downside price risk over time; however, value stock prices </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">still may decline substantially. In addition, the Fund may produce more modest gains as a trade-off for this potentially lower risk. The Fund’s investment in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value stocks could cause the Fund to underperform funds that use a growth or non-value approach to investing or have a broader investment style.</span></div> Fund Performance <div><span style="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">as well as an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">additional broad-based market index, for the periods indicated.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The chart and the table show the performance of the Fund’s Investor Class shares for all periods. In the table below, for the period prior to February 28, 2017, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the performance of the R6 Class shares reflects the returns of the R5 Class shares of the Fund. The R6 Class shares would have had similar annual returns to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the R5 Class shares of the Fund because the shares of each class represent investments in the same portfolio securities. However, as reflected in the table in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the “Fees and Expenses of the Fund” section of this Fund Summary, the expenses of the R5 Class shares of the Fund differ from those of the R6 Class shares, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">which would affect performance. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">To the extent that the R5 Class shares may have had lower expenses than the R6 Class shares prior to February 28, 2017, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the performance of the R5 Class shares would likely have been higher than the performance the R6 Class shares would have realized during the same period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The performance of the R6 Class shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> shown in the table has not been adjusted for differences in operating expenses between the R6 Class shares and </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class shares.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the table 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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not </span><span style="clear:both;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, as well as an additional 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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;"><b>20.71%</b></span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">4th Quarter 2022</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">01/01/2014 through 12/31/2023</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;"><b>-29.98%</b></span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">1st Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">01/01/2014 through 12/31/2023</span></div> Highest Quarterly Return:20.71% 4th Quarter 202201/01/2014 through 12/31/2023 0.2071 2022-12-31 Lowest Quarterly Return:-29.98% 1st Quarter 202001/01/2014 through 12/31/2023 -0.2998 2020-03-31 Average annual total returns for periods ended December 31, 2023 1994-08-01 0.2207 0.0728 0.0294 0.2045 0.0641 0.0219 0.1376 0.0583 0.0236 2010-05-17 0.1494 0.0595 0.0227 2010-09-01 0.2006 0.0641 0.0226 2009-08-03 0.2240 0.0757 0.0321 2017-02-28 0.2267 0.0772 0.0334 2003-05-01 0.2193 0.0713 0.0280 1991-08-07 0.2246 0.0764 0.0329 0.1824 0.0816 0.0428 0.1895 0.0708 0.0316 <div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span></div><div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;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="clear:both;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. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investment objective is long-term capital appreciation and current income.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="clear:both;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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">page  </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">67</span><span style="clear:both;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  74  of the Statement of Additional Information (“SAI”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Appendix 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) 0.0575 0 0 0 0 0 0 0.0050 0.0100 0 0 0 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 0.0055 0.0055 0.0055 0.0025 0.0100 0.0000 0.0000 0.0025 0.0000 0.0000 0.0020 0.0015 0.0016 0.0006 0.0031 0.0009 0.0039 0.0100 0.0170 0.0071 0.0061 0.0111 0.0064 0.0094 <span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">18 months of purchase.</span> Example <div><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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> 672 876 1098 1734 273 537 925 2013 73 228 398 888 63 197 343 768 114 354 614 1357 66 206 359 804 96 301 522 1160 Assuming no redemption of shares: 173 537 925 2013 Portfolio Turnover <div><span style="clear:both;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="clear:both;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="clear:both;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;">25%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div> 0.25 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) are invested in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities of large market capitalization U.S. companies. These companies have market capitalizations within the market capitalization range of the companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Russell 1000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">^®</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Index at the time of investment. The Russell 1000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">^®</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Index measures the performance of the 1,000 largest U.S. companies based on total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market capitalization. As of December 31, </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">2023</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the Russell 1000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">^®</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Index consisted of companies with market capitalization of $</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">263.5</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> million and greater. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund principally invests in large-capitalization and mid-capitalization companies, and to a lesser extent in small-capitalization companies.  </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investments in equity securities may include common stocks, depositary receipts, which may include American depositary receipts (“ADRs”) and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">global depositary receipts (“GDRs”), and U.S. dollar-denominated foreign stocks traded on U.S. exchanges (collectively referred to as “stocks”).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Manager allocates the assets of the Fund among different sub-advisors. The Manager believes that this strategy may help the Fund outperform other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment styles over the longer term while reducing volatility and downside risk. The Fund’s sub-advisors select stocks that, in their opinion, have most or all </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of the following characteristics (relative to the S&amp;P 500</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">^®</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Index):</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">above-average earnings growth potential,</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below-average price to earnings ratio,</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below-average price to book value ratio, and</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">above-average dividend yields.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Each of the Fund’s sub-advisors determines the earnings growth prospects of companies based upon a combination of internal and external research using </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fundamental analysis and considering changing economic trends. The sub-advisors typically seek to invest in companies that they believe are undervalued at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the time of purchase. The decision to sell a stock is typically based on the belief that the company is no longer considered undervalued or shows deteriorating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fundamentals, or that better investment opportunities exist in other stocks. The Fund may have significant exposure to the Financials sector. However, as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sector composition of the Fund’s portfolio changes over time, the Fund’s exposure to the Financials sector may be lower at a future date, and the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exposure to other market sectors may be higher.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Each sub-advisor’s investment processes incorporate the sub-advisor’s environmental, social and/or governance (“ESG”) analysis as a consideration in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assessment of potential portfolio investments. However, as ESG information is just one investment consideration, ESG considerations are not solely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">determinative in any investment decision made by a sub-advisor. In addition, the sub-advisors do not use ESG considerations to limit, restrict or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exclude companies or sectors from the Fund’s investment universe. A sub-advisor may use ESG research and/or ratings information provided by one or more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">third parties in performing this analysis and considering ESG risks.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest cash balances in a government money market fund advised by the Manager, with respect to which the Manager receives a management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fee.  The Fund also may purchase and sell equity index futures contracts to gain market exposure on cash balances or reduce market exposure in anticipation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of liquidity needs. The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions.</span></div> Principal Risks <span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective and you could lose part or all of your investment in the Fund. </span></span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;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="clear:both;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 </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">in the Fund’s shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, and result in financial losses. Cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">can result from 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The issuers of the Fund’s investments are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">likely to be</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> dependent on computers for </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">their operations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and require ready access to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">their data and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the internet to conduct their business. Thus, cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidents could also affect issuers of </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the Fund’s investments</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, leading to significant loss of value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Dividend Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at current levels or increase over time. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. Securities that pay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dividends may be sensitive to changes in interest rates and, as interest rates rise or fall, the prices of such securities may fall.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Environmental, Social, and/or Governance Investing Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations or incorporate different ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">considerations. Although a  sub-advisor has established its own process to oversee ESG integration in accordance with the Fund’s strategies, successful </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">integration of ESG factors will depend on a  sub-advisor’s skill in researching, identifying, and applying these factors, as well as on the availability of relevant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing this analysis and considering ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">change its investment process with respect to the integration of ESG factors.</span><span style="-sec-ix-redline:true;"></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Equity Investments Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Equity securities are subject to investment risk, issuer risk and market risk. In general, the values of stocks and other equity securities fluctuate, and sometimes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">widely fluctuate, in response to changes in a company’s financial condition as well as general market, economic and political conditions and other factors. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund may experience a significant or complete loss on its investment in an equity security. In addition, stock prices may be particularly sensitive to rising </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates, which increase borrowing costs and the costs of capital. The Fund may invest in the following equity securities, which may expose the Fund to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the following additional 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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Common Stock Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Depositary Receipts and/or U.S. Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Depositary receipts and U.S. dollar-denominated foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">stocks traded on U.S. exchanges are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited to, </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top: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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency exchange rate fluctuations, political and financial instability in the home country of a particular depositary receipt or foreign stock, less liquidity, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">more volatility, less government regulation and supervision and delays in transaction settlement.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Exposure Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-U.S. issuers carries potential risks not associated with </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">exposure to  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. issuers. Such risks may include, but are not limited to: (1) currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exchange rate fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing and financial reporting standards, (5) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">greater volatility, (6) different government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or failures </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transaction </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">payment and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">settlement in some foreign markets. The Fund’s exposure to a foreign issuer may subject the Fund to regulatory, political, currency, </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions (including recent volatility</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, terrorism, war and political</span><span style="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Futures Contracts </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Risk</b></span><span style="-sec-ix-redline:true;"></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Futures contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of securities or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying assets at an agreed date. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The use of such derivative instruments may expose the Fund to additional risks, such as credit risk, liquidity risk, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risk, that it would not be subject to if it invested directly in the securities underlying those derivatives.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  There can be no assurance that any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategy used will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying instruments or indexes. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">has previously bought or sold, and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Futures contracts on indices</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> expose the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to volatility in an underlying </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">index.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in some respects greater than, those associated with investing in more traditional investments. Derivatives can be highly complex and highly volatile and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">perform in unanticipated ways.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div> <span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Large-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">competitive challenges and opportunities and, at times, such companies may be out of favor with investors. Many larger-capitalization companies also may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may last for extended periods.</span></div><div><span style="clear:both;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="clear:both;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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or occurrence </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">federal government shutdown and threats </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or the occurrence of a failure</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to increase the federal government’s debt limit</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> which could result in a default on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government’s obligations, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">suddenly and to a significant degree.</span></div><div><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span> </div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">policymaking uncertainty.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">possibility of changes to some international trade agreements; political or economic dysfunction within some nations, including major producers of oil; and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and its investments or operations could be negatively impacted.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Regulators in the  U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit the Fund’s ability to pursue its investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">consequences of regulation or business trends driven by climate change.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mid-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since mid-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity, and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Multiple Sub-Advisor Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;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><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  Interest rate risk is the risk that rising interest rates could cause the value of such an investment to decline. Credit risk is the risk that the issuer, guarantor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or insurer of an obligation, or the counterparty to a transaction, may fail or become less able or unwilling, to make timely payment of interest or principal or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise honor its obligations, or that it may default completely.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sector Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When the Fund focuses its investments in certain sectors of the economy, its performance </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could fluctuate more widely than if the Fund were invested more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">evenly across sectors. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">unfavorable developments in that economic sector than funds that invest more broadly. Additionally, individual</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> sectors may be more volatile, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">perform differently, than the broader market. As the Fund’s portfolio changes over time, the Fund’s exposure to a particular sector may become higher or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lower.</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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;-sec-ix-redline:true;">Financials Sector Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Companies in the Financials sector are subject to extensive governmental regulation and intervention, which may result in financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">penalties and limits on the scope of their activities, the amounts and types of loans and other financial commitments they can make, the interest rates and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fees they can charge, the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact of recent or future regulation on the Financials sector, including more stringent capital requirements, cannot be predicted. In addition, fiscal, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulatory and monetary policies, economic conditions, interest rate changes, credit rating downgrades, and decreased liquidity in the credit markets may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets, thereby affecting a wide range </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of companies in the Financials sector. Cybersecurity incidents and technology malfunctions and failures have become increasingly frequent and have caused </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant losses to companies in this sector, which also may negatively impact the Fund.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Lending Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent the Fund lends its securities, it may be subject to the following risks: (i) the securities in which the Fund reinvests cash collateral may decrease in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, causing the Fund to incur a loss, or may not perform sufficiently to cover the Fund’s payment to the borrower of a pre-negotiated fee or “rebate” for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the use of that cash collateral in connection with the loan; (ii) non-cash collateral may decline in value, resulting in the Fund becoming under-secured; (iii) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">delays may occur in the recovery of loaned securities from borrowers, which could result in the Fund being unable to vote proxies or settle transactions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the Fund to incur increased costs; and (iv) if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to enforce its rights in its collateral.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">performance</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Small-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of small-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since small-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets, and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Value Stocks Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Value stocks are subject to the risk that their intrinsic or full value may never be realized by the market, that a stock judged to be undervalued may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appropriately priced, or that their prices may decline. Although value stocks tend to be inexpensive relative to their earnings, they can continue to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inexpensive for long periods of time. The Fund’s investments in value stocks seek to limit potential downside price risk over time; however, value stock prices </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">still may decline substantially. In addition, the Fund may produce more modest gains as a trade-off for this potentially lower risk. The Fund’s investment in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value stocks could cause the Fund to underperform funds that use a growth or non-value approach to investing or have a broader investment style.</span></div> Fund Performance <div><span style="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods indicated.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The chart and the table show the performance of the Fund’s Investor Class shares for all periods. In the table below, for the period prior to February 28, 2017, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the performance of the R6 Class shares reflects the returns of the R5 Class shares of the Fund. The R6 Class shares would have had similar annual returns to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the R5 Class shares of the Fund because the shares of each class represent investments in the same portfolio securities. However, as reflected in the table in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the “Fees and Expenses of the Fund” section of this Fund Summary, the expenses of the R5 Class shares of the Fund differ from those of the R6 Class shares, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">which would affect performance. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">To the extent that the R5 Class shares may have had lower expenses than the R6 Class shares prior to February 28, 2017, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the performance of the R5 Class shares would likely have been higher than the performance the R6 Class shares would have realized during the same period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The performance of the R6 Class shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> shown in the table has not been adjusted for differences in operating expenses between the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">R6</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Class shares and </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">R5</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class shares.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the table 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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;"><b>20.56%</b></span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">4th Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">01/01/2014 through 12/31/2023</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;"><b>-30.18%</b></span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">1st Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">01/01/2014 through 12/31/2023</span></div> Highest Quarterly Return:20.56% 4th Quarter 202001/01/2014 through 12/31/2023 0.2056 2020-12-31 Lowest Quarterly Return:-30.18% 1st Quarter 202001/01/2014 through 12/31/2023 -0.3018 2020-03-31 Average annual total returns for periods ended December 31, 2023 1994-08-01 0.1307 0.1261 0.0826 0.1160 0.0980 0.0580 0.0877 0.0966 0.0610 2010-05-17 0.0655 0.1128 0.0759 2010-09-01 0.1119 0.1179 0.0761 2009-08-03 0.1335 0.1291 0.0854 2017-02-28 0.1348 0.1303 0.0864 2005-05-31 0.1287 0.1245 0.0810 1987-07-17 0.1344 0.1299 0.0862 0.1146 0.1091 0.0840 <div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;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="clear:both;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. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investment objective is long-term capital appreciation and current income.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="clear:both;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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">page  </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">67</span><span style="clear:both;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  74  of the Statement of Additional Information (“SAI”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Appendix 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) 0.0575 0 0 0 0 0 0 0.0050 0.0100 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0070 0.0070 0.0070 0.0070 0.0070 0.0070 0.0025 0.0100 0.0000 0.0000 0.0025 0.0000 0.0000 0.0026 0.0023 0.0016 0.0006 0.0033 0.0009 0.0043 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0122 0.0194 0.0087 0.0077 0.0129 0.0080 0.0114 <span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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> 692 939 1205 1963 297 608 1045 2260 88 276 480 1068 78 245 426 950 131 408 706 1552 81 254 442 985 116 361 626 1382 Assuming no redemption of shares: 197 608 1045 2260 Portfolio Turnover <div><span style="clear:both;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="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">52%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div> 0.52 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) are invested in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities of small market capitalization U.S. companies. These companies have market capitalizations </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">within the market capitalization range of the companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">in the Russell 2000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">^®</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at the time of investment. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">As of December 31, 2023, the Russell 2000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">^®</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> Index consisted of companies with market capitalizations </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">of $19.5 million to $15 billion. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To a lesser extent, the Fund may invest in mid-capitalization and micro-capitalization companies. The Fund’s investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">principally include common stocks (including dividend-paying stocks) and real estate investment trusts (“REITs”).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Manager allocates the assets of the Fund among different sub-advisors. The Manager believes that this strategy may help the Fund outperform other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment styles over the longer term while reducing volatility and downside risk. The sub-advisors select stocks that, in their opinion, have most or all of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">following characteristics (relative to the Russell 2000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">^®</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Index):</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">above-average earnings growth potential,</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below-average price to earnings ratio,</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below-average price to book value ratio</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below-average price to revenue ratio, and</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">above average free cash flow yield and return on capital.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Except for Brandywine Global Investment Management, LLC (“Brandywine Global”), each of the sub-advisors determines the earnings growth prospects of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">companies based upon a combination of internal and external research using fundamental analysis and considering changing economic trends. The process is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">research driven and takes into consideration items such as a company’s tangible assets, sustainability of its cash flows, capital intensity and financial leverage.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Brandywine Global employs a primarily quantitative strategy that focuses on buying stocks deemed to be less expensive based on price to earnings ratio or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price to book value ratio and that have positive price momentum.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">For each sub-advisor, the decision to sell a stock is typically based on the belief that the company is no longer considered undervalued or shows deteriorating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fundamentals, or that better investment opportunities exist in other stocks. The Fund may have significant exposure to the Financials sector. However, as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sector composition of the Fund’s portfolio changes over time, the Fund’s exposure to the Financials sector may be lower at a future date, and the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exposure to other market sectors may be higher.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest cash balances in other investment companies, including a government money market fund advised by the Manager, with respect to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">which the Manager also receives a management fee. The Fund may purchase and sell equity index futures contracts to gain market exposure on cash balances </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or reduce market exposure in anticipation of liquidity needs.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Each sub-advisor’s investment processes incorporate the sub-advisor’s environmental, social and/or governance (“ESG”) analysis as a consideration in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assessment of potential portfolio investments for which an ESG score is available or it is feasible to calculate an ESG score. Accordingly, a small portion of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities in the portions of the Fund managed by  Brandywine Global Investment Management, LLC, DePrince, Race &amp; Zollo, Inc., and Newton Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Management North America, LLC may not receive an ESG score and the sub-advisors may not consider ESG analysis. In addition, as ESG information is just </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">one investment consideration, ESG considerations are not solely determinative in any investment decision made by a sub-advisor. In addition, the sub-advisors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">do not use ESG considerations to limit, restrict or otherwise exclude companies or sectors from the Fund’s investment universe. A sub-advisor may use ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">research and/or ratings information provided by one or more third parties in performing this analysis and considering ESG risks.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions.</span></div> Principal Risks <span style="-sec-ix-redline:true;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective and you could lose part or all of your investment in the Fund. </span></span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;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="clear:both;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 </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">in the Fund’s shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, and result in financial losses. Cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">can result from 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The issuers of the Fund’s investments are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">likely to be</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> dependent on computers for </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">their operations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and require ready access to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">their data and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the internet to conduct their business. Thus, cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidents could also affect issuers of </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the Fund’s investments</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, leading to significant loss of value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Dividend Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at current levels or increase over time. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. Securities that pay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dividends may be sensitive to changes in interest rates and, as interest rates rise or fall, the prices of such securities may fall.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Environmental, Social, and/or Governance Investing Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations or incorporate different ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">considerations. Although a  sub-advisor has established its own process to oversee ESG integration in accordance with the Fund’s strategies, successful </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">integration of ESG factors will depend on a  sub-advisor’s skill in researching, identifying, and applying these factors, as well as on the availability of relevant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing this analysis and considering ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">change its investment process with respect to the integration of ESG factors.</span><span style="-sec-ix-redline:true;"></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Equity Investments Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Equity securities are subject to investment risk, issuer risk and market risk. In general, the values of stocks and other equity securities fluctuate, and sometimes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">widely fluctuate, in response to changes in a company’s financial condition as well as general market, economic and political conditions and other factors. The </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund may experience a significant or complete loss on its investment in an equity security. In addition, stock prices may be particularly sensitive to rising </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates, which increase borrowing costs and the costs of capital. The Fund may invest in the following equity securities, which may expose the Fund to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the following additional 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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Common Stock Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Real Estate Investment Trusts (“REITs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in REITs are subject to the risks associated with investing in the real estate industry, including, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among other risks: adverse developments affecting the real estate industry; declines in real property values; changes in interest rates; defaults by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">mortgagors or other borrowers and tenants; lack of availability of mortgage funds or financing; extended vacancies of properties, especially during </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic downturns; casualty or condemnation losses; </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">regulatory limitations on rents and operating expenses; and other</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> governmental actions, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes to tax laws, zoning regulations or environmental regulations. REITs also are dependent upon the skills of their managers and are subject to heavy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cash flow dependency or self-liquidation. Regardless of where a REIT is organized or traded, its performance may be affected significantly by events in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">region where its properties are located. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">REITs may not be diversified geographically or by property or tenant type. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Domestic REITs could be adversely affected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">by failure to qualify for tax-free “pass-through” of distributed net income and net realized gains under the Internal Revenue Code of 1986, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“Internal Revenue Code”), or to maintain their exemption from registration under the Investment Company Act of 1940, as amended (“Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Company Act”).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> REITs typically incur fees that are separate from those incurred by the Fund. Accordingly, the Fund’s investment in REITs will result in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of REIT common stock may decline when interest rates rise. REITs tend to be small- to mid-capitalization securities and, as such, are subject to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risks of investing in small- to mid-capitalization securities.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Futures Contracts </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Risk</b></span><span style="-sec-ix-redline:true;"></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Futures contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of securities or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying assets at an agreed date. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The use of such derivative instruments may expose the Fund to additional risks, such as credit risk, liquidity risk, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risk, that it would not be subject to if it invested directly in the securities underlying those derivatives.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  There can be no assurance that any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategy used will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying instruments or indexes. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">has previously bought or sold, and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Futures contracts on indices</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> expose the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to volatility in an underlying </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">index.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in some respects greater than, those associated with investing in more traditional investments. Derivatives can be highly complex and highly volatile and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">perform in unanticipated ways.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div> <span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may last for extended periods.</span></div><div><span style="clear:both;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="clear:both;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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or occurrence </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">federal government shutdown and threats </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or the occurrence of a failure</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to increase the federal government’s debt limit</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> which could result in a default on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government’s obligations, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">suddenly and to a significant degree.</span></div><div><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span> </div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">policymaking uncertainty.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">possibility of changes to some international trade agreements; political or economic dysfunction within some nations, including major producers of oil; and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and its investments or operations could be negatively impacted.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Regulators in the  U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit the Fund’s ability to pursue its investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">consequences of regulation or business trends driven by climate change.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Micro-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Micro-capitalization companies are subject to substantially greater risks of loss and price fluctuations, sometimes rapidly and unpredictably, because their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">earnings and revenues tend to be less predictable. Since micro-capitalization companies may not have an operating history, product lines, or financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resources, their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations, and they can be sensitive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to changes in overall economic conditions, interest rates, borrowing costs and earnings. The shares of micro-capitalization companies tend to trade less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mid-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since mid-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity, and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Model and Data Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Models and data are used to screen potential investments for the Fund. When models or data prove to be incorrect or incomplete, any decisions made in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reliance thereon expose the Fund to potential risks. Some of the models used by a sub-advisor are predictive in nature. The use of predictive models has </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">depend heavily on the accuracy and reliability of the supplied historical data. There is no assurance that the models are complete, accurate, or representative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of future market cycles, nor will they always be beneficial to the Fund if they are accurate. Additionally, programs may become outdated or experience </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">malfunctions which may not be identified by the sub-advisor and therefore may also result in losses to the Fund. These models may negatively affect Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance for various other reasons, including human judgment, inaccuracy of historical data and non-quantitative factors (such as market or trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">system dysfunctions, investor fear or overreaction).</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Multiple Sub-Advisor Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;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><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  Interest rate risk is the risk that rising interest rates could cause the value of such an investment to decline. Credit risk is the risk that the issuer, guarantor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or insurer of an obligation, or the counterparty to a transaction, may fail or become less able or unwilling, to make timely payment of interest or principal or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise honor its obligations, or that it may default completely.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Quantitative Strategy Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The success of the Fund’s investment strategy may depend in part on the effectiveness of a  sub-advisor’s quantitative tools for screening securities. These </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategies may incorporate factors that are not predictive of a security’s value. The quantitative tools may not react as expected to market events, resulting in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">losses for the Fund. Additionally, a previously successful strategy may become outdated or inaccurate, which may not be identified by a  sub-advisor and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">therefore may also result in losses.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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. During periods of heavy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemptions, the Fund may borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span><span style="-sec-ix-redline:true;"></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sector Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When the Fund focuses its investments in certain sectors of the economy, its performance </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could fluctuate more widely than if the Fund were invested more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">evenly across sectors. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">unfavorable developments in that economic sector than funds that invest more broadly. Additionally, individual</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> sectors may be more volatile, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">perform differently, than the broader market. As the Fund’s portfolio changes over time, the Fund’s exposure to a particular sector may become higher or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lower.</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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;-sec-ix-redline:true;">Financials Sector Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Companies in the Financials sector are subject to extensive governmental regulation and intervention, which may result in financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">penalties and limits on the scope of their activities, the amounts and types of loans and other financial commitments they can make, the interest rates and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fees they can charge, the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact of recent or future regulation on the Financials sector, including more stringent capital requirements, cannot be predicted. In addition, fiscal, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulatory and monetary policies, economic conditions, interest rate changes, credit rating downgrades, and decreased liquidity in the credit markets may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets, thereby affecting a wide range </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of companies in the Financials sector. Cybersecurity incidents and technology malfunctions and failures have become increasingly frequent and have caused </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant losses to companies in this sector, which also may negatively impact the Fund.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Lending Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent the Fund lends its securities, it may be subject to the following risks: (i) the securities in which the Fund reinvests cash collateral may decrease in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, causing the Fund to incur a loss, or may not perform sufficiently to cover the Fund’s payment to the borrower of a pre-negotiated fee or “rebate” for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the use of that cash collateral in connection with the loan; (ii) non-cash collateral may decline in value, resulting in the Fund becoming under-secured; (iii) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">delays may occur in the recovery of loaned securities from borrowers, which could result in the Fund being unable to vote proxies or settle transactions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the Fund to incur increased costs; and (iv) if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to enforce its rights in its collateral.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">performance</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Small-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of small-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since small-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets, and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Value Stocks Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Value stocks are subject to the risk that their intrinsic or full value may never be realized by the market, that a stock judged to be undervalued may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appropriately priced, or that their prices may decline. Although value stocks tend to be inexpensive relative to their earnings, they can continue to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inexpensive for long periods of time. The Fund’s investments in value stocks seek to limit potential downside price risk over time; however, value stock prices </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">still may decline substantially. In addition, the Fund may produce more modest gains as a trade-off for this potentially lower risk. The Fund’s investment in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value stocks could cause the Fund to underperform funds that use a growth or non-value approach to investing or have a broader investment style.</span></div> Fund Performance <div><span style="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods indicated.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The chart and the table show the performance of the Fund’s Investor Class shares for all periods. In the table below, for the period prior to February 28, 2017, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the performance of R6 Class shares reflects the returns of the R5 Class shares of the Fund. The R6 Class would have had similar annual returns to the R5 Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares of the Fund because the shares of each class represent investments in the same portfolio securities. However, as reflected in the table in the “Fees and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Expenses of the Fund” section of this Fund Summary, the expenses of the R5 Class shares differ from those of the R6 Class shares, which would affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance.   </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">To the extent that the R5 Class shares may have had lower expenses than the R6 Class shares prior to February 28, 2017, the performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the R5 Class shares would likely have been higher than the performance the R6 Class shares would have realized during the same period. The performance of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the R6 Class shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> shown in the table has not been adjusted for differences in operating expenses between the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">R6</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Class shares and </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">R5</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Class shares. C Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares automatically convert to A Class shares 8 years after purchase, if the conversion is available through your financial intermediary. In the table below, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance for C Class shares reflects the conversion of C Class shares to A Class shares after 8 years.</span></div><div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;"><b>33.77%</b></span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">4th Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">01/01/2014 through 12/31/2023</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;"><b>-38.48%</b></span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">1st Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">01/01/2014 through 12/31/2023</span></div> Highest Quarterly Return:33.77% 4th Quarter 202001/01/2014 through 12/31/2023 0.3377 2020-12-31 Lowest Quarterly Return:-38.48% 1st Quarter 202001/01/2014 through 12/31/2023 -0.3848 2020-03-31 Average annual total returns for periods ended December 31, 2023 1999-02-28 0.1629 0.1175 0.0708 0.1500 0.0982 0.0504 0.1055 0.0907 0.0518 2010-05-17 0.0947 0.1033 0.0636 2010-09-01 0.1428 0.1084 0.0638 2009-08-03 0.1659 0.1203 0.0735 2017-02-28 0.1668 0.1214 0.0745 2003-05-01 0.1611 0.1158 0.0691 1998-12-31 0.1668 0.1212 0.0743 0.1465 0.1000 0.0676 <div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;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="clear:both;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. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investment objective is long-term capital appreciation.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. More information  is available </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">from your financial professional and in “Choosing Your Share Class” on page </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">16</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Prospectus.</span></div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0.0000 0.0000 0.0000 0.0051 0.0046 0.0071 0.0001 0.0001 0.0001 0.0127 0.0122 0.0147 -0.0015 -0.0032 -0.0015 0.0112 0.0090 0.0132 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. December 31, 2025 Example <div><span style="clear:both;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="clear:both;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="clear:both;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</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, except that the Example reflects the fee waiver/expense </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">reimbursement  arrangement for each share class through  December 31, 2025</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.  Although your actual costs may be higher or lower, based on these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assumptions, whether you redeem or hold your shares, your costs would be:</span></div> 114 375 670 1509 92 328 612 1424 134 437 776 1733 Portfolio Turnover <div><span style="clear:both;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="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">292%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div> 2.92 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) are invested in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities of small market capitalization companies that are economically tied to countries outside of the United States, including developed and emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market countries. The Fund considers a company to be economically tied to a country outside of the United States if the company is included in the MSCI</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">^®</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ACWI ex USA Small Cap Index or is otherwise classified by MSCI as a non-United States company. The Fund may also consider other companies to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economically tied to a country outside of the United States if the sub-advisor determines that</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the company’s security is primarily listed for trading in a non-United States 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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the company is headquartered in a non-United States country; 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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the company has at least half of its assets or derives at least half of its revenues outside the United States.</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">These companies have market capitalizations within the market capitalization range of the companies in the  MSCI ACWI ex USA Small Cap Index at the time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of investment. The market capitalization range of the MSCI ACWI ex USA Small Cap Index was $</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">10.2</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> million to $</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">7.6</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> billion as of </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">December 29, 2023</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund may hold smaller companies considered micro-capitalization companies, as well as </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">mid</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">-capitalization companies. The Fund invests principally in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities, which may include common stocks, depositary receipts and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in equity securities may be denominated in foreign currencies, and the Fund may invest directly in foreign currencies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The investment process of the Fund’s sub-advisor is based on bottom-up analysis of companies rather than top-down country or sector allocation. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sub-advisor’s process is intended to add long-term value primarily through stock selection. The Fund may have significant exposure to Japanese and European </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">companies. However, as the composition of the Fund’s portfolio changes over time, the Fund’s exposure to Japan and Europe may be lower at a future date, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and the Fund’s exposure to other countries or regions may be higher.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor seeks to generate returns by harnessing the power of the momentum premium, which is the principle that companies that have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">outperformed in the recent past will continue to outperform for a period of time. The sub-advisor seeks to exploit behavioral biases around change, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause investors to underreact to new information. The sub-advisor believes these underreactions to new information lead to opportunities to invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">companies with improving or accelerating financial performance that is expected to continue, otherwise known as momentum. The sub-advisor’s disciplined </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">“Informed Momentum” approach to investing combines stock selection, tailored risk management, and efficient implementation to seek to harness the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">momentum premium to generate returns. The stocks of companies held by the Fund may exhibit characteristics of both value stocks and growth stocks during </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the time they are held by the Fund. The Fund holds approximately 100-150 investments.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may also invest cash balances in other investment companies, including a government money market fund advised by the Manager, with respect to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">which the Manager also receives a management fee. The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and institutions on a short-term or long-term basis.</span></div><div><span style="clear:both;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> Principal Risks <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and you could lose part or all of your investment in the Fund. </span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Currency Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may have exposure to foreign currencies</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Foreign currencies may fluctuate significantly over short periods of time, may be affected unpredictably by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intervention, or the failure to intervene, of the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. or foreign governments or central banks, and may be affected by currency controls or political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and thereby affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;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="clear:both;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 </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">in the Fund’s shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, and result in financial losses. Cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">can result from 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The issuers of the Fund’s investments are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">likely to be</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> dependent on computers for </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">their operations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and require ready access to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">their data and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the internet to conduct their business. Thus, cybersecurity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidents could also affect issuers of </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the Fund’s investments</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, leading to significant loss of value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Emerging Markets Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When investing in emerging markets, the risks of investing in foreign securities are heightened. Emerging markets are generally smaller, less developed, less </span><span style="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">suspensions and other restrictions on investment; delays and disruptions in securities clearing and settlement procedures; and significant limitations on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investor rights and recourse. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to </span><span style="clear:both;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></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Equity Investments Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Equity securities are subject to investment risk, issuer risk and market risk. In general, the values of stocks and other equity securities fluctuate, and sometimes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">widely fluctuate, in response to changes in a company’s financial condition as well as general market, economic and political conditions and other factors. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund may experience a significant or complete loss on its investment in an equity security. In addition, stock prices may be particularly sensitive to rising </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates, which increase borrowing costs and the costs of capital. The Fund may invest in the following equity securities, which may expose the Fund to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the following additional 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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Common Stock Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Depositary Receipts and/or U.S. Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Depositary receipts and U.S. dollar-denominated foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">stocks traded on U.S. exchanges are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency exchange rate fluctuations, political and financial instability in the home country of a particular depositary receipt or foreign stock, less liquidity, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">more volatility, less government regulation and supervision and delays in transaction settlement.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Investing Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Geographic Concentration Risk</b></span><br/><span style="clear:both;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="clear:both;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, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">political, business, regulatory, </span><span style="clear:both;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="clear:both;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><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> A decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the economies or financial markets of one country or region may adversely affect the economies or financial markets of another.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">European Securities Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund’s performance may be affected by political, social and economic conditions in Europe, such as growth of economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">output (the gross national product</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> of the countries in the region</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">), the rate of inflation, the rate at which capital is reinvested into European economies, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">success of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, the monetary exchange rates between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">European countries,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and conflict between European countries. The European financial markets have experienced and may continue to experience volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and adverse trends due to concerns relating to economic downturns; rising government debt levels and the possible default on government debt; national </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unemployment in several European countries; </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">public health crises; political unrest; economic sanctions; inflation; energy crises; and war and military conflict, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">such as the Russian invasion of Ukraine. A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">default or debt </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">restructuring</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> by any European country could adversely impact holders of that country’s debt and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sellers of credit default swaps linked to that country’s creditworthiness, which may be located in other countries. Such a default or debt restructuring could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect exposures to </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">European countries</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. In addition, issuers have faced difficulties obtaining credit or refinancing existing obligations, and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have experienced extreme volatility and declines in asset values and liquidity. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">These events have affected the exchange rate of the Euro and may continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">significantly affect European countries</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Responses to financial problems by European governments, central banks, and others, including austerity measures and other reforms, may not produce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">desired results, may result in social unrest and may limit future growth and economic recovery or may have unintended consequences. The Fund makes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">investments in securities of issuers that are domiciled in member states of the European Union (the “EU”). The economies and markets of European </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">One or more countries may abandon the Euro and/or withdraw from the EU. The impact of these actions, especially if they occur in a disorderly fashion, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">could be significant and far-reaching. The United Kingdom’s withdrawal from the EU could be an indication that one or more other countries may withdraw </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">from the EU and/or abandon the Euro. These events and actions have affected, and may in the future affect, the value and exchange rate of the Euro and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-EU member states.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The continuing effects on the economies of European countries of the Russia/Ukraine war and Russia’s response to sanctions imposed by the  U.S., EU, UK </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and others, are impossible to predict, but have been and could continue to be significant. For example, exports in Eastern Europe have been disrupted for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">certain key commodities, pushing commodity prices to record highs. Also, both wholesale energy prices and energy prices charged to consumers in Europe </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">have increased significantly.</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Japan Investment Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Japanese economy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">may be subject to economic, political and social instability, which could have an adverse effect on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Japanese securities held by the Fund. The Japanese economy, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">is heavily dependent upon international trade</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may be adversely affected by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">competition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade tariffs, other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">government interventions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">protectionist measures, </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">excessive regulation</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, changes in international trade agreements, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic conditions of its trading partners, the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">performance</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">global economy</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, and regional and global conflicts. Political tensions between Japan and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">its trading partners could adversely affect the economy, especially the export sector, and destabilize the region as a whole. The domestic Japanese economy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">faces several concerns, including large government deficits</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, a declining domestic population and low birth rate, workforce shortages, and inflation</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Japanese </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">government’s fiscal and monetary</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> policies may have negative impacts on the Japanese economy. Japan is also heavily dependent on oil and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">commodity imports, and higher commodity prices could therefore have a negative impact on the Japanese economy. Currency fluctuations, which have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been significant at times, can have a considerable impact on exports and the overall Japanese economy. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The Japanese yen may be affected by currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">volatility elsewhere in Asia, especially Southeast Asia</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Japanese intervention in the currency markets could cause the value of the yen to fluctuate sharply </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and unpredictably and could cause losses to investors. Natural disasters such as earthquakes, </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">volcanic eruptions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, typhoons or tsunamis, could occur in Japan </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and surrounding areas and may have a significant impact on the business operations of Japanese companies in the affected regions and Japan’s economy. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">These and other factors could have a negative impact on the Fund’s performance and increase the volatility of an investment in the Fund.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Growth Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met or decrease, the prices of these stocks may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline, sometimes sharply, even if earnings showed an absolute increase. The Fund’s investments in growth companies may be more sensitive to company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If an assessment of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prospects for a company’s growth is incorrect, then the price of the company’s stock may fall or not approach the value placed on it. Growth company stocks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may also lack the dividend yield that can cushion stock price declines in market downturns.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Portfolio Turnover </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div> <span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may last for extended periods.</span></div><div><span style="clear:both;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="clear:both;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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or occurrence </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">federal government shutdown and threats </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or the occurrence of a failure</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to increase the federal government’s debt limit</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> which could result in a default on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government’s obligations, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">suddenly and to a significant degree.</span></div><div><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;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="clear:both;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="-sec-ix-redline:true;"></span> </div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">policymaking uncertainty.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">possibility of changes to some international trade agreements; political or economic dysfunction within some nations, including major producers of oil; and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and its investments or operations could be negatively impacted.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Regulators in the  U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit the Fund’s ability to pursue its investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">consequences of regulation or business trends driven by climate change.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Timing Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Micro-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Micro-capitalization companies are subject to substantially greater risks of loss and price fluctuations, sometimes rapidly and unpredictably, because their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">earnings and revenues tend to be less predictable. Since micro-capitalization companies may not have an operating history, product lines, or financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resources, their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations, and they can be sensitive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to changes in overall economic conditions, interest rates, borrowing costs and earnings. The shares of micro-capitalization companies tend to trade less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mid-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since mid-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity, and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;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><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  Interest rate risk is the risk that rising interest rates could cause the value of such an investment to decline. Credit risk is the risk that the issuer, guarantor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or insurer of an obligation, or the counterparty to a transaction, may fail or become less able or unwilling, to make timely payment of interest or principal or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise honor its obligations, or that it may default completely.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;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. During periods of heavy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemptions, the Fund may borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span><span style="-sec-ix-redline:true;"></span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Lending Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent the Fund lends its securities, it may be subject to the following risks: (i) the securities in which the Fund reinvests cash collateral may decrease in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, causing the Fund to incur a loss, or may not perform sufficiently to cover the Fund’s payment to the borrower of a pre-negotiated fee or “rebate” for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the use of that cash collateral in connection with the loan; (ii) non-cash collateral may decline in value, resulting in the Fund becoming under-secured; (iii) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">delays may occur in the recovery of loaned securities from borrowers, which could result in the Fund being unable to vote proxies or settle transactions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the Fund to incur increased costs; and (iv) if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to enforce its rights in its collateral.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;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 performance index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Small-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of small-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since small-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets, and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Valuation Risk</b></span><br/><span style="clear:both;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="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as pricing services or accounting agents.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Value Stocks Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Value stocks are subject to the risk that their intrinsic or full value may never be realized by the market, that a stock judged to be undervalued may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appropriately priced, or that their prices may decline. Although value stocks tend to be inexpensive relative to their earnings, they can continue to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inexpensive for long periods of time. The Fund’s investments in value stocks seek to limit potential downside price risk over time; however, value stock prices </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">still may decline substantially. In addition, the Fund may produce more modest gains as a trade-off for this potentially lower risk. The Fund’s investment in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value stocks could cause the Fund to underperform funds that use a growth or non-value approach to investing or have a broader investment style.</span></div> Fund Performance <div><span style="clear:both;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="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, as well as an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">additional index that reflects the markets in which the Fund invests and is the Fund’s benchmark index,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> for the periods indicated.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Effective January 21, 2023, a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">new sub-advisor began managing the Fund and the Fund implemented a policy to invest at least 80% of its net assets (plus the amount of borrowings for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment purposes) in equity securities of small market capitalization companies that are economically tied to countries outside of the United States, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">including developed and emerging market countries. Performance through January 20, 2023 reflects the Fund’s performance under the management and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategy of its prior sub-advisor.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Each of the Fund’s share classes commenced operations on January 22, 2019. The Fund acquired the assets and liabilities of The Tocqueville International </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Value Fund, a series of The Tocqueville Trust, in a reorganization that closed upon the close of business on January 18, 2019. In connection with that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reorganization, the Investor Class shares of the Fund have adopted the performance history and financial statements of the Fund’s predecessor. In the bar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">chart and table below, the performance of the Fund’s Investor Class shares for periods prior to January 22, 2019 reflects the returns of the shares of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s predecessor. In the table below, the performance of the Y Class and R5 Class shares for periods prior to January 22, 2019 reflects  the returns of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares of the Fund’s predecessor. The Y Class and R5 Class shares would have had similar annual returns to the shares of the Fund’s predecessor because the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares of each class represent investments in the same portfolio securities. However, the shares of the Fund’s predecessor had different expenses than the Y </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class and R5 Class shares, which would affect performance. To the extent that the Fund’s predecessor had lower expenses than a newer share class, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance of the Fund’s predecessor would likely have been higher than the newer share class would have realized during the same period. The Y Class and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5 Class performance shown in the table below has not been adjusted for differences in operating expenses between those share classes and the shares of </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the predecessor fund. You may obtain updated performance information on the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and after taxes) is not 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, as well as an additional index that reflects the markets in which the Fund invests and is the Fund’s benchmark 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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;"><b>17.94%</b></span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">4th Quarter 2022</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">01/01/2014 through 12/31/2023</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;"><b>-23.42%</b></span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">1st Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">01/01/2014 through 12/31/2023</span></div> Highest Quarterly Return:17.94% 4th Quarter 202201/01/2014 through 12/31/2023 0.1794 2022-12-31 Lowest Quarterly Return:-23.42% 1st Quarter 202001/01/2014 through 12/31/2023 -0.2342 2020-03-31 Average annual total returns for periods ended December 31, 2023 1994-08-01 0.1540 0.0579 0.0341 0.1503 0.0559 0.0307 0.0952 0.0476 0.0281 2019-01-22 0.1564 0.0600 0.0352 2019-01-22 0.1612 0.0617 0.0360 0.1824 0.0816 0.0428 0.1566 0.0789 0.0488 <div><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;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="clear:both;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. *As noted above, the 10-year 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 10-year period, performance would have been 5.64%. 1American Beacon Advisors, Inc. (the “Manager”) has contractually agreed to waive fees and/or reimburse expenses of the Fund’s  Y Class, R6 Class, R5 Class, and Investor Class shares through December 31, 2025  to the extent that Total Annual Fund Operating Expenses exceed 0.51% for the Y Class, 0.41% for the R6 Class, 0.45% for the R5 Class, and 0.83% for the Investor 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. 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. 3American Beacon Advisors, Inc. (the “Manager”) has contractually agreed to waive fees and/or reimburse expenses of the Fund’s R6 Class shares, through December 31, 2025, to the extent that Total Annual Fund Operating Expenses exceed 0.69% for the R6 Class shares (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. *As noted above, the 10-year 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 10-year period, performance would have been 2.11%. *Reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties. 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. *As noted above, the 10-year 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 10-year period, performance would have been 7.45%. 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. *As noted above, the 10-year 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 10-year period, performance would have been 6.22%. 1Other Expenses for the  Y Class and Investor Class shares include 0.01% securities lending expenses. 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. 3American Beacon Advisors, Inc. (the “Manager”)  has contractually agreed to waive fees and/or reimburse expenses of the Fund’s Y Class, R5 Class and Investor Class shares, as applicable, through  December 31, 2025 to the extent that Total Annual Fund Operating Expenses exceed 1.10% for the Y Class, 0.89% for the R5 Class, and 1.30% for the Investor 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. *Reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.