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<p><font style="font: 12pt Times New Roman, Times, Serif"><b>U.S. TREASURY FUND</b></font></p>
<p></a><font style="font: 12pt Times New Roman, Times, Serif"><b>GOVERNMENT SECURITIES MONEY MARKET FUND</b></font></p>
<p></a><font style="font: 12pt Times New Roman, Times, Serif"><b>LIMITED DURATION FUND</b></font></p>
<p></a><font style="font: 12pt Times New Roman, Times, Serif"><b>MODERATE DURATION FUND</b></font></p>
<p></a><font style="font: 12pt Times New Roman, Times, Serif"><b>BOND
FUND</b></font></p>
<p></a><font style="font: 12pt Times New Roman, Times, Serif"><b>INTERMEDIATE TAX-FREE
BOND FUND</b></font></p>
<p></a><font style="font: 12pt Times New Roman, Times, Serif"><b>ACTIVE CORE FUND</b></font></p>
<p></a><font style="font: 12pt Times New Roman, Times, Serif"><b>MULTI CAP EQUITY
INCOME FUND</b></font></p>
<p></a><font style="font: 12pt Times New Roman, Times, Serif"><b>OPPORTUNISTIC FUND</b></font></p>
<p><font style="font: 12pt Times New Roman, Times, Serif"><b>WORLD ENERGY FUND</b></font></p>
<p></a><font style="font: 12pt Times New Roman, Times, Serif"><b>MID CAP CORE EQUITY FUND</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Investment Objective</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Investment
Objective</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Investment Objective</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Investment
Objective</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Investment
Objective</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Investment
Objective</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Investment
Objective</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Investment
Objective</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Investment
Objective</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Investment
Objective</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Investment
Objective</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">To
seek current income with liquidity and stability of principal.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">To
seek current income with liquidity and stability of principal.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Primarily to seek income and secondarily to seek capital appreciation.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">To
seek total return.</font></p>
<p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">To seek total return.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">To
seek current income, consistent with the preservation of capital, that is exempt from federal income taxes.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">To
seek capital appreciation and income.</font></p>
<p>To seek dividend income.</p>
<p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Opportunistically investing
to generate positive investment returns.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">To
seek growth and income.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">To
seek total return.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Fees
and Expenses of the Fund</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Fees
and Expenses of the Fund</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Fees
and Expenses of the Fund</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Fees
and Expenses of the Fund</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Fees
and Expenses of the Fund</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Fees
and Expenses of the Fund</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Fees
and Expenses of the Fund</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Fees
and Expenses of the Fund</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Fees
and Expenses of the Fund</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Fees
and Expenses of the Fund</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Fees
and Expenses of the Fund</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Limited Duration Fund (formerly the Short-Term
Income Fund). You may qualify for sales charge discounts if you and your family invest or agree to invest in the future, at least
$200,000 in Cavanal Hill Funds. More information about these and other discounts is available from your financial professional
and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” and “Contingent Deferred Sales
Charge (CDSC-Class A and C Only)” on page 47 in the prospectus and in the section “Additional Purchase and Redemption
Information” on page 34 of the statement of additional information.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge
discounts if you and your family invest or agree to invest in the future, at least $200,000 in Cavanal Hill Funds. More information
is available about these and other discounts from your financial professional and in the section “Initial Sales Charge (Bond
and Equity Funds, Class A Only)” and “Contingent Deferred Sales Charge (CDSC-Class A and C Only)” on page 47
in the prospectus and in the section “Additional Purchase and Redemption Information” on page 35 of the statement
of additional information.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge
discounts if you and your family invest or agree to invest in the future, at least $200,000 in Cavanal Hill Funds. More information
about these and other discounts is available from your financial professional and in the section “Initial Sales Charge (Bond
and Equity Funds, Class A Only)” and “Contingent Deferred Sales Charge (CDSC-Class A and C Only)” on page 47
in the prospectus and in the section “Additional Purchase and Redemption Information” on page 34 of the statement
of additional information.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge
discounts if you and your family invest or agree to invest in the future, at least $200,000 in Cavanal Hill Funds. More information
about these and other discounts is available from your financial professional and in the section “Initial Sales Charge (Bond
and Equity Funds, Class A Only)” and “Contingent Deferred Sales Charge (CDSC-Class A and C Only)” on page 47
in the prospectus and in the section “Additional Purchase and Redemption Information” on page 34 of the statement
of additional information.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">This table describes the fees and expenses that you
may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest or agree
to invest in the future, at least $200,000 in Cavanal Hill Funds. More information about these and other discounts is available
from your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” and
“Contingent Deferred Sales Charge (CDSC-Class A and C Only)” on page 47 in the prospectus and in the section “Additional
Purchase and Redemption Information” on page 34 of the statement of additional information.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Multi Cap Equity Income Fund (formerly
the U.S. Large Cap Fund) . You may qualify for sales charge discounts if you and your family invest or agree to invest in the
future, at least $200,000 in Cavanal Hill Funds. More information about these and other discounts is available from your financial
professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” and “Contingent
Deferred Sales Charge (CDSC-Class A and C Only)” on page 47 in the prospectus and in the section “Additional Purchase
and Redemption Information” on page 35 of the statement of additional information.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge
discounts if you and your family invest or agree to invest in the future, at least $200,000 in Cavanal Hill Funds. More information
about these and other discounts is available from your financial professional and in the section “Initial Sales Charge (Bond
and Equity Funds, Class A Only)” and “Contingent Deferred Sales Charge (CDSC-Class A and C Only)” on page 47
in the prospectus and in the section “Additional Purchase and Redemption Information” on page 34 of the statement
of additional information.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">This table describes the fees and expenses that you
may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest or agree
to invest in the future, at least $200,000 in Cavanal Hill Funds. More information on these and other discounts is available from
your financial professional and in the section “Initial Sales Charge (Bond and Equity Funds, Class A Only)” and “Contingent
Deferred Sales Charge (CDSC-Class A and C Only)” on page 47 in the prospectus and in the section “Additional Purchase
and Redemption Information” on page 34 of the statement of additional information.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge
discounts if you and your family invest or agree to invest in the future, at least $200,000 in Cavanal Hill Funds. More information
about these and other discounts is available from your financial professional and in the section “Initial Sales Charge (Bond
and Equity Funds, Class A Only)” and “Contingent Deferred Sales Charge (CDSC-Class A and C Only)” on page 47
in the prospectus and in the section “Additional Purchase and Redemption Information” on page 34 of the statement
of additional information.</font></p>
<p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Shareholder
Fees </b>(fees paid directly from your investment): None.</font><font style="font: 11pt Times New Roman, Times, Serif; color: Black">
</font></p>
<p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Shareholder
Fees </b>(fees paid directly from your investment): None</font><font style="font: 11pt Times New Roman, Times, Serif; color: Black">
</font></p>
<p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Shareholder
Fees </b>(fees paid directly from your investment)</font><font style="font: 11pt Times New Roman, Times, Serif; color: Black">
</font></p>
<p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Shareholder
Fees </b>(fees paid directly from your investment)</font><font style="font: 11pt Times New Roman, Times, Serif; color: Black">
</font></p>
<p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Shareholder
Fees </b>(fees paid directly from your investment)</font><font style="font: 11pt Times New Roman, Times, Serif; color: Black">
</font></p>
<p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Shareholder
Fees </b>(fees paid directly from your investment)</font><font style="font: 11pt Times New Roman, Times, Serif; color: Black">
</font></p>
<p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Shareholder
Fees </b>(fees paid directly from your investment):</font><font style="font: 11pt Times New Roman, Times, Serif; color: Black">
</font></p>
<p style="margin: 0pt"></p>
<p style="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shareholder
Fees (fees paid directly from your investment)</b></font></p>
<p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Shareholder
Fees </b>(fees paid directly from your investment):</font><font style="font: 11pt Times New Roman, Times, Serif; color: Black">
</font></p>
<p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Shareholder
Fees </b>(fees paid directly from your investment):</font><font style="font: 11pt Times New Roman, Times, Serif; color: Black">
</font></p>
<p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Shareholder
Fees </b>(fees paid directly from your investment):</font><font style="font: 11pt Times New Roman, Times, Serif; color: Black">
</font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Fund Operating Expenses* </b>(expenses that you pay each year as a percentage of the value of your investment).</font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Fund Operating Expenses* </b>(expenses that you pay each year as a percentage of the value of your investment).</font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Fund Operating Expenses* </b>(expenses that you pay each year as a percentage of the value of your investment).</font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Fund Operating Expenses* </b>(expenses that you pay each year as a percentage of the value of your investment).</font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Fund Operating Expenses* </b>(expenses that you pay each year as a percentage of the value of your investment).</font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Fund Operating Expenses* </b>(expenses that you pay each year as a percentage of the value of your investment).</font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Fund Operating Expenses </b>(expenses that you pay each year as a percentage of the value of your investment).</font></p>
<font style="font-size: 10pt"><b>Annual Fund Operating Expenses </b></font><b><font style="font-size: 8pt">(expenses that
you pay each year as a percentage of the value of your investment).</font></b></p>
<p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Fund Operating Expenses </b>(expenses that you pay each year as a percentage of the value of your investment).</font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Fund Operating Expenses </b>(expenses that you pay each year as a percentage of the value of your investment).</font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Fund Operating Expenses </b>(expenses that you pay each year as a percentage of the value of your investment).</font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Example</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Example</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Example</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Example</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Example</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Example</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Example</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Example</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Example</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Example</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Example</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The
example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating
expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The
example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating
expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p style="text-align: left; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The
example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating
expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The
example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating
expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The
example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The example also assumes that your investment has a 5% return and each year that the Fund’s operating
expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The
example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating
expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The
example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating
expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The
example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating
expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The
example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating
expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The
example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end
of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating
expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:  </font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">This example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in
the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes
that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual
costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Portfolio
Turnover</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Portfolio
Turnover</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Portfolio
Turnover</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Portfolio
Turnover</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Portfolio
Turnover</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Portfolio
Turnover</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Portfolio
Turnover</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Portfolio
Turnover</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Portfolio
Turnover</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Limited Duration Fund (formerly the Short-Term Income Fund) pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs
and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual
fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 80% of the average value of its portfolio.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Moderate Duration Fund (formerly the Intermediate Bond Fund) pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs
and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual
fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 129% of the average value of its portfolio.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s
performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 107% of the average value of its
portfolio.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s
performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 8% of the average value of its portfolio.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected
in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year,
the Fund’s portfolio turnover rate was 69% of the average value of its portfolio.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Multi Cap Equity Income Fund (formerly the U.S. Large Cap Fund) pays transaction costs, such as commissions, when it buys and
sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual
fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 79% of the average value of its portfolio.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s
performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 266% of the average value of its
portfolio.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s
performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 150% of the average value of its
portfolio.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s
performance. The Fund had not commenced operations as of the date of this filing so portfolio turnover rate information is not
provided.</font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Strategy</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Strategy</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Strategy</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Strategy</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Strategy</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Strategy</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Strategy</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Strategy</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Strategy</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Strategy</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Strategy</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">To pursue its objective, under normal circumstances, the Fund invests at least 99.5% of its total assets in cash, U.S. Government Securities or repurchase agreements collateralized by U.S. Government Securities. The Fund also invests at least 80% of its net assets in U.S. Treasury Obligations or repurchase agreements collateralized by U.S. Treasury Obligations. These polices will not be changed without at least 60 days prior notice to shareholders. As a money market fund, the dollar-weighted average portfolio maturity of the Fund will not exceed 60 days and the dollar-weighted average portfolio life cannot exceed 120 days.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
pursue its objective, under normal circumstances, the Fund invests at least 99.5% of its total assets in cash, U.S. Government
Securities or repurchase agreements collateralized by U.S. Government Securities. The Fund also invests at least 80% of its net
assets in U.S. Government Securities or repurchase agreements collateralized by U.S. Government Securities. These polices will
not be changed without at least 60 days prior notice to shareholders.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
dollar-weighted average portfolio maturity of the Fund will not exceed 60 days and the dollar-weighted average portfolio life
cannot exceed 120 days.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
pursue its objective, under normal circumstances, the Fund invests primarily in debt obligations such as bonds, notes and debentures,
and bills issued by U.S. corporations or by the U.S. government, its agencies or instrumentalities, municipal securities, mortgage-related
securities, asset-backed securities and collateralized mortgage obligations. Such debt obligations are rated within the three
highest ratings categories assigned by a nationally recognized statistical ratings organization or, if not rated, found by the
Adviser under guidelines approved by the Trust’s Board of Trustees to be of comparable quality. The Fund also invests in
money market instruments.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">If
the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best
interest of the Fund’s shareholders to continue to hold the security.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund will seek to increase the value of your investment through a combination of income and capital gains.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
managing the portfolio, the portfolio management team searches for inefficiencies not only at the macro, or top down level, but
also at the individual security level.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Under
normal circumstances, the Fund invests at least 80% of its net assets in bonds and maintains an average portfolio duration of
less than three and one-half years. These policies will not be changed without at least 60 days prior notice to shareholders.
In addition, the Fund normally invests at least 65% of its net assets in interest-bearing bonds.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
pursue its objective, the Fund invests, under normal market conditions, primarily in debt obligations such as bonds, notes and
debentures, and bills issued by U.S. corporations or the U.S. government, its agencies, or instrumentalities, municipal securities,
mortgage-related securities, asset-backed securities and collateralized mortgage obligations. Such debt obligations are rated
within the three highest ratings categories assigned by a nationally recognized statistical ratings organization or, if not rated,
found by the Adviser under guidelines approved by the Trust’s Board of Trustees to be of comparable quality. The Fund also
invests in money market instruments. Total return is defined as a percentage change, over a specified time period, in a mutual
funds net asset value, with the ending net asset value adjusted to account for the reinvestment of all distributions of dividends
and capital gains.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">If
the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best
interest of the Fund’s shareholders to continue to hold the security.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund will seek to increase the value of your investment through a combination of income and capital gains.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
managing the portfolio, the portfolio management team searches for inefficiencies not only at the macro, or top down level, but
also at the individual security level.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Under
normal circumstances the Fund invests at least 80% of its net assets in bonds and maintains an average portfolio duration of less
than five years. This policy will not be changed without at least 60 days prior notice to shareholders.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
pursue its objective, the Fund invests, under normal market conditions, primarily in debt obligations such as bonds, notes and
debentures, and bills issued by U.S. corporations or by the U.S. government, its agencies, or instrumentalities, municipal securities,
mortgage-related securities, asset-backed securities and collateralized mortgage obligations. Such debt obligations are rated
within the three highest ratings categories assigned by a nationally recognized statistical ratings organization, or, if not rated,
found by the Adviser under guidelines approved by the Trust’s Board of Trustees to be of comparable quality. The Fund also
invests in money market instruments.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total
return is defined as a percentage change, over a specified time period, in a mutual funds net asset value, with the ending net
asset value adjusted to account for the reinvestment of all distributions of dividends and capital gains.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">If
the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best
interest of the Fund’s shareholders to continue to hold the security.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund will seek to increase the value of your investment through a combination of income and capital gains.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund will generally maintain a dollar-weighted average portfolio maturity of three to ten years.</font></p>
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
managing the portfolio, the portfolio management team searches for inefficiencies not only at the macro, or top down level, but
also at the individual security level.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Under
normal circumstances the Fund invests at least 80% of its net assets in bonds. This policy will not be changed without at least
60 days prior notice to shareholders.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
pursue its objective, under normal circumstances, the Fund invests at least 65% of its net assets in municipal bonds and debentures
that are rated at the time of purchase within the three highest ratings categories assigned by a nationally recognized statistical
ratings organization (“NRSRO”) or, if not rated, found by the Adviser under guidelines approved by the Trust’s
Board of Trustees to be of comparable quality. As a matter of fundamental policy the Fund invests, under normal circumstances,
at least 80% of its net assets in municipal securities, the income from which is exempt from federal income tax. Additionally,
the Fund will normally invest at least 80% of its net assets in bonds which pay interest that is not subject to federal alternative
minimum tax for shareholders who are individuals. The Fund invests at least 65% of its net assets in municipal securities which
are at the time of purchase within the three highest rating categories assigned by an NRSRO, in the case of bonds; rated within
the highest short-term ratings category assigned by an NRSRO, in the case of notes; rated in the highest short-term ratings category
assigned by an NRSRO, in the case of tax-exempt commercial paper; or rated in the highest ratings category assigned by an NRSRO,
in the case of variable rate demand obligations or, if not rated, found by the Adviser under guidelines approved by the Trust’s
Board of Trustees to be of comparable quality.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund will generally invest in two principal classifications of municipal securities: general obligation securities and revenue
securities. The Fund also will utilize credit enhancers such as insurance. The Fund also invests in money market instruments.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">If
the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best
interest of the Fund’s shareholders to continue to hold the security.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund, under normal circumstances, invests at least 80% of its net assets in tax-free bonds and maintains a dollar-weighted average
maturity between three to ten years. These policies will not be changed without at least 60 days prior notice to shareholders.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">In
managing the portfolio, the portfolio management team uses a “top down” investment management approach focusing on
actual or anticipated changes or trends in interest rates, the financial markets, or the economy.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
addition to the securities described above, the Fund may invest in other debt securities, that are rated at the time of purchase
within the four highest ratings categories assigned by an NRSRO, or, if not rated, found by the Adviser under guidelines approved
by the Trust’s Board of Trustees to be of comparable quality.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
pursue its objective, the Fund normally invests between 40% and 75% of its net assets in equity securities and at least 25% of
its net assets in fixed income securities that are rated at the time of purchase within the three highest ratings categories assigned
by a nationally recognized statistical ratings organization, or, if not rated, found by the Adviser under guidelines approved
by the Trusts Board of Trustees to be of comparable quality.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
equity portion of the Fund consists of investments in companies of all market capitalization, including large, mid and small.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
its primary strategy, the portfolio management team of the Fund selects equity securities using a proprietary system that ranks
stocks. Stocks are ranked using a large array of factors including but not limited to fundamental factors (i.e. valuation and
growth) and technical factors (i.e. momentum, reversal and volatility) that have historically been linked to performance. Portfolio
construction and risk management techniques are used to seek consistent, superior risk adjusted returns.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
portfolio management team of the Fund may augment its primary strategy by utilizing additional strategies involving Exchange Traded
Funds (“ETFs”), including ETFs of foreign investments and emerging markets.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
debt portion of the Fund primarily consists of bonds; notes, debentures and bills issued by U.S. corporations or the U.S. government,
its agencies, or instrumentalities; mortgage-related securities; asset-backed securities, collateralized mortgage obligations
and municipal bonds.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund seeks to maintain a dollar-weighted average portfolio maturity of three to twelve years for the debt portion of its portfolio.
The Fund also invests in money market instruments. If the rating of a security is downgraded after purchase, the portfolio management
team will determine whether it is in the best interests of the Fund’s shareholders to continue to hold the security.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
broadly diversified portfolio of equity and fixed income securities of varying yields and durations is structured to offer a core
foundation of investments. The portion of the Fund’s assets invested in equity and debt securities will vary in accordance
with economic conditions, the level of stock prices, interest rates, and the risk associated with each investment.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
pursue its objective, under normal circumstances, the Fund invests at least 80% of its net assets in dividend-paying equity securities.
The Fund will invest in companies of all market capitalization - large, mid and small. These policies will not be changed without
at least 60 days prior notice to shareholders. “Equity securities” for purposes of this policy refers to common stocks
and securities convertible into common stocks. The Fund may also invest up to 20% of its net assets in non-dividend-paying equity
securities,preferred stocks, American Depositary Receipts, corporate bonds, notes, warrants and cash equivalents. In general,
corporate bonds may be of any maturity and will be rated at the time of purchase within the three highest ratings categories assigned
by a nationally recognized statistical ratings organization, or, if not rated, found by the Adviser under guidelines approved
by the Trust’s Board of Trustees to be of comparable quality. However, the Fund may invest up to 5% of its net assets in
corporate bonds that are rated below investment grade (i.e., “junk bonds”) and thus rated below Baa3 by Moody’s,
BBB- by S&P or BBB- by Fitch Ratings.</font></p>
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund actively invests and may trade frequently in companies with attractive prospects for long-term capital appreciation. The
portfolio management team of the Fund seeks to identify companies that possess the following fundamental characteristics: pays
an attractive dividend, generates strong returns potentially enabling future dividend growth, attractive valuation, the potential
to gain market share and led by strong management teams.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
pursue its objective, under normal circumstances, the Fund may trade frequently and may invest in a wide range of financial instruments,
market sectors and asset classes in the U.S. and other markets. Investments may include any asset for which there is a liquid
market. The Fund opportunistically selects investments where it believes value is not fully recognized by the market.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in long and short positions in equity securities of issuers of any market capitalization, including convertible
and private placement/restricted securities. It may hold all or a portion of its assets in U.S. Treasury Obligations, cash or
short-term fixed income or money market securities. The Fund may also invest in pooled investment vehicles, including other registered
investment companies, exchange traded funds (“ETFs”) and exchange traded notes (“ETNs”).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may from time to time invest in fixed income securities of any credit quality and maturity.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
pursue its objective, under normal circumstances, the Fund invests at least 80% of its net assets in a wide range of energy-related
financial instruments issued in the U.S. and markets around the world. This policy will not be changed without at least 60 days
prior notice to shareholders. Energy-related financial instruments may include foreign and domestic securities of issuers that
derive more than fifty percent of their assets, revenue or income from activities related to the exploration, extraction, mining,
research, development, conservation, refinement, production, transfer, transmission, and transportation of conventional, alternative,
renewable and sustainable energy sources, utilities, petrochemicals, plastics, and suppliers and servicers to such industries.
Investments typically include a combination of common stock, bonds, exchange traded funds (“ETFs”) and exchange traded
notes (“ETNs”) but may also include other asset types that are related to energy industry activities. The Fund may
also seek to provide exposure to the investment returns of commodities through investment in commodity-linked derivative instruments,
commodity futures, options on commodity future contracts, and investment vehicles that focus on commodities such as ETFs that
invest in commodities, commodity options and futures.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may engage in active and frequent trading.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Under
normal market conditions, the Fund will invest at least 40%, but may invest up to 100%, of its net assets in the securities of
issuers organized or having their principal place of business outside the U.S. or doing a substantial amount of business outside
the U.S. The Fund will consider an issuer to be doing a substantial amount of business outside the U.S. if it derives more than
fifty percent of its assets, revenue or income outside of the U.S. or is an international focused ETF or ETN. Under normal market
conditions, the Fund invests in issuers from at least three different countries. The Adviser invests the Fund’s assets based
on its judgment about issuers, risk, prices of securities, market conditions and other economic factors in the U.S. and around
the world.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in long and short positions in securities of issuers of any market capitalization, emerging market securities,
American depositary receipts, European depositary receipts, global depositary receipts, and master limited partnerships (“MLPs”).
The Fund may also invest in pooled investment vehicles, including other registered investment companies ETNs and ETFs, including
leveraged and inverse ETFs.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in fixed income securities of any credit quality and maturity, including those of defaulted/distressed issuers.
These securities can be rated below investment grade (i.e. “junk bonds”) and thus rated below Baa3 by Moody’s,
BBB- by S&P or BBB- by Fitch Ratings Ltd. or unrated and securities in default. Fixed income investments may include foreign
and domestic sovereign issued securities.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
pursue its objective, under normal circumstances, the Fund invests at least 80% of its net assets in a diversified portfolio of
common stocks of Mid Cap U.S. companies. This policy will not be changed without at least 60 days prior notice to shareholders.
“Equity securities” for purposes of this policy refers to common stocks and securities convertible into common stocks.
The Fund defines Mid Cap securities as those that are included in the Russell Midcap<sup>®</sup> Index at the time of purchase.
The Fund may also invest up to 20% of its net assets in preferred stocks, American Depositary Receipts, corporate bonds, notes,
warrants and cash equivalents. Corporate bonds will be rated at the time of purchase within the three highest ratings categories
assigned by a nationally recognized statistical ratings organization, or, if not rated, found by the Adviser under guidelines
approved by the Trust’s Board of Trustees to be of comparable quality. The Fund seeks to maintain a dollar-weighted average
portfolio maturity of three to twelve years for the debt portion of its portfolio.</font></p>
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
portfolio management team of the Fund selects equity securities using a proprietary system that ranks stocks under a quantitative
approach. Stocks are ranked on a large array of factors including but not limited to fundamental factors (e.g., valuation and
growth) and technical factors (e.g., momentum, reversal and volatility) that have historically been linked to performance. Quantitative
portfolio construction and risk management techniques are used to seek consistent, superior risk adjusted returns.</font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Risks</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Risks</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Risks</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Risks</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Risks</b></font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal Investment Risks</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Risks</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Risks</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Risks</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Risks</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Principal
Investment Risks</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 3.15pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">You
could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share,
it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Funds, beyond
what is disclosed in the footnote under the “Annual Fund Operating Expenses” table, and you should not expect that
the sponsor will provide additional financial support to the Fund at any time. In addition, the principal risks of investing in
the Fund, which could adversely affect the Fund’s net asset value, yield or total return are (in alphabetical order):</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 244.5pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0px; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Income
Risk </b>— The Fund’s yield may decrease due to a decline in interest rates.</font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 6pt"></td><td style="width: 6.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: justify; padding-right: 3.2pt"></td></tr></table>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0px; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest
Rate Risk </b>— The value of the Fund’s interest-bearing investments may decline due to an increase in interest
rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may
decrease due to a decline in interest rates.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 7.65pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0px; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liquidity
Risk </b>— Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail
in the market.</font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 6pt"></td><td style="width: 6.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: justify; padding-right: 3.3pt"></td></tr></table>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0px; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Management
Risk </b>— There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio
managers will produce the desired results.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 128.1pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0px; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market
Risk </b>— The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 6pt"></td><td style="width: 6.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: justify; padding-right: 3.2pt"></td></tr></table>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0px; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Redemption
Risk </b>— The risk that heavy redemptions could cause the Fund to liquidate its assets at inopportune times or at a
loss or depressed value, particularly during periods of declining or illiquid markets, and that could affect the fund’s
ability to maintain a $1.00 share price. Redemption risk is greater to the extent that the fund has investors with large shareholdings,
short investment horizons or unpredictable cash flow needs. The redemption by one or more large shareholders of their holdings
in the fund could cause the remaining shareholders in the fund to lose money.</font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 6pt"></td><td style="width: 6.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: justify; padding-right: 3.2pt"></td></tr></table>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0px; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Regulatory
Risk </b>— Change in laws or regulations may materially affect a security, business, sector or market. Regulatory risk
also includes the risk associated with federal and state laws which may restrict the remedies that a lender has when a borrower
defaults on loans.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 3.15pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 3.15pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance.
The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase
the amount of taxes that you pay.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 58.3pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 58.3pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
more information about these risks, please refer to the section titled “Investment Practices and Risks” in the Fund’s
prospectus.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">You
could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share,
it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Funds, beyond
what is disclosed in the footnote under the “Annual Fund Operating Expenses” table, and you should not expect that
the sponsor will provide additional financial support to the Fund at any time. In addition, the principal risks of investing in
the Fund, which could adversely affect the Fund’s net asset value, yield or total return are (in alphabetical order):</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0px; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Income
Risk </b>— The Fund’s yield may decrease due to a decline in interest rates.</font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 6pt"></td><td style="width: 6.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: justify; padding-right: 3.1pt"></td></tr></table>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0px; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest
Rate Risk </b>— The value of the Fund’s interest-bearing investments may decline due to an increase in interest
rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may
decrease due to a decline in interest rates.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 7.5pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0px; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liquidity
Risk </b>— Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail
in the market.</font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 6pt"></td><td style="width: 6.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: justify; padding-right: 3.2pt"></td></tr></table>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0px; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Management
Risk </b>— There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio
managers will produce the desired results.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0px; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market
Risk </b>— The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 6pt"></td><td style="width: 6.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: justify; padding-right: 3.2pt"></td></tr></table>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0px; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Redemption
Risk </b>— The risk that heavy redemptions could cause the Fund to liquidate its assets at inopportune times or at a
loss or depressed value, particularly during periods of declining or illiquid markets, and that could affect the fund’s
ability to maintain a $1.00 share price. Redemption risk is greater to the extent that the fund has investors with large shareholdings,
short investment horizons or unpredictable cash flow needs. The redemption by one or more large shareholders of their holdings
in the fund could cause the remaining shareholders in the fund to lose money.</font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 6pt"></td><td style="width: 6.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: justify; padding-right: 3.2pt"></td></tr></table>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0px; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Regulatory
Risk </b>— Change in laws or regulations may materially affect a security, business, sector or market. Regulatory risk
also includes the risk associated with federal and state laws which may restrict the remedies that a lender has when a borrower
defaults on loans.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 3.1pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance.
The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase
the amount of taxes that you pay.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 58.3pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 58.3pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
more information about these risks, please refer to the section titled “Investment Practices and Risks” in the Fund’s
prospectus.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Loss
of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely
affect the Fund’s net asset value, yield or total return are (in alphabetical order): </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="width: 99%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Changing
Fixed Income Market Conditions Risk </b>— The historically low interest rate environment created in part by the Federal
Reserve Board and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero increases
the risk that interest rates will rise. This risk is heightened due to the potential “tapering” of the Federal
Reserve Board’s quantitative easing program and other similar foreign central bank actions. This tapering and eventual
increase in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced
liquidity for certain fixed income investments, particularly those with longer maturities. As a result, the value of the Fund’s
investments and share price may decline.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Credit Risk </b>—
Credit risk is the possibility that the issuer of a debt instrument or a counterparty to an agreement fails to fulfill its
obligations, reducing the Fund’s return. This includes failure by a bond issuer to repay interest and principal.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">● </font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest Rate
Risk </b>— The value of the Fund’s investments may decline due to an increase in interest rates. In general, the
longer a security’s maturity, the greater the interest rate risk. For a portfolio with a duration of 3.5 years, each
1% rise in interest rates would reduce the value of the portfolio by an estimated 3.5%.The Fund’s yield may decrease
due to a decline in interest rates.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liquidity Risk
</b>— Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail
in the market.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Management Risk
</b>— There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers
will produce the desired results.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market Risk </b>—
The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">● </font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Prepayment/Call
Risk </b>— There is a chance that the repayment of an asset-backed or mortgage-backed obligation will occur sooner than
expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will “call”—
or repay — its bond before the bond’s maturity date.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Regulatory Risk
</b>— Change in laws or regulations may materially affect a security, business, sector or market. Regulatory risk also
includes the risk associated with federal and state laws which may restrict the remedies that a lender has when a borrower
defaults on loans.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Valuation Risk
</b>— The risk associated with the assessment of appropriate pricing in a changing market where trading information
may not be readily available.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance.
The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase
the amount of taxes that you pay.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
more information about these risks, please refer to the section titled “Investment Practices and Risks” in the Fund’s
prospectus. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss
of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely
affect the Fund’s net asset value, yield or total return are (in alphabetical order):</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="text-align: left; width: 1%; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify; text-indent: 0pt; width: 99%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Changing
Fixed Income Market Conditions Risk </b>— The historically low interest rate environment created in part by the Federal
Reserve Board and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero increases
the risk that interest rates will rise. This risk is heightened due to the potential “tapering” of the Federal
Reserve Board’s quantitative easing program and other similar foreign central bank actions. This tapering and eventual
increase in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced
liquidity for certain fixed income investments, particularly those with longer maturities. As a result, the value of the Fund’s
investments and share price may decline.</font></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify; text-indent: 0pt; width: 99%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Credit
Risk </b><i>— </i>Credit risk is the possibility that the issuer of a debt instrument will fail to repay interest and
principal in a timely manner or a counterparty may be unable to fulfill an obligation to repurchase securities from the Fund,
reducing the Fund’s return.</font></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify; text-indent: 0pt; width: 99%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest
Rate Risk </b>— The value of the Fund’s investments may decline due to an increase in interest rates. In general,
the longer a security’s maturity, the greater the interest rate risk. If a portfolio has a six year average maturity,
then a 1% increase in interest rates would cause an estimated 6% decline in asset value of the portfolio The Fund’s
yield may decrease due to a decline in interest rates.</font></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify; text-indent: 0pt; width: 99%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liquidity
Risk </b>— Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail
in the market.</font></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify; text-indent: 0pt; width: 99%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Management
Risk </b>— There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio
managers will produce the desired results.</font></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify; text-indent: 0pt; width: 99%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market
Risk </b>— The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify; text-indent: 0pt; width: 99%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Prepayment/Call
Risk </b>— There is a chance that the repayment of an asset backed or mortgage backed obligation will occur sooner than
expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will “call”—
or repay — its bond before the bond’s maturity date.</font></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify; text-indent: 0pt; width: 99%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Regulatory
Risk </b>— Change in laws or regulations may materially affect a security, business, sector or market. Regulatory risk
also includes the risk associated with federal and state laws which may restrict the remedies that a lender has when a borrower
defaults on loans.</font></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify; text-indent: 0pt; width: 99%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Valuation
Risk </b>— The risk associated with the assessment of appropriate pricing in a changing market where trading information
may not be readily available.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">To
the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance.
The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase
the amount of taxes that you pay.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">For
more information about these risks, please refer to the section titled “Investment Practices and Risks” in the Fund’s
prospectus. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Loss
of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely
affect the Fund’s net asset value, yield or total return are (in alphabetical order):</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>●</b></font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Changing
Fixed Income Market Conditions Risk </b>— The historically low interest rate environment created in part by the Federal
Reserve Board and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero increases
the risk that interest rates will rise. This risk is heightened due to the potential “tapering” of the Federal
Reserve Board’s quantitative easing program and other similar foreign central bank actions. This tapering and eventual
increase in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced
liquidity for certain fixed income investments, particularly those with longer maturities. As a result, the value of the Fund’s
investments and share price may decline.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>●</b></font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Credit
Risk </b>— Credit risk is the possibility that the issuer of a debt instrument or a counterparty to an agreement fails
to fulfill its obligations, reducing the Fund’s return. This includes failure by a bond issuer to repay interest and
principal.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>●</b></font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest
Rate Risk </b>— The value of the Fund’s investments may decline due to an increase in interest rates. In general,
the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline
in interest rates.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>●</b></font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liquidity
Risk </b>— Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail
in the market.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>●</b></font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Management
Risk </b>— There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio
managers will produce the desired results.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>●</b></font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market
Risk </b>— The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>●</b></font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Prepayment/Call
Risk </b>— There is a chance that the repayment of an asset-backed or mortgage-backed obligation will occur sooner than
expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will “call”—
or repay — its bond before the bond’s maturity date.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>●</b></font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Regulatory
Risk </b>— Change in laws or regulations may materially affect a security, business, sector or market. Regulatory risk
also includes the risk associated with federal and state laws which may restrict the remedies that a lender has when a borrower
defaults on loans.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>●</b></font></td>
<td style="width: 98%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Valuation
Risk </b>— The risk associated with the assessment of appropriate pricing in a changing market where trading information
may not be readily available.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance.
The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase
the amount of taxes that you pay.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
more information about these risks, please refer to the section titled “Investment Practices and Risks” in the Fund’s
prospectus. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Loss of money is a risk of investing in the
Fund. In addition, the principal risks of investing in the Fund, which could adversely affect the Fund’s net asset value,
yield or total return are (in alphabetical order):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">●</td>
<td style="width: 98%; text-align: justify"><font style="font-size: 10pt"><b>Changing Fixed Income Market Conditions Risk </b>— The historically low interest rate environment created in part by the Federal Reserve Board and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero increases the risk that interest rates will rise. This risk is heightened due to the potential “tapering” of the Federal Reserve Board’s quantitative easing program and other similar foreign central bank actions. This tapering and eventual increase in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. As a result, the value of the Fund’s investments and share price may decline.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">●</td>
<td style="width: 98%; text-align: justify"><b>Credit Enhancement Risk </b>— A “credit enhancer,” such as a letter of credit, may decline in quality and lead to a decrease in the value of the Fund’s investments.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">●</td>
<td style="width: 98%; text-align: justify"><b>Credit Risk </b>— Credit risk is the possibility that the issuer of a debt instrument or a counterparty to an agreement fails to fulfill its obligations, reducing the Fund’s return. This includes failure by a bond issuer to repay interest and principal.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">●</td>
<td style="width: 98%; text-align: justify"><b>Interest Rate Risk </b>— The value of the Fund’s investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Funds yield may decrease due to a decline in interest rates.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">●</td>
<td style="width: 98%; text-align: justify"><b>Issuer Specific </b>— The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, earnings and sales trends, investor perceptions, financial leverage or reduced demand for the issuer’s goods or services.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">●</td>
<td style="width: 98%; text-align: justify"><b>Liquidity Risk </b>— Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail in the market.</td></tr>
</table>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">●</td>
<td style="width: 98%; text-align: justify"><b>Management Risk </b>— There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">●</td>
<td style="width: 98%; text-align: justify"><b>Market Risk </b>— The market value of a security may move up and down, sometimes rapidly and unpredictably.</td></tr>
</table>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">●</td>
<td style="width: 98%; text-align: justify"><b>Prepayment/Call Risk </b>— There is a chance that the repayment of an asset-backed or mortgage-backed obligation will occur sooner than expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will “call”— or repay — its bond before the bond’s maturity date.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 0pt; width: 100%; font-size: 10pt; margin-top: 0px">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">●</td>
<td style="width: 98%; text-align: justify"><b>Tax Risk </b>— The issuer of securities may fail to comply with certain requirements of the Internal Revenue Code, which could cause adverse tax consequences. Also, the use of investment practices that seek to minimize tax consequences may lead to investment decisions that do not maximize the returns on an after-tax basis. Economic developments or unforeseeable investor redemptions may also reduce returns without any corresponding increase in tax efficiency. To the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance. The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase the amount of taxes that you pay.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For more information about these risks, please
refer to the section titled “Investment Practices and Risks” in the Fund’s prospectus. An investment in the Fund
is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Loss
of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely
affect the Fund’s net asset value, yield or total return are (in alphabetical order):</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Changing Fixed
Income Market Conditions Risk </b>— The historically low interest rate environment created in part by the Federal Reserve
Board and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero increases the
risk that interest rates will rise. This risk is heightened due to the “tapering” of the Federal Reserve Board’s
quantitative easing program and other similar foreign central bank actions. This tapering and eventual increase in the federal
funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain
fixed income investments, particularly those with longer maturities. As a result, the value of the Fund’s investments
and share price may decline.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Credit Risk </b>—
Credit risk is the possibility that the issuer of a debt instrument or a counterparty to an agreement fails to fulfill its
obligations, reducing the Fund’s return. This includes failure by a bond issuer to repay interest and principal.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Emerging Markets
Risk </b>— Risks associated with investing in emerging market securities include potentially restrictive political and
economic structures and abrupt changes to those structures, changes in price visibility and liquidity in markets and securities,
fluctuations in currency exchange rates, volatility in interest rates, and sudden changes in tax policy.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exchange Traded
Fund (ETF) Risk </b>— The ETFs in which the Funds invest are subject to the risks applicable to the types of securities
and investments used by the ETFs. Because an ETF charges its own fees and expenses, fund shareholders will indirectly bear
these costs. The use of leverage in an ETF can magnify any price movements, resulting in high volatility. Due to daily rebalancing,
leverage, and liquidity, inverse ETFs may perform worse than the inverse movement of the underlying referenced financial asset,
index or commodity’s return.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Foreign Investment
Risk </b>— Higher transaction costs, delayed settlements, currency controls or adverse economic and political developments
may affect foreign investments.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest Rate
Risk </b>— The value of the Fund’s investments may decline due to an increase in interest rates. In general, the
longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline
in interest rates.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Issuer Specific
</b>— The value of a security may decline for a number of reasons which directly relate to the issuer, such as management
performance, earnings and sales trends, investor perceptions, financial leverage or reduced demand for the issuer’s
goods or services.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liquidity Risk
</b>— Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail
in the market.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Management Risk
</b>— There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers
will produce the desired results.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market Risk </b>—
The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Mid Cap Risk
</b>— The risk that the stocks of mid-capitalization companies often have greater price volatility, lower trading volume,
and less liquidity than the stocks of larger, more established companies.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Prepayment/Call
Risk </b>— There is a chance that the repayment of an asset-backed or mortgage-backed obligation will occur sooner than
expected. Call risk is the possibility that, during periods of falling interest rates, a bond issuer will “call”—
or repay — its bond before the bond’s maturity date.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Small Cap Risk
</b>— Small cap companies may be more vulnerable to adverse business or economic developments.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Valuation Risk
</b>— The risk associated with the assessment of appropriate pricing in a changing market where trading information
may not be readily available.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance.
The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase
the amount of taxes that you pay.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
more information about these risks, please refer to the section titled “Investment Practices and Risks” in the Fund’s
prospectus. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Loss
of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely
affect the Fund’s net asset value, yield or total return are (in alphabetical order):</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 99%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>High Yield Securities
Risk — </b>Fixed income securities rated below investment grade and unrated securities of similar credit quality (commonly
referred to as “junk bonds” or high yield securities) are regarded as being predominantly speculative as to the
issuer’s ability to make payments of principal and interest. Investments in such securities involves substantial risk.
Issuers of high yield securities may be highly leveraged and may not have available to them more traditional methods of financing.
Therefore, the risks associated with acquiring the securities of such issuers generally are greater than is the case with
investment grade securities. The value of high yield securities tends to be very volatile due to such factors as specific
corporate developments, interest rate sensitivity, less secondary market activity, and negative perceptions of high yield
securities and the junk bond markets generally, particularly in times of market stress. </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Issuer Specific
</b>— The value of a security may decline for a number of reasons which directly relate to the issuer, such as management
performance, earnings and sales trends, investor perceptions, financial leverage or reduced demand for the issuer’s
goods or services. </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Management Risk
</b>— There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers
will produce the desired results. </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market Risk </b>—
The market value of a security may move up and down, sometimes rapidly and unpredictably. </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Mid Cap Risk
</b>— The risk that the stocks of mid-capitalization companies often have greater price volatility, lower trading volume,
and less liquidity than the stocks of larger, more established companies. </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover
Risk </b>— A Fund may engage in active and frequent trading to achieve its principal investment objectives. This may
result in the realization and distribution to shareholders of higher capital gains as compared to a fund with less active
trading policies, which would increase an investor’s tax liability unless shares are held through a tax deferred or
exempt vehicle. Frequent trading also increases transaction costs, which could detract from a Fund’s performance. </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Small Cap Risk
</b>— Small cap companies may be more vulnerable to adverse business or economic developments. They may also be less
liquid and/or more volatile than securities of larger companies or the market averages in general. Small cap companies may
be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance.
The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase
the amount of taxes that you pay.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
more information about these risks, please refer to the section titled “Investment Practices and Risks” in the Fund’s
prospectus. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Loss
of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely
affect the Fund’s net asset value, yield or total return are (in alphabetical order):</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0pt; font-size: 10pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Credit Risk </b>—
Credit risk is the possibility that the issuer of a debt instrument or a counterparty to an agreement fails to fulfill its
obligations, reducing the Fund’s return. This includes failure by a bond issuer to repay interest and principal.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0pt; font-size: 10pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exchange Traded
Fund (ETF) Risk </b>— The ETFs in which the Funds invest are subject to the risks applicable to the types of securities
and investments used by the ETFs. Because an ETF charges its own fees and expenses, fund shareholders will indirectly bear
these costs. The use of leverage in an ETF can magnify any price movements, resulting in high volatility. Due to daily rebalancing,
leverage, and liquidity, inverse ETFs may perform worse than the inverse movement of the underlying referenced financial asset,
index or commodity’s return.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0pt; font-size: 10pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exchange Traded
Note (ETN) Risk </b>— Because ETNs are unsecured, unsubordinated debt securities; an investment in an ETN exposes the
Fund to the risk that an ETN issuer’s credit rating may be downgraded. The value of an ETN may be influenced by time
to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying securities’ markets,
changes in the applicable interest rates and economic, legal, political, or geographic events that affect the referenced index.
In addition, the Fund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund’s
operating expenses to be higher and its performance to be lower.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0pt; font-size: 10pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Income Risk </b>—
The Fund’s yield may decrease due to a decline in interest rates.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0pt; font-size: 10pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Issuer Specific
Risk </b>— The value of a security may decline for a number of reasons which directly relate to the issuer, such as
management performance, earnings and sales trends, investor perceptions, financial leverage or reduced demand for the issuer’s
goods or services.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0pt; font-size: 10pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Limited Number
of Holdings </b>— As a large percentage of a fund’s assets may be invested in a limited number of securities,
each investment has a greater effect on a Fund’s overall performance and any change in the value of those securities
could significantly affect the value of your investment in the fund.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0pt; font-size: 10pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liquidity Risk
</b>— Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail
in the market.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0pt; font-size: 10pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Management Risk
</b>— There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers
will produce the desired results.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0pt; font-size: 10pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market Risk </b>—
The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0pt; font-size: 10pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Mid Cap Risk
</b>— The risk that the stocks of mid-capitalization companies often have greater price volatility, lower trading volume,
and less liquidity than the stocks of larger, more established companies.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0pt; font-size: 10pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover
Risk </b>– A Fund may engage in active and frequent trading to achieve its principal investment objectives. This may
result in the realization and distribution to shareholders of higher capital gains as compared to a fund with less active
trading policies, which would increase an investor’s tax liability unless shares are held through a tax deferred or
exempt vehicle. Frequent trading also increases transaction costs, which could detract from a Fund’s performance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0pt; font-size: 10pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Short Sales Risk
</b>— Short sales expose the Fund to the risk that it will be required to cover its short position at a disadvantageous
price. Selling securities short can represent a form of leverage, which may increase the volatility of returns and exaggerate
losses.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0pt; font-size: 10pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Small Cap Risk
</b>— Small cap companies may be more vulnerable to adverse business or economic developments.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance.
The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase
the amount of taxes that you pay.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
more information about these risks, please refer to the section titled “Investment Practices and Risks” in the Fund’s
prospectus. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Loss
of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely
affect the Fund’s net asset value, yield or total return are (in alphabetical order):</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Commodity Risk
</b>– The Fund’s exposure to commodities may subject the Fund to greater volatility than investments in traditional
securities. The commodities markets may fluctuate widely based on a variety of factors, including changes in overall market
movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or
foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation rates and investment
and trading activities of mutual funds, hedge funds and commodities funds. Prices of various commodities may also be affected
by factors such as weather, embargoes, tariffs and other regulatory developments. The prices of commodities can also fluctuate
widely due to supply and demand disruptions in major producing or consuming regions. Investments in commodity futures may
be more volatile then the price of the underlying commodity.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Concentration
Risk</b> – The Fund’s concentration in energy-related industry securities may present more risks than would be
the case with funds that diversify investments in numerous industries and sectors of the economy. A downturn in the energy
sectors would have a larger impact on the World Energy Fund than on a fund that does not concentrate in these industries.
Energy sector securities can be significantly affected by events related to political developments, energy conservation, commodity
prices, and tax and government regulations. The performance of securities in the Fund may, at times, lag the performance of
companies in other sectors or the broader market as a whole.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Credit Enhancement
Risk</b> – Credit enhancement risk involves the possibility that a “credit enhancer,” such as a letter of
credit, declines in quality and therefore leads to a decrease in the value of the Fund’s investments.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Credit Risk</b>
– Credit risk is the possibility that the issuer of a debt instrument or a counterparty to an agreement fails to fulfill
its obligations, reducing the Fund’s return. This includes failure by a bond issuer to repay interest and principal.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Currency Risk
</b>– The potential risk of loss from unfavorable changes in the exchange rates between the U.S. dollar and foreign
currencies. Funds that invest directly in foreign currencies, or in securities that trade in, or receive revenues in, foreign
currencies, or in derivatives that provide exposure to foreign currencies are subject to the risk that those currencies will
decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value
relative to the currency being hedged. Exchange rate volatility may affect the ability of an issuer to repay U.S. dollar denominated
debt, thereby increasing credit risk.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Depositary Receipts
Risk</b> – There may be less material information available regarding issuers of unsponsored depositary receipts and,
therefore, there may not be a correlation between such information and the market value of the depositary receipts. Depositary
receipts are generally subject to the same risks as the foreign securities.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Derivatives Risk
</b>– The risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management
risks, mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying
asset, rate or index, and the Fund could lose more than the principal amount invested. The Fund typically uses derivatives
as a substitute for taking a position in the underlying asset or as part of a strategy designed to reduce exposure to other
risks, such as interest rate or currency risk. The Fund may also use derivatives for leverage, in which case their use would
involve leveraging risk. The Fund’s investments in commodity-linked derivative instruments may be affected by changes
in overall market movements, commodity index volatility, changes in interest rates, or factors affecting the energy industry
or energy commodities.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Emerging Markets
Risk</b> – Risks associated with investing in emerging market securities include potentially restrictive political and
economic structures and abrupt changes to those structures, changes in price visibility and liquidity in markets and securities,
fluctuations in currency exchange rates, volatility in interest rates, and sudden changes in tax policy.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Energy Industry
Risk</b> – Investment risks associated with investing in energy securities include price fluctuation caused by real
and perceived inflationary trends and political developments, the cost assumed in complying with environmental regulation,
changes in environmental regulation, energy conservation, demand for energy resources, fluctuations in energy prices, exploration
and production spending, technological developments, depletion of resources, import controls, weather, world events and economic
conditions.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exchange Traded
Fund (ETF) Risk</b> – The ETFs in which the Funds invest are subject to the risks applicable to the types of securities
and investments used by the ETFs. Because an ETF charges its own fees and expenses, fund shareholders will indirectly bear
these costs. The use of leverage in an ETF can magnify any price movements, resulting in high volatility. Due to daily rebalancing,
leverage, and liquidity, inverse ETFs may perform worse than the inverse movement of the underlying referenced financial asset,
index or commodity’s return.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exchange Traded
Note (ETN) Risk</b> – Because ETNs are unsecured, unsubordinated debt securities; an investment in an ETN exposes the
Fund to the risk that an ETN issuer’s credit rating may be downgraded. The value of an ETN may be influenced by time
to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying securities’ markets,
changes in the applicable interest rates and economic, legal, political, or geographic events that affect the referenced index.
In addition, the Fund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund’s
operating expenses to be higher and its performance to be lower.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Foreign Investment
Risk</b> – The risk associated with higher transaction costs, delayed settlements, currency controls or adverse economic
and political developments. Foreign securities may be affected by incomplete or inaccurate financial information on companies.
There is a risk of loss attributable to social upheavals, unfavorable governmental or political actions, seizure of foreign
deposits, changes in tax or trade statutes, and governmental collapse and war. These risks are more significant in emerging
markets.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>High Yield Securities
Risk</b> – Fixed income securities rated below investment grade and unrated securities of similar credit quality (commonly
referred to as “junk bonds” or high yield securities) are regarded as being predominantly speculative as to the
issuer’s ability to make payments of principal and interest. Investments in such securities involve substantial risk.
Issuers of high yield securities may be highly leveraged and may not have available to them more traditional methods of financing.
Therefore, the risks associated with acquiring the securities of such issuers generally are greater than is the case with
investment grade securities. The value of high yield securities tends to be very volatile due to such factors as specific
corporate developments, interest rate sensitivity, less secondary market activity, and negative perceptions of high yield
securities and the junk bond markets generally, particularly in times of market stress.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Income Risk </b>–
The Fund’s yield may decrease due to a decline in interest rates.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest Rate
Risk </b>– The value of the Fund’s interest-bearing investments may decline due to an increase in interest rates.
In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease
due to a decline in interest rates.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Issuer Specific
Risk </b>– The value of a security may decline for a number of reasons which directly relate to the issuer, such as
management performance, earnings and sales trends, investor perceptions, financial leverage and reduced demand for the issuer’s
goods or services.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Leverage Risk
</b>– The risk associated with securities or practices that multiply small index or market movements into large changes
in value. Leverage is often associated with investments in derivatives, but also may be embedded directly in the characteristics
of other securities.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Limited Number
of Holdings Risk </b>– As a large percentage of a fund’s assets may be invested in a limited number of securities,
each investment has a greater effect on a fund’s overall performance and any change in the value of those securities
could significantly affect the value of your investment in the fund.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liquidity Risk
</b>– Certain securities may be difficult or impossible to sell at the time and the price that would normally prevail
in the market.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Management Risk
</b>– There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers
will produce the desired results.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market Risk </b>–
The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Master Limited
Partnership Risk </b>– The interests or “units” of an MLP are listed and traded on securities exchanges
or in the over-the-counter market and their value fluctuates predominantly based on prevailing market conditions and the success
of the MLP. MLPs carry many of the risks inherent in investing in a partnership. Unit holders of an MLP may not be afforded
corporate protections to the same extent as shareholders of a corporation. In addition, unlike owners of common stock of a
corporation, holders of common units of an MLP may have more limited control and limited rights to vote on matters affecting
the MLP and have no ability to elect directors annually. In the event of liquidation, common units have preference over subordinated
units, but not over debt or preferred units, to the remaining assets of the MLP.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Mid Cap Risk
</b>— The risk that the stocks of mid-capitalization companies often have greater price volatility, lower trading volume,
and less liquidity than the stocks of larger, more established companies.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover
Risk </b>– A Fund may engage in active and frequent trading to achieve its principal investment objectives. This may
result in the realization and distribution to shareholders of higher capital gains as compared to a fund with less active
trading policies, which would increase an investor’s tax liability unless shares are held through a tax deferred or
exempt vehicle. Frequent trading also increases transaction costs, which could detract from a Fund’s performance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Regulatory Risk
</b>– The risk that a change in laws or regulations will materially affect a security, business, sector or market. A
change in laws or regulations made by the government or a regulatory body can increase the costs of operating a business,
reduce the attractiveness of investment and/or change the competitive landscape. Regulatory risk also includes the risk associated
with federal and state laws which may restrict the remedies that a lender has when a borrower defaults on loans. These laws
include restrictions on foreclosures, redemption rights after foreclosure, federal and state bankruptcy and debtor relief
laws, restrictions on “due on sale” clauses, and state usury laws.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Short Sale Risk
</b>– Short sales expose the Fund to the risk that it will be required to cover its short position at a disadvantageous
price. Selling securities short can represent a form of leverage, which may increase the volatility of returns and exaggerate
losses.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Small Cap Risk
</b>– Small cap companies may be more vulnerable to adverse business or economic developments.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Valuation Risk
</b>– The risk associated with the assessment of appropriate pricing in a changing market where trading information
may not be readily available.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
more information about these risks, please refer to the section titled “Investment Practices and Risks” in the Fund’s
prospectus. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.</font></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Loss
of money is a risk of investing in the Fund. In addition, the principal risks of investing in the Fund, which could adversely
affect the Fund’s net asset value, yield or total return are (in alphabetical order):</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0px; width: 100%; font-size: 10pt; margin-bottom: 0pt">
<tr style="text-align: justify; vertical-align: top">
<td style="width: 0in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif"><b>•</b></font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Foreign Investment
Risk</b> — Higher transaction costs, delayed settlements, currency controls or adverse economic and political developments
may affect foreign investments.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0px; width: 100%; font-size: 10pt; margin-bottom: 0pt">
<tr style="text-align: justify; vertical-align: top">
<td style="width: 0in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest Rate
Risk</b> — The value of the Fund’s investments may decline due to an increase in interest rates. In general, the
longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline
in interest rates.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0px; width: 100%; font-size: 10pt; margin-bottom: 0pt">
<tr style="text-align: justify; vertical-align: top">
<td style="width: 0in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Issuer Specific
</b>— The value of a security may decline for a number of reasons which directly relate to the issuer, such as management
performance, earnings and sales trends, investor perceptions, financial leverage or reduced demand for the issuer’s
goods or services.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0px; width: 100%; font-size: 10pt; margin-bottom: 0pt">
<tr style="text-align: justify; vertical-align: top">
<td style="width: 0in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Management Risk
</b>— There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers
will produce the desired results.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0px; width: 100%; font-size: 10pt; margin-bottom: 0pt">
<tr style="text-align: justify; vertical-align: top">
<td style="width: 0in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Market Risk </b>—
The market value of a security may move up and down, sometimes rapidly and unpredictably.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0px; width: 100%; font-size: 10pt; margin-bottom: 0pt">
<tr style="text-align: justify; vertical-align: top">
<td style="width: 0in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Mid Cap Risk
</b>— The risk that the stocks of mid-capitalization companies often have greater price volatility, lower trading volume,
and less liquidity than the stocks of larger, more established companies.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0px; width: 100%; font-size: 10pt; margin-bottom: 0pt">
<tr style="text-align: justify; vertical-align: top">
<td style="width: 0in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif"><b>•</b></font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio Turnover
Risk </b>— A Fund may engage in active and frequent trading to achieve its principal investment objectives. This may
result in the realization and distribution to shareholders of higher capital gains as compared to a fund with less active
trading policies, which would increase an investor’s tax liability unless shares are held through a tax deferred or
exempt vehicle. Frequent trading also increases transaction costs, which could detract from a Fund’s performance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0px; width: 100%; font-size: 10pt; margin-bottom: 0pt">
<tr style="text-align: justify; vertical-align: top">
<td style="width: 0in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif"><b>•</b></font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Preferred Stock
Risk </b>— Preferred stock is subordinated to bonds and other debt instruments in a company’s capital structure
and therefore will be subject to greater credit risk than those debt instruments. In addition, preferred stock is subject
to other risks, such as having no or limited voting rights, being subject to special redemption rights, having distributions
deferred or skipped, having limited liquidity, changing tax treatments and possibly being in heavily regulated industries.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="margin-top: 0px; width: 100%; font-size: 10pt; margin-bottom: 0pt">
<tr style="text-align: justify; vertical-align: top">
<td style="width: 0in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 0.2in"><font style="font: 10pt Times New Roman, Times, Serif">•</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Small Cap Risk
</b>— Small cap companies may be more vulnerable to adverse business or economic developments. They may also be less
liquid and/or more volatile than securities of larger companies or the market averages in general. Small cap companies may
be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
the extent that the Fund makes investments with additional risks, those risks could increase volatility or reduce performance.
The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and may increase
the amount of taxes that you pay.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
more information about these risks, please refer to the section titled “Investment Practices and Risks” in the Fund’s
prospectus. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.</font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Performance
Information</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Performance
Information</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Performance
Information</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Performance
Information</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Performance
Information</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Performance
Information</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Performance
Information</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Performance
Information</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Performance
Information</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Performance
Information</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Performance
Information</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 3.15pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing
changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1, 5 and
10 years. The Fund’s past performance does not necessarily indicate how the Fund will perform in the future. Updated performance
information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
bar chart shows changes in the Fund’s performance from year to year<sup>1</sup>. The returns for Service, Institutional,
Select and Premier Shares will differ from the returns for Administrative Shares (which are shown in the bar chart) because of
differences in the expenses of each class. The performance of the Administrative Class Shares before January 2, 2007 is based
on the performance of the retail shares of the Fund. The Fund was reorganized on January 2, 2007 when the Institutional U.S. Treasury
Fund transferred all of its assets and liabilities to the Fund. The expenses of the retail shares of the Fund were substantially
similar to those of the Administrative Class Shares of the Fund.</font></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing
changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1, 5 and
10 years. The Fund’s past performance does not necessarily indicate how the Fund will perform in the future. Updated performance
information may be obtained on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 3.1pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
bar chart shows changes in the Fund’s performance from year to year<sup>1</sup>. The returns for Institutional, Select and
Premier Shares will differ from the returns for Administrative Shares (which are shown in the bar chart) because of differences
in the expenses of each class. The performance of the Administrative Class Shares before January 2, 2007 is based on the performance
of the retail shares of the Fund. The Fund was reorganized on January 2, 2007 when the Institutional Cash Management Fund transferred
all of its assets and liabilities to the Fund. The Fund changed its name from the Cash Management Fund to the Government Securities
Money Market Fund in April, 2016. The expenses of the retail shares of the Fund were substantially similar to those of the Administrative
Class Shares of the Fund.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing
changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5,
and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes)
does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the
Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
bar chart shows changes in the Fund’s performance from year to year<sup>1</sup>. Prior to December 30, 2016, the Fund was
named the Short-Term Income Fund. The returns for A Shares and Institutional Shares will differ from the returns for Investor
Shares (which are shown in the bar chart) because of differences in the expenses of each class.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The
bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing
changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5
and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes)
does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the
Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">This
bar chart shows changes in the Fund’s performance from year to year<sup>1</sup>. The returns for A Shares and Institutional
Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses
of each class.</font></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing
changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5
and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes)
does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the
Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
bar chart shows changes in the Fund’s performance from year to year<sup>1</sup>. The returns for A Shares, C Shares and
Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences
in the expenses of each class. The Fund changed its name from the Balanced Fund to the Active Core Fund in April, 2016.</font></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing
changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5
and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes)
does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the
Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
bar chart shows changes in the Fund’s performance from year to year<sup>1</sup>. The returns for A Shares and Institutional
Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses
of each class.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing
changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5
and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes)
does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the
Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
bar chart shows changes in the Fund’s performance from year to year<sup>1</sup>. The returns for A Shares, C Shares and
Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences
in the expenses of each class. The Fund changed its name from the Balanced Fund to the Active Core Fund in April, 2016.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing
changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns 1, 5 and
10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes)
does not necessarily indicate how the Fund will perform in the future. Additionally, performance prior to December 30, 2016 was
the product of a different Principal Investment Strategy. Updated performance information may be obtained on the Fund’s
website www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
bar chart shows changes in the Fund’s performance from year to year<sup>1</sup>. Prior to December 30, 2016, the Fund was
named the U.S. Large Cap Equity Fund. The returns for A Shares, C Shares and Institutional Shares will differ from the returns
for Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The
bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing
changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with
those of a broad measure of market performance. The Fund’s past performance (before or after taxes) does not necessarily
indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website
www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">This
bar chart shows changes in the Fund’s performance from year to year<sup>1</sup>. The returns for A Shares, C Shares and
Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences
in the expenses of each class.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing
changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with
those of a broad measure of market performance. The Fund’s past performance (before or after taxes) does not necessarily
indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund’s website
www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
bar chart shows changes in the Fund’s performance from year to year<sup>1</sup>. The returns for A Shares, C Shares and
Institutional Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences
in the expenses of each class.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Because
it has not yet completed a full calendar year of operations, no performance information is presented for the Fund at this time.
In the future, performance information will be presented in this section of the prospectus. Also, shareholder reports containing
financial and performance information will be mailed to shareholders semi-annually. Updated performance information may be obtained
on the Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085. Please also see the section titled, “Historical
Performance of Similar Accounts managed by the Portfolio Manager” in Appendix A to the Statutory Prospectus.</font></p>
0.0200
0.0000
0.0000
0.0200
0.0000
0.0000
0.0200
0.00
0.00
0.0200
0
0
0.0350
0.0000
0.0000
0.0350
0.0000
0.0000
0.0350
0.0000
0.0000
0.0350
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0350
0
0
0
0.0000
0.0000
0.0000
0.0000
0.00
0.00
0
0
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0
0
0.0085
0.0085
0.0085
0.0085
0.0055
0.0055
0.0055
0.0055
0.0025
0.0025
0.0100
0.0025
0.0100
0.0025
0
0.0041
0.0056
0.0056
0.0056
0.0010
0.0025
0.0025
0.0025
0.0010
0.0025
0.0025
0.0025
0.0164
0.0179
0.0154
0.0254
0.0119
0.0209
0.0134
0.0109
0.0154
0.0158
0.0129
0.0229
0.0106
0.0181
0.0106
0.0081
70
40
28
19
25
58
29
20
26
264
70
40
274
81
50
266
69
42
276
76
49
443
96
70
462
115
91
501
161
131
468
198
122
97
172
192
232
454
184
108
83
221
191
124
116
230
211
127
119
233
422
264
180
453
295
211
428
267
186
453
288
208
660
353
275
720
412
337
840
543
462
738
664
434
356
585
646
767
702
628
397
319
<p><font style="font: 10pt Times New Roman, Times, Serif">The Fund also invests at least 80% of its net assets
in U.S. Treasury Obligations or repurchase agreements collateralized by U.S. Treasury Obligations.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">To pursue its objective, under normal circumstances,
the Fund invests primarily in high-quality instruments including obligations issued by the U.S. government or its agencies or
instrumentalities, commercial paper, medium-term notes, certificates of deposit, time deposits and repurchase agreements.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">To pursue its objective, under normal circumstances,
the Fund invests primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations or by
the U.S. government, its agencies or instrumentalities, municipal securities, mortgage-related securities, asset-backed securities
and collateralized mortgage obligations.</font></p>
<p style="margin: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">To pursue its objective, the
Fund invests, under normal market conditions, primarily in debt obligations such as bonds, notes and debentures, and bills issued
by U.S. corporations or the U.S. government, its agencies, or instrumentalities, municipal securities, mortgage-related securities,
asset-backed securities and collateralized mortgage obligations. Such debt obligations are rated within the three highest ratings
categories assigned by a nationally recognized statistical ratings organization or, if not rated, found by the Adviser under guidelines
approved by the Trust’s Board of Trustees to be of comparable quality. The Fund also invests in money market instruments.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">To pursue its objective, the Fund invests, under
normal market conditions, primarily in debt obligations such as bonds, notes and debentures, and bills issued by U.S. corporations
or by the U.S. government, its agencies, or instrumentalities, municipal securities, mortgage-related securities, asset-backed
securities and collateralized mortgage obligations. Such debt obligations are rated within the three highest ratings categories
assigned by a nationally recognized statistical ratings organization, or, if not rated, found by the Adviser under guidelines
approved by the Trust’s Board of Trustees to be of comparable quality. The Fund also invests in money market instruments.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
pursue its objective, under normal circumstances, the Fund invests at least 65% of its net assets in municipal bonds and debentures
that are rated at the time of purchase within the three highest ratings categories assigned by a nationally recognized statistical
ratings organization (“NRSRO”) or, if not rated, found by the Adviser under guidelines approved by the Trust’s
Board of Trustees to be of comparable quality. As a matter of fundamental policy the Fund invests, under normal circumstances,
at least 80% of its net assets in municipal securities, the income from which is exempt from federal income tax. Additionally,
the Fund will normally invest at least 80% of its net assets in bonds which pay interest that is not subject to federal alternative
minimum tax for shareholders who are individuals. The Fund invests at least 65% of its net assets in municipal securities which
are at the time of purchase within the three highest rating categories assigned by an NRSRO, in the case of bonds; rated within
the highest short-term ratings category assigned by an NRSRO, in the case of notes; rated in the highest short-term ratings category
assigned by an NRSRO, in the case of tax-exempt commercial paper; or rated in the highest ratings category assigned by an NRSRO,
in the case of variable rate demand obligations or, if not rated, found by the Adviser under guidelines approved by the Trust’s
Board of Trustees to be of comparable quality.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">To pursue its objective, the Fund normally invests
between 40% and 75% of its net assets in equity securities and at least 25% of its net assets in fixed income securities that
are rated at the time of purchase within the three highest ratings categories assigned by a nationally recognized statistical
ratings organization, or, if not rated, found by the Adviser under guidelines approved by the Trusts Board of Trustees to be of
comparable quality.</font></p>
To pursue its objective, under normal circumstances, the Fund invests at least 80% of its net assets in dividend-paying equity
securities. The Fund will invest in companies of all market capitalization - large, mid and small. These policies will not be changed
without at least 60 days prior notice to shareholders. “Equity securities” for purposes of this policy refers to common
stocks and securities convertible into common stocks.</p>
<p>
</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">To
pursue its objective, under normal circumstances, the Fund may trade frequently and may invest in a wide range of financial instruments,
market sectors and asset classes in the U.S. and other markets. Investments may include any asset for which there is a liquid
market. The Fund opportunistically selects investments where it believes value is not fully recognized by the market.</font>
<p><font style="font: 10pt Times New Roman, Times, Serif">To pursue its objective, under normal circumstances,
the Fund invests at least 80% of its net assets in a wide range of energy-related financial instruments issued in the U.S. and
markets around the world.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">To pursue its objective, under normal circumstances,
the Fund invests at least 80% of its net assets in a diversified portfolio of common stocks of Mid Cap U.S. companies. This policy
will not be changed without at least 60 days prior notice to shareholders. “Equity securities” for purposes of this
policy refers to common stocks and securities convertible into common stocks. The Fund defines Mid Cap securities as those that
are included in the Russell Midcap<sup>®</sup> Index at the time of purchase. The Fund may also invest up to 20% of its net
assets in preferred stocks, American Depositary Receipts, corporate bonds, notes, warrants and cash equivalents. Corporate bonds
will be rated at the time of purchase within the three highest ratings categories assigned by a nationally recognized statistical
ratings organization, or, if not rated, found by the Adviser under guidelines approved by the Trust’s Board of Trustees
to be of comparable quality. The Fund seeks to maintain a dollar-weighted average portfolio maturity of three to twelve years
for the debt portion of its portfolio.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">You could lose money by investing in the Fund.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">You could lose money by investing in the Fund.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">Loss of money is a risk of investing in the Fund.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">Loss of money is a risk of investing in the Fund.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">Loss of money is a risk of investing in the Fund.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">Loss of money is a risk of investing in the Fund.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">Loss of money is a risk of investing in the Fund.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">Loss of money is a risk of investing in the Fund.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">Loss of money is a risk of investing in the Fund.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">Loss of money is a risk of investing in the Fund.</font></p>
<p style="font-family: Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Loss
of money is a risk of investing in the Fund.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not a deposit of any
bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not a deposit of any
bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not a deposit of any
bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not a deposit of any
bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not a deposit of any
bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not a deposit of any
bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not a deposit of any
bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is not a deposit of any
bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">An
investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency.</font></p>
0.0013
0.0013
0.0013
0.0013
0.80
1.29
1.07
0.08
0.69
0.79
0.0266
0.0150
859
830
538
530
1090
858
550
543
1102
1091
1078
775
1207
1195
895
1114
1098
799
1198
1180
883
1568
1421
1132
1789
1636
1364
2218
2088
1813
1854
2514
1714
1432
2244
2453
2857
384
354
229
221
452
377
235
227
457
594
473
332
647
528
387
604
481
343
645
518
381
895
630
496
998
731
603
1201
950
816
1029
1157
768
636
1024
1126
1328
<p><font style="font: 10pt Times New Roman, Times, Serif">1-800-762-7085.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">1-800-762-7085.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">1-800-762-7085.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">1-800-762-7085.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>1-800-762-7085</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">1-800-762-7085</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">1-800-762-7085.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">1-800-762-7085.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">1-800-762-7085.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">1-800-762-7085.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">www.cavanalhillfunds.com</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">www.cavanalhillfunds.com</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">www.cavanalhillfunds.com</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">www.cavanalhillfunds.com</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>www.cavanalhillfunds.com</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">www.cavanalhillfunds.com</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">www.cavanalhillfunds.com</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">www.cavanalhillfunds.com</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">www.cavanalhillfunds.com</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">www.cavanalhillfunds.com</font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Total Returns for Administrative Shares and predecessor (Periods Ended 12/31)</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Total Returns for Administrative Shares and predecessor (Periods Ended 12/31)</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Total Returns for Investor Shares (Periods Ended 12/31)</b></font></p>
<p style="color: #4b721d; font-size: 10pt; text-align: left; text-indent: 0pt; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Total Returns for Investor Shares (Periods Ended 12/31)</b></font></p>
<p style="color: #4b721d; font-size: 10pt; text-align: left; text-indent: 0pt; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Total Returns for Investor Shares (Periods Ended 12/31)</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual
Total Returns for Investor Shares (Periods Ended 12/31)</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Total Returns for Investor Shares (Periods Ended 12/31)</b> </font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Total Returns for Investor Shares (Periods Ended 12/31) </b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Total Returns for Investor Shares (Periods Ended 12/31) </b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Annual
Total Returns for Select Shares (Periods Ended 12/31)</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: text-top"></font><font style="font: 10pt Times New Roman, Times, Serif">The
performance information shown above is based on a calendar year. The Fund’s total return from 1/1/16 to 9/30/16 was 0.01%.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><sup></sup>The
performance information shown above is based on a calendar year. The Fund’s total return from 1/1/16 to 9/30/16 was 0.01%.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><sup></sup>The
performance information shown above is based on a calendar year. The Fund’s total return from 1/1/16 to 9/30/16 was 1.31%.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><sup></sup>The
performance information shown above is based on a calendar year. The Fund’s total return from 1/1/16 to 9/30/16 was 1.91%.</font></p>
<p style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">The performance information
shown above is based on a calendar year. The Fund’s total return from 1/1/16 to 9/30/16 was 4.36%.</font></p>
<p style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">The performance information
shown above is based on a calendar year. The Fund’s total return from 1/1/16 to 9/30/16 was 1.91%.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The performance information shown above is based
on a calendar year. The Fund’s total return from 1/1/16 to 9/30/16 was 5.63%.</font></p>
<p style="margin: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The performance information shown
above is based on a calendar year. The Fund’s total return from 1/1/16 to 9/30/16 was 2.45%.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><sup></sup>The
performance information shown above is based on a calendar year. The Fund’s total return from 1/1/16 to 9/30/16 was -1.24%.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The
performance information shown above is based on a calendar year. The Fund’s total return from 1/1/16 to 9/30/16 was 16.04%.</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>4Q
2006</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>3Q
2014</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>1.16%</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>0.00%</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"></font></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">This table shows the Fund’s average annual total returns for periods ended December 31, 2015. The performance of the Administrative Class Shares
before January 2, 2007 is based on the performance of the retail shares of the Fund. The Fund was reorganized on January 2, 2007, when the Institutional
U.S. Treasury Fund transferred all of its assets and liabilities to the Fund. Service and Institutional Class Shares commenced operations on January 2,
2007. The performance shown for periods prior to January 2, 2007 is that of the retail shares of the Fund. The Select and Premier Class Shares have not
commenced operations as of the date of this prospectus. In each case, when predecessor information is used, performance has not been adjusted to reflect
the differences in fees and other expenses between classes. The shares would have substantially similar performance because shares are invested in the same
portfolio of securities and the performance would have differed only to the extent that the classes have different expenses.</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>4Q
2006</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>4Q
2011</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>1.20%</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>0.00%</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
table shows the Fund’s average annual total returns for periods ended December 31, 2015. The performance of the Administrative
Class before January 2, 2007 is based on the performance of the retail shares of the Fund. The Fund was reorganized on January
2, 2007, when the Institutional Cash Management Fund transferred all of its assets and liabilities to the Fund and Institutional
Class Shares commenced operations. The Fund changed its name from the Cash Management Fund to the Government Securities Money
Market Fund in April, 2016. The Premier Class Shares commenced operations on September 17, 2012. The performance shown for periods
prior to January 2, 2007 is that of the retail shares of the Fund. The Select Class Shares commenced operations on September 15,
2016. The performance shown for Select Class Shares for periods prior to September 15, 2016 is that of the Institutional Class
Shares. The performance shown for Premier Class Shares for periods prior to September 17, 2012 is that of the Administrative Class
Shares. In each case, when predecessor information is used, performance has not been adjusted to reflect the differences in fees
and other expenses between classes. The shares would have substantially similar performance because shares are invested in the
same portfolio of securities and the performance would have differed only to the extent that the classes have different expenses.</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>2Q
2009</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>4Q
2008</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>6.26%</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>-12<font style="color: Black">.47%</font></b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
table compares the Fund’s average annual total returns for periods ended December 31, 2015 to those of the BofA Merrill
Lynch 1-5 Year U.S. Corporate/Government Index. The A Shares, which impose a maximum sales charge of 2.00%, were not in existence
before May 1, 2011. Prior to December 31, 2014, the A Shares were subject to a maximum sales charge of 2.50%. Performance information
reflects the Fund’s Investor Shares for periods prior to May 2, 2011 for the A Shares. Investor Shares are subject to a
Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. This difference is reflected
in the performance information. Accordingly, had the A Shares of the Fund been offered for periods before May 2, 2011, the performance
information would have been different as a result of lower annual operating expenses. The stated returns assume the highest historical
federal marginal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state
and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax
returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>3Q
2009</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>4Q
2008</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>6.12%</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>-10.13%</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
table compares the Fund’s average annual total returns for periods ended December 31, 2015 to those of the Bloomberg Barclays
U.S. Intermediate Aggregate Bond Index. The A Shares, which impose a maximum sales charge of 2.00%, were not in existence before
May 1, 2011. Prior to December 31, 2014, the A Shares were subject to a maximum sales charge of 3.75%. Performance information
reflects the Fund’s Investor Shares for periods prior to May 2, 2011 for the A Shares. Investor Shares are subject to a
Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. This difference is reflected
in the performance information. Accordingly, had the A Shares of the Fund been offered for periods before May 2, 2011, the performance
information would have been different as a result of lower annual operating expenses. The stated returns assume the highest historical
federal marginal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state
and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax
returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Best
quarter:</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Worst
quarter:</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>3Q
2009</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>4Q
2008</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>6.55%</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>-6.50%</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
table compares the Fund’s average annual total returns for periods ended December 31, 2015 to those of the Bloomberg Barclays
U.S. Aggregate Bond Index. The A Shares, which impose a maximum sales charge of 2.00%, were not in existence before May 1, 2011.
Prior to December 31, 2014, the A Shares were subject to a maximum sales charge of 3.75%. Performance information reflects the
Fund’s Investor Shares for periods prior to May 2, 2011 for the A Shares. Investor Shares are subject to a Shareholder Servicing
Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. This difference is reflected in the performance information.
Accordingly, had the A Shares of the Fund been offered for periods before May 2, 2011, the performance information would have
been different as a result of lower annual operating expenses. The stated returns assume the highest historical federal marginal
income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not
relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; width: 47%"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; width: 53%"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>3Q
2009</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>4Q
2010</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>4.87%</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>-3.78%</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
table compares the Fund’s average annual total returns for periods ended December 31, 2015 to those of the Bloomberg Barclays
U.S. Municipal Bond Index. The A Shares, which impose a maximum sales charge of 2.00%, were not in existence before May 1, 2011.
Prior to December 31, 2014, the A Shares were subject to a maximum sales charge of 3.75%. Performance information reflects the
Fund’s Investor Shares for periods prior to May 2, 2011 for the A Shares. Investor Shares are subject to a Shareholder Servicing
Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. This difference is reflected in the performance information.
Accordingly, had the A Shares of the Fund been offered for periods before May 2, 2011, the performance information would have
been different as a result of lower annual operating expenses. The stated returns assume the highest historical federal marginal
income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not
relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>2Q
2009</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>4Q
2008</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>12.13%</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>-14.85%</b></font></td></tr>
</table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">This
table compares the Fund’s average annual total returns for periods ended December 31, 2015 to those of the Russell 1000<sup>®
</sup>Index and the Bloomberg Barclays U.S. Aggregate Bond Index. The A Shares, which impose a maximum sales charge of 3.50%,
were not in existence before May 1, 2011. Prior to December 31, 2014, the A Shares were subject to a maximum sales charge of 5.50%.
The C Shares were not in existence before December 31, 2014. Performance information reflects the Fund’s Investor Shares
for periods prior to May 2, 2011 for A Shares and December 30, 2014 for C Shares. Investor and A Shares bear a 12b-1 fee of 0.25%
and C Shares bear a 12b-1 fee of 1.00%. Investor and C Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the
Shareholder Servicing Fee for A Shares is 0.10%. Each of these differences is reflected in the performance information. Accordingly,
had the A and C Shares of the Fund been offered for periods before May 2, 2011 and December 30, 2014, respectively, the performance
information would have been different as a result of different annual operating expenses. The stated returns assume the highest
historical federal marginal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable
state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax
returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans. The Russell 1000<sup>®
</sup>Index is presented to show how the Fund’s performance compares to an index of equity securities, while the Bloomberg
Barclays U.S. Aggregate Bond Index shows how the Fund’s performance compares to an index of bond securities.</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>2Q
2009</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>4Q
2008</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>16.83%</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>-23.25%</b></font></td></tr>
</table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
table compares the Fund’s average annual total returns for periods ended December 31, 2015 to those of the Russell 1000<sup>®
</sup>Index and the Russell 3000<sup>® </sup>Value Index. The A Shares, which impose a maximum sales charge of 3.50%, were
not in existence before May 1, 2011. Prior to December 31, 2015, the A Shares were subject to a maximum sales charge of 5.50%.
The C Shares were not in existence before December 31, 2014. Performance information reflects the Fund’s Investor Shares
for periods prior to May 2, 2011 for the A Shares and December 31, 2014 for C Shares. Investor and A Shares bear a 12b-1 fee of
0.25% and C Shares bear a 12b-1 fee of 1.00%. Investor and C Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas
the Shareholder Servicing Fee for A Shares is 0.10%. The Fund’s Principal Investment Strategy was changed effective December
30, 2016. Each of these differences is reflected in the performance information. Accordingly, had the A and C Shares of the Fund
been offered for periods prior to May 2, 2011 and December 31, 2014, respectively, the performance information would have been
different as a result of different annual operating expenses. The stated returns assume the highest historical federal marginal
income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not
relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.</font></p>
<p></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>1Q
2012</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>3Q
2015</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>11.50%</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>-5.10%</b></font></td></tr>
</table>
<p style="color: red; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> This
table compares the Fund’s average annual total returns for periods ended December
31, 2015 to those of the S&P 500 Index and the HFRX Equity Hedge Index. The A Shares
impose a maximum sales charge of 3.50%. Prior to December 31, 2014, the A Shares were
subject to a maximum sales charge of 5.50%. The C Shares were not in existence before
December 31, 2014. Performance information reflects the Fund’s Investors Shares
for periods prior to December 31, 2014 for C Shares. Unlike Investor Shares, which bears
a 12b-1 fee of 0.25%, C Shares bear a 12b-1 fee of 1.00%. This difference is reflected
in the performance information. Accordingly had the C Shares been offered for periods
before December 31, 2014, the performance would have been different as a result of different
annual operating expenses. The stated returns assume the highest historical federal marginal
income and capital gains tax rates. These after-tax returns do not reflect the effect
of any applicable state and local taxes. Actual after-tax returns depend on an investor’s
tax situation and may differ from those shown. After-tax returns are not relevant to
investors holding shares through tax-deferred programs, such as IRA or 401(k) plans.</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>1Q
2015</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>3Q
2015</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>0.75%</b></font></td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>-15.05%</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">This
table compares the Fund’s average annual total returns for periods ended December 31, 2015 to those of the S&P 500 Index
and the MSCI World Energy Index. The A Shares impose a maximum sales charge of 3.50%. Prior to December 31, 2014, the A Shares
were subject to a maximum sales charge of 5.50%. The stated returns assume the highest historical federal marginal income and
capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. Actual after-tax
returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors
holding shares through tax-deferred programs, such as IRA or 401(k) plans. </font></p>
<p style="margin: 0 0 2pt; font: 11pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year
to Date Return</b></font></p>
<p style="margin: 0 0 2pt; font: 11pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year
to Date Return</b></font></p>
<p style="margin: 0 0 2pt; font: 11pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year
to Date Return</b></font></p>
<p style="margin: 0 0 2pt; font: 11pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year
to Date Return</b></font></p>
<p style="margin: 0 0 2pt; font: 11pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year
to Date Return</b></font></p>
<p style="margin: 0 0 2pt; font: 11pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year
to Date Return</b></font></p>
<p style="margin: 0 0 2pt; font: 11pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year
to Date Return</b></font></p>
<p style="margin: 0 0 2pt; font: 11pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year
to Date Return</b></font></p>
<p style="margin: 0 0 2pt; font: 11pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year
to Date Return</b></font></p>
<p style="margin: 0 0 2pt; font: 11pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year
to Date Return</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Best
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #4b721d"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Worst
quarter:</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Average
Annual Total Returns for Administrative, Service and Institutional Shares and predecessors. (Periods Ended 12/31/2015)</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Average
Annual Total Returns for Administrative, Institutional and Premier Shares and predecessors.</b> <b>(Periods Ended 12/31/2015)</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Average
Annual Total Returns (Periods Ended 12/31/2015)</b></font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Average
Annual Total Returns (Periods Ended 12/31/15)</b></font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Average
Annual Total Returns (Periods Ended 12/31/15)</b></font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average
Annual Total Returns (Periods Ended 12/31/15)</b></font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Average
Annual Total Returns (Periods Ended 12/31)</b></font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Average
Annual Total Returns (Periods Ended 12/31/15)</b></font></p>
<p style="font-family: Arial, Helvetica, Sans-Serif; color: white"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Average
Annual Total Returns (Periods Ended 12/31/15)</b></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average
Annual Total Returns (Periods Ended 12/31/15</b></font><b><font style="font: 8pt Times New Roman, Times, Serif">)</font></b></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The bar chart and the performance table below illustrate
some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year
to year and by showing the Fund’s average annual returns for 1, 5 and 10 years.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The bar chart and the performance table below illustrate
some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year
to year and by showing the Fund’s average annual returns for 1, 5 and 10 years.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The bar chart and the performance table below illustrate
some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year
to year and by showing the Fund’s average annual returns for 1, 5 and 10 years.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The bar chart and the performance table below illustrate
some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year
to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure
of market performance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund by showing
changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5
and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before or after taxes)
does not necessarily indicate how the Fund will perform in the future. Updated performance information may be obtained on the
Fund’s website www.cavanalhillfunds.com or by calling 1-800-762-7085.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
bar chart shows changes in the Fund’s performance from year to year<sup>1</sup>. The returns for A Shares and Institutional
Shares will differ from the returns for Investor Shares (which are shown in the bar chart) because of differences in the expenses
of each class.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">This bar chart shows changes in the Fund’s
performance from year to year(1). The returns for A Shares, C Shares and Institutional Shares will differ from the returns for
Investor Shares (which are shown in the bar chart) because of differences in the expenses of each class. The Fund changed its
name from the Balanced Fund to the Active Core Fund in April, 2016.</font></p>
The bar chart and the performance table below illustrate some of the risks
and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by
showing how the Funds average annual returns 1, 5 and 10 years compare with those of a broad measure of market performance.</p>
<p>
The bar chart and the performance table below illustrate some of the risks and return volatility of an investment in the Fund
by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns
compare with those of a broad measure of market performance.</p>
<p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The bar chart and the performance table below illustrate
some of the risks and return volatility of an investment in the Fund by showing changes in the Fund’s performance from year
to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance does not necessarily
indicate how the Fund will perform in the future.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance does not necessarily
indicate how the Fund will perform in the future.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance (before or after
taxes) does not necessarily indicate how the Fund will perform in the future.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance (before or after
taxes) does not necessarily indicate how the Fund will perform in the future.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance (before or after
taxes) does not necessarily indicate how the Fund will perform in the future</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance (before or after
taxes) does not necessarily indicate how the Fund will perform in the future.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance (before or after
taxes) does not necessarily indicate how the Fund will perform in the future.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance (before or after
taxes) does not necessarily indicate how the Fund will perform in the future.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance (before or after
taxes) does not necessarily indicate how the Fund will perform in the future.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance (before or after
taxes) does not necessarily indicate how the Fund will perform in the future.</font></p>
0.0000
0.0001
0.0051
0.0012
0.0041
0.0118
-0.0038
-0.0104
0.0120
-0.1675
2014-09-30
2011-12-31
2008-12-31
2008-12-31
2008-12-31
2010-12-31
2008-12-31
2008-12-31
2015-09-30
2015-09-30
0.0000
0.0000
-0.1247
-0.1013
-0.0650
-0.0378
-0.1485
-0.2325
-0.0510
-0.1505
2006-12-31
2006-12-31
2009-06-30
2009-09-30
2009-09-30
2009-09-30
2009-06-30
2009-06-30
2012-03-31
2015-03-31
0.0116
0.0120
0.0626
0.0612
0.0655
0.0487
0.1213
0.1683
0.1150
0.0075
2016-09-30
2016-09-30
2016-09-30
2016-09-30
2016-09-30
2016-09-30
2016-09-30
2016-09-30
2016-09-30
2016-09-30
0.0001
0.0001
0.0131
0.0191
0.0436
0.0191
0.0563
0.0245
-0.0124
0.1604
<p style="margin: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Although the Fund seeks to preserve
the value of your investment at $1.00 per share, it cannot guarantee it will do so.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">Although the Fund seeks to preserve the value of
your investment at $1.00 per share, it cannot guarantee it will do so.</font></p>
0.0432
0.0453
0.0443
0.0440
0.0407
0.0284
0.1150
0.1322
0.0428
0.0473
0.0475
0.0538
0.0523
0.0389
0.0587
0.0967
0.0106
0.0186
-0.1782
-0.1671
-0.1302
0.0388
-0.2726
-0.3569
0.0005
0.0011
0.1737
0.1420
0.1432
0.0647
0.2400
0.3102
0.0010
0.0010
0.1032
0.1356
0.1380
0.0194
0.1324
0.1360
0.0001
0.0001
0.0319
0.0595
0.0761
0.0956
0.0303
-0.0444
0.0001
0.0001
0.0463
0.1001
0.0687
0.0357
0.0956
0.1079
0.1684
0.0000
0.0001
0.0067
0.0250
-0.0058
-0.0170
0.1452
0.3169
0.2422
0.0000
0.0001
0.0160
0.0377
0.0478
0.0441
0.0848
0.1169
0.0238
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Yield</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">The
7-day yield for the period ended 12/31/15 was 0.01% for Administrative Shares; 0.01% for Service Shares; and 0.01% for Institutional
Shares. The Select Shares and Premier Shares have not commenced operations as of the date of this prospectus.</font></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">You
may obtain the most current yield information for the Fund by calling (800) 762-7085.</font></p>
<p style="margin: 0pt"></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Yield</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 3.1pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">The
7-day yield for the period ended 12/31/15 was 0.01% for Administrative Shares; 0.01% for Institutional Shares; and 0.03% for Premier
Shares. The Select Shares will commence operations as of the date of this prospectus.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">You
may obtain the most current yield information for the Fund by calling (800) 762-7085.</font></p>
0.0000
0.0000
0.0000
0.0001
0.0001
0.0001
0.0001
0.0006
0.0029
0.0105
-0.0039
0.0007
0.0121
-0.0036
0.0024
0.0055
0.0118
0.0164
0.0330
-0.0191
0.0086
0.0092
0.0055
-0.0193
0.0015
0.0051
0.0078
0.0012
0.0032
0.0041
0.0049
0.0118
0.0145
-0.0038
-0.0033
-0.0104
-0.0098
-0.0468
0.0120
0.0039
0.0096
-0.0233
0.0138
0.0155
-0.0152
0.0053
-0.0206
-0.0002
-0.0181
0.0024
-0.0091
0.0110
-0.0410
-0.0064
-0.0123
-0.0231
0.0120
-0.0129
-0.0196
0.0054
-0.1960
0.1672
-0.1675
-0.1688
-0.0937
-0.1660
-0.1827
0.0138
-0.2217
0.0000
0.0000
0.0000
0.0001
0.0001
0.0001
0.0001
0.0149
0.0137
0.0168
0.0357
0.0307
0.0274
0.0275
0.0249
0.0325
0.0330
0.0319
0.0535
0.0543
0.0521
0.1244
0.0325
0.0761
0.0705
0.0211
0.0235
0.0442
0.0467
0.0377
0.0401
0.0333
0.0360
0.0692
0.0714
0.0903
0.0928
0.0825
0.0172
0.0213
0.0401
0.0443
0.0336
0.0378
0.0304
0.0346
0.0610
0.0685
0.0902
0.0672
0.0883
0.0097
0.0102
0.0105
0.0112
0.0121
0.0121
0.0112
0.0145
0.0156
0.0335
0.0261
0.0253
0.0426
0.0262
0.0258
0.0451
0.0354
0.0344
0.0472
0.0387
0.0395
0.0740
0.0451
0.0551
0.0498
0.0259
0.0286
0.0396
0.0424
0.0407
0.0432
0.0356
0.0384
0.0535
0.0559
0.0624
0.0649
0.0586
0.0239
0.0260
0.0376
0.0397
0.0387
0.0408
0.0341
0.0362
0.0495
0.0532
0.0623
0.0526
0.0614
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Yield</b></font></p>
<p style="color: #4b721d; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black"><b>Yield</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The
7-day yield for the period ended 12/31/15 was 0.01% for Administrative Shares; 0.01% for Service Shares; and 0.01% for Institutional
Shares. The Select Shares and Premier Shares have not commenced operations as of the date of this prospectus.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The
7-day yield for the period ended 12/31/15 was 0.01% for Administrative Shares; 0.01% for Institutional Shares; and 0.03% for Premier
Shares. The Select Shares have not commenced operations as of the date of this prospectus.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">(800) 762-7085.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">(800) 762-7085.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">(reflects no deduction for expenses, fees or taxes)</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">(reflects no deduction for expenses, fees or taxes)</font></p>
<p style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">(reflects
no deduction for expenses, fees or taxes)</font></p>
<p style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">(reflects no deduction for
expenses, fees or taxes)</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">(reflects no deduction for expenses, fees or taxes)</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">(reflects no deduction for expenses, fees or taxes)</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">(reflects no deduction for expenses, fees or taxes)</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">(reflects no deduction for expenses, fees or taxes)</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">(reflects no deduction for expenses, fees or taxes)</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">(reflects no deduction for expenses, fees or taxes)</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">(reflects no deduction for expenses, fees or taxes)</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">(reflects no deduction for expenses, fees or taxes)</font></p>
0.1077
0.0957
0.0812
0.0203
0.1544
0.1113
0.0994
0.1084
0.1060
-0.1258
-0.1094
-0.1095
-0.1121
-0.0824
-0.1074
-0.1161
0.1108
-0.1412
2011-09-01
2011-09-01
2011-09-01
2011-09-01
2011-09-01
2011-09-01
2011-09-01
2011-09-01
2011-09-01
2014-02-03
2014-02-03
2014-02-03
2014-02-03
2014-02-03
2014-02-03
2014-02-03
2014-02-03
2014-02-03
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0.0001
0.0001
0.0001
0.0001
0.0001
0.0003
<p style="margin: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Actual after-tax returns depend
on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors holding
shares through tax-deferred programs, such as IRA or 401(k) plans.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">Actual after-tax returns depend on an investor’s
tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred
programs, such as IRA or 401(k) plans.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">Actual after-tax returns depend on an investor’s
tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred
programs, such as IRA or 401(k) plans.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">Actual after-tax returns depend on an investor’s
tax situation and may differ from those shown. After-tax returns are not relevant to investors holding shares through tax-deferred
programs, such as IRA or 401(k) plans.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The stated returns assume the highest historical
federal marginal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state
and local taxes.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The stated returns assume the highest historical
federal marginal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state
and local taxes.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The stated returns assume the highest historical
federal marginal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state
and local taxes.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The stated returns assume the highest historical
federal marginal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state
and local taxes.</font></p>
Annual Fund Operating Expenses are estimates due to a reduction in Management Fees and associated removal of Management Fee Waivers.
Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees to which they are entitled paid by Select and Premier Shares, 0.15% paid by Service Shares and 0.17% paid by Institutional Shares. The affiliate waivers result in a reduction of the Shareholder Servicing Fee paid by all purchasers of a Class to the extent shown in the table. The Distributor has contractually agreed to waive 0.45% of the Distribution/Service (12b-1) Fee paid by the Premier Class and 0.15% of such Fee paid by the Service Class. Contractual waivers are in place for the period through December 31, 2017 and may only be terminated or modified with the approval of the Fund's Board of Trustees.
Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees to which they are entitled paid by Select and Premier Shares and 0.17% paid by Institutional Shares. The affiliate waivers result in a reduction of the Shareholder Servicing Fee paid by all purchasers of a Class to the extent shown in the table. The Distributor has contractually agreed to waive 0.45% of the Distribution/Service (12b-1) Fee paid by the Premier Class and 0.13% paid by the Administrative Class. Contractual waivers are in place for the period through December 31, 2017 and may only be terminated or modified with the approval of the Fund's Board of Trustees.
Class A shares are available with no front-end sales charge on investments of $200,000 or more. There is, however, a contingent deferred sales charge (CDSC) of up to 1.00% on any Class A Shares upon which a dealer concession was paid that are sold within one year of purchase.
Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees to which they are entitled. The affiliate waivers result in a reduction of the Shareholder Servicing Fee paid by all purchasers of a Class to the extent shown in the table. Contractual waivers are in place for the period through December 31, 2017 and may only be terminated or modified with the approval of the Fund's Board of Trustees.
Other Expenses are based on estimated amounts for the Fund's first fiscal year.
The Adviser has contractually agreed to waive fees payable to it or reimburse certain expenses so that expenses (other than extraordinary expenses and Acquired Fund Fees and Expenses) for each Class do not exceed 0.81%, plus class-specific fees until December 31, 2017. Affiliates of the Adviser have contractually agreed to waive all Shareholder Servicing Fees to which they are entitled. The affiliate waivers result in a reduction of the Shareholder Servicing Fee paid by all purchasers of a Class to the extent shown in the table. Contractual waivers are in place for the period through December 31, 2017 and may only be terminated or modified with the approval of the Fund's Board of Trustees.
As a result in the change to the Fund's Principal Investment Strategy, the broad-based securities market index has been changed from the Russell 1000 Index to the Russell 3000 Value Index.