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2025-12-31 0001511699 ck0001511699:MerQubeHedgedPremiumIncomeIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-04-30 2026-04-30 0001511699 ck0001511699:MerQubeHedgedPremiumIncomeIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0001511699 ck0001511699:MerQubeHedgedPremiumIncomeIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2024-09-04 2025-12-31 0001511699 ck0001511699:SP500TotalReturnIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-04-30 2026-04-30 0001511699 ck0001511699:SP500TotalReturnIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001511699 ck0001511699:SP500TotalReturnIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2024-09-04 2025-12-31 0001511699 ck0001511699:S000087366Member ck0001511699:C000253083Member 2025-01-01 2025-12-31 pure iso4217:USD 485BPOS 0001511699 false 0.1130 2026-04-29 N-1A MANAGED PORTFOLIO SERIES 2026-04-30 KENSINGTON CREDIT OPPORTUNITIES ETF Investment Objective <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:127.52pt;position:var(--position);text-decoration:none;white-space:pre;width:264.77pt">The Kensington Credit Opportunities ETF (KAMO) (the “Fund”) </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:392.29pt;position:var(--position);text-decoration:none;white-space:pre;width:153.93pt">seeks income and capital appreciation.</span> Fees and Expenses of the Fund: <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:174.19pt;position:var(--position);text-decoration:none;white-space:pre;width:401.71pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:146.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:27.47pt">Fund. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:63.47pt;position:var(--position);text-decoration:none;white-space:pre;width:512.39pt">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:180.12pt">reflected in the table and Examples below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0 0.0000 0.0007 0.0092 Other Expenses and Acquired Fund Fees and Expenses (“AFFE”) are estimated for the current fiscal year. AFFE are indirect costs of investing in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund and not the indirect costs of investing in other investment companies. Other Expenses and Acquired Fund Fees and Expenses (“AFFE”) are estimated for the current fiscal year. AFFE are indirect costs of investing in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund and not the indirect costs of investing in other investment companies. Example: <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:79.15pt;position:var(--position);text-decoration:none;white-space:pre;width:496.67pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.82pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:472.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.82pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.82pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:484.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.96pt">those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:67.95pt">remain the same.</span> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: 94 293 Portfolio Turnover: <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:122.76pt;position:var(--position);text-decoration:none;white-space:pre;width:453.19pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:577.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.88pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:589.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.88pt">held in a taxable account at the shareholder level. These costs, which are not reflected in annual fund operating expenses or in the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:601.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt">example above, affect the Fund’s performance. During the most recent fiscal period from the Fund’s inception on December 16, 2025,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:613.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:279.55pt">through December 31, 2025, the Fund’s portfolio turnover rate was </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:315.55pt;position:var(--position);text-decoration:none;white-space:pre;width:13.33pt">1%</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:328.88pt;position:var(--position);text-decoration:none;white-space:pre;width:246.99pt"> of its average portfolio value. The portfolio turnover rate is</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:625.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt">calculated without regard to short positions intended to be held for less than a year and most derivatives. If such instruments were</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:637.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:293.87pt">included, the Fund’s portfolio turnover rate might be significantly higher.</span></div> 0.01 Principal Investment Strategies <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt">The Fund invests, under normal circumstances, at least 80% of its assets (including the amount of borrowings for investment</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:697.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.86pt">purposes) in (1) U.S. and non-U.S. fixed income securities; and (2) exchange-traded funds and derivatives instruments that provide</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:709.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:289.26pt">long and short exposure to U.S. and non-U.S. fixed income securities. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:325.26pt;position:var(--position);text-decoration:none;white-space:pre;width:250.65pt">The Fund focuses on lower-quality, higher-yielding securities</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:721.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.89pt">across a wide range of investable asset classes using both long and short exposures. The Fund will gain exposure to fixed income</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:733.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:329.65pt">securities primarily by investing in one or more of the following investment types:</span></div><div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:158.42pt">Other exchange-traded funds (“ETFs”);</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:230.42pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:51pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:156.85pt">Individual bonds (or baskets of bonds);</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:228.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:66pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:71.61pt">Bond futures; and</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:81pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:328.01pt">Credit default swaps, credit default index swaps, and options on such instruments.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:443.14pt">The Fund will typically seek exposure among a wide range of fixed income segments, including the following:</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:479.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:114.06pt">Lower Grade Fixed Income</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:109.9pt">High-yield corporate bonds</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:159pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:181.2pt">Leveraged loans, senior loans and bank loans</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:73.55pt">Convertible bonds</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:117.4pt">Higher Grade Fixed Income</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:136.52pt">Investment-grade corporate bonds</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:376.69pt">Asset-backed securities, including mortgage-related securities and mortgage-backed securities</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:243pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:96pt">U.S. Treasury securities</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:267pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:101.01pt">Peripheral Asset Classes</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:96.02pt">Emerging market bonds</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:245.84pt">Publicly-traded Business Development Companies (“BDCs”)</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:125.14pt">High dividend equity securities</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.88pt">The Fund is designed to provide an actively-managed solution across various sectors of fixed income using Kensington’s investment</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.87pt">process. The Fund will generally feature a blended portfolio that increases or decreases exposure across target asset classes.  The Fund</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.82pt">may use both  long or short exposures to manage duration and credit risk through a two-step process that involves quantitative analysis</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.82pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:300.47pt">on different aspects of fixed income investing, as well as risk management.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:336.47pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt">The Fund’s quantitative analysis process incorporates four distinct categories: Trends, Valuation, Macro Environment, and Pricing and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:309.09pt">Flow Anomalies, using a quantitative approach with the following rationales:</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div></div><div style="position:var(--position);top:431.5pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:78pt"></td><td style="padding:0;width:15pt"></td><td style="padding:0;width:447pt"></td></tr><tr style="height:15pt"><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:51pt"><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15pt;width:78pt"><div><div style="line-height:10pt;position:var(--position);top:2.63pt;width:78pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:44.84pt;position:var(--position);text-decoration:none;white-space:pre">Trends</span></div></div></div></td><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"><div style="left:93pt;position:var(--position);top:15pt;width:447pt"><div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:2.63pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.62pt">The trend-following component of the Fund utilizes numerous inputs, such as par weighted index price,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:15.13pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.6pt">yields, total return index, and credit spreads. For each input, features are generated across long, medium, and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:27.63pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.7pt">short timeframes to obtain a final trend signal. The objective is to capture the essence of trends as they occur.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.33pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:40.13pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:390.35pt">Frequent changes are to be expected but other process components seek to mitigate this volatility.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:392.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:15pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:63.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:95.25pt;width:78pt"><div><div style="line-height:10pt;position:var(--position);top:2.63pt;width:78pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:33.16pt;position:var(--position);text-decoration:none;white-space:pre">Valuation</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:93pt;position:var(--position);top:95.25pt;width:447pt"><div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:2.63pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.63pt">This component is an inherently counter-trend or contrarian framework designed to complement trend-</span></div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:15.13pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.73pt">following. This aspect of the process is designed to identify areas of relatively “cheap” versus “expensive”</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.36pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:27.63pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.68pt">valuations, based on historical data. This component is designed to allow the Fund to be more risk-conscious</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.31pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:40.13pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.71pt">when valuations are overpriced and to identify possible counter-trend buying opportunities when valuations</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.34pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:52.63pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:120.09pt">are at extreme historical lows.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:122.72pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:15pt"><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:63.75pt"><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:188.25pt;width:78pt"><div><div style="line-height:10pt;position:var(--position);top:2.63pt;width:78pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:47.08pt;position:var(--position);text-decoration:none;white-space:pre">Macro </span></div><div style="line-height:10pt;position:var(--position);top:15.13pt;width:78pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:18.74pt;position:var(--position);text-decoration:none;white-space:pre">Environment</span></div></div></div></td><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"><div style="left:93pt;position:var(--position);top:188.25pt;width:447pt"><div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:2.63pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.67pt">This analysis considers factors from different asset classes, such as equities and commodities. The portfolio</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.3pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:15.13pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.69pt">managers believe that including a “macro-aware” framework can potentially improve allocation guidance and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.32pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:27.63pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.74pt">risk-adjusted performance. For example, rising commodity, government bond, and equity prices typically</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.37pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:40.13pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.73pt">show strong or improving economic growth, whereas falling bond and equity prices but rising commodity</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.36pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:52.63pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:227.18pt">prices could be an indicator of a “stagflationary” regime.</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ededed;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:15pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:38.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:281.25pt;width:78pt"><div><div style="line-height:10pt;position:var(--position);top:2.63pt;width:78pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:25.69pt;position:var(--position);text-decoration:none;white-space:pre">Pricing and </span></div><div style="line-height:10pt;position:var(--position);top:15.13pt;width:78pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:6.81pt;position:var(--position);text-decoration:none;white-space:pre">Flow Anomalies</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:93pt;position:var(--position);top:281.25pt;width:447pt"><div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:2.63pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.69pt">Investor timing and behavior can lead to trading anomalies that produce regular periods of lower or higher-</span></div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:15.13pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:441.7pt">than-average expected returns. Kensington’s quantitative process is designed to identify these periods, and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:444.33pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:27.63pt;width:447pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre;width:366.78pt">plays a role in determining asset allocation when combined with the other indicator subsets.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:369.40999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div></div></div></td></tr></tbody></table></div></div></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt">After using these analyses to generate forecasts of expected future performance for asset classes, quantitative portfolio optimization</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt">techniques that weigh forecasts of expected future performance and risk given real life constraints like turnover, transaction costs and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:272.14pt">slippage are applied to obtain asset class allocations in the portfolio.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:123.29pt">Shorting / Inverse Position:  </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:159.29000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:416.62pt">In addition to these four categories, the Fund’s quantitative model contains signals to short exposures</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt">primarily in two asset classes: U.S. Treasuries and U.S. high-yield bonds. Shorting will be typically achieved through the usage of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt">futures contracts for U.S. Treasuries. For U.S. high-yield bonds, the Fund may short ETFs, purchase credit default swaps or utilize</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt">other derivatives, such as options and futures. The Fund may also gain short exposure through the use of inverse ETFs, which are</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:525.49pt">ETFs that generally seek to provide investment results that are the inverse of the performance of an underlying index or other asset.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:561.49pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.81pt">The Fund is flexible and not managed to a benchmark. The Fund may shift its allocations based on changing market conditions, which</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt">may result in investing in a single or multiple markets and sectors. The Fund has broad flexibility to invest in a wide variety of debt</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt">securities and instruments of any maturity. The Fund may invest in fixed and floating rate debt securities issued in both U.S. and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt">foreign markets, including countries whose economies are less developed (emerging markets). The Fund has discretion to focus its</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt">investments in one or more regions or small groups of countries including both U.S. and foreign markets including emerging markets.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt">The Fund invests primarily in U.S. dollar denominated securities, although the Fund may also invest in non-dollar denominated</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.9pt">securities. The fixed-income securities to which the Fund may have exposure are not restricted as to issuer credit quality, country,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:218.83pt">capitalization, security maturity, currency, or leverage.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:254.83pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:264pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.89pt">The Fund will typically have significant exposure to high-yield securities, which are debt instruments rated lower than Baa3 by</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:276pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.85pt">Moody’s Ratings (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&amp;P”), or, if unrated, determined by the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt">Adviser, or the underlying fund’s adviser where applicable, to be of similar credit quality. High-yield securities are also known as</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.83pt">“junk bonds.”  The Fund may have exposure to junk bonds that are in default, subject to bankruptcy or reorganization. The Fund may</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.83pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:337.18pt">also take short positions from time to time to hedge or offset existing long positions.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt">The Fund may hold cash or cash equivalents or invest directly or indirectly in underlying funds that invest in U.S. Treasury securities</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:85.18pt">of various maturities.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.91pt">A portion of the Fund’s assets may be invested in asset-backed securities, mortgage-related securities and mortgage-backed securities.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt">Such securities may be structured as collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt">those structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund also may</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.81pt">invest in inverse floaters and inverse IOs, which are debt securities with interest rates that reset in the opposite direction from the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.87pt">market rate to which the security is indexed. The Fund may also invest in structured investments and adjustable rate mortgage loans</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:376.55pt">(ARMs). The Fund may invest a portion of its assets in sub-prime mortgage-related securities.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt">In selecting underlying funds, the Adviser considers the performance, relative fees, management experience, and underlying portfolio</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:205.12pt">composition and strategy of such underlying funds.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:241.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.82pt">While the Fund has no present intention to do so, the Fund may be invested in securities that become illiquid investments, which may</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.82pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.9pt">include securities that are not readily marketable and securities that are not registered under the Securities Act. The Fund may not</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.83pt">acquire any illiquid investments if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.83pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:139.53pt">illiquid investments that are assets.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:483.08pt">The Fund is non-diversified, which means it may invest a high percentage of its assets in a limited number of securities. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:519.0799999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:56.78pt">The Fund will</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt">typically limit its investment in a single underlying fund to three percent of such underlying fund’s net assets, although the percentage</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt">of such underlying fund owned by the Fund may change over time as the value of such investment changes and the Fund’s overall</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:72.15pt">portfolio changes.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt">The Fund may lend its portfolio securities to brokers, dealers, and other financial organizations. These loans, if and when made, may</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.85pt">not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). By lending its securities, the Fund may increase</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:212.55pt">its income by receiving payments from the borrower.</span> The Fund is non-diversified, which means it may invest a high percentage of its assets in a limited number of securities. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:404.02pt">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:80.79pt">Management Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:152.79000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:423.1pt">The Adviser’s reliance on its proprietary investment process and the Adviser’s judgments about the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.83pt">attractiveness, value, and potential appreciation of particular assets and asset classes may prove to be incorrect and may not</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:109.32pt">produce the desired results.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:93.85pt">Models and Data Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:165.85pt;position:var(--position);text-decoration:none;white-space:pre;width:410.06pt"> The Fund’s investment exposure is heavily dependent on proprietary quantitative models as well as</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:90pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:504pt">information and data supplied by third parties (“Models and Data”). When Models and Data prove to be incorrect or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:102pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.87pt">incomplete, any decisions made in reliance thereon may lead to securities being included in or excluded from the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:114pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.99pt">portfolio that would have been excluded or included had the Models and Data been correct and complete. Some of the models</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:126pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.83pt">used by the Fund are predictive in nature. The use of predictive models has inherent risks. For example, such models may</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.97pt">incorrectly forecast future behavior, leading to potential losses. In addition, in unforeseen or certain low-probability scenarios</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.91pt">(often involving a market disruption of some kind), such models may produce unexpected results, which can result in losses</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:51.92pt">for the Fund.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:91.78pt">High-Yield Bond Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:163.78pt;position:var(--position);text-decoration:none;white-space:pre;width:412.08pt"> Lower-quality fixed income securities, known as “high-yield” or “junk” bonds, present greater risk</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.93pt">than bonds of higher quality, including an increased risk of default. These securities are considered speculative. Defaulted</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:386.73pt">securities or those subject to a reorganization proceeding may become worthless and are illiquid.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:127.01pt">Fixed-Income Securities Risks. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:199.01pt;position:var(--position);text-decoration:none;white-space:pre;width:376.95pt">The Fund may invest in or have exposure to fixed-income securities. Fixed-income securities</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.81pt">are or may be subject to interest rate, credit, liquidity, prepayment and extension risks. Interest rates may go up resulting in a</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.94pt">decrease in the value of fixed-income securities. Credit risk is the risk that an issuer will not make timely payments of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.96pt">principal and interest. There is also the risk that an issuer may “call,” or repay, its high-yielding bonds before their maturity</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.92pt">dates. Fixed-income securities subject to prepayment can offer less potential for gains during a declining interest rate</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.91pt">environment and similar or greater potential for loss in a rising interest rate environment. Limited trading opportunities for</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.89pt">certain fixed-income securities may make it more difficult to sell or buy a security at a favorable price or time. Changes in</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.85pt">market conditions and government policies may lead to periods of heightened volatility and reduced liquidity in the fixed-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:504pt">income securities market, and could result in an increase in redemptions. Interest rate changes and their impact on the Fund</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:207.8pt">and its share price can be sudden and unpredictable.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:40.57pt">Call Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:148.57pt;position:var(--position);text-decoration:none;white-space:pre;width:427.42pt">  During periods of declining interest rates, a bond issuer may “call,” or repay, its high-yielding bonds</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">before their maturity dates. In this event the Fund would then be forced to invest the unanticipated proceeds at lower</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:195.83pt">interest rates, resulting in a decline in its income.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:390pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:54.03pt">Credit Risk . </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:162.03pt;position:var(--position);text-decoration:none;white-space:pre;width:413.92pt"> Fixed-income securities are generally subject to the risk that the issuer may be unable or unwilling to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">make principal and interest payments when they are due. There is also the risk that the securities could lose value</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">because of a loss of confidence in the ability of the borrower to pay back debt. Lower rated fixed-income securities</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:306.33pt">involve greater credit risk, including the possibility of default or bankruptcy.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:76.02pt">Interest Rate Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:184.01999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:391.86pt"> Generally, the value of fixed income securities will change inversely with changes in interest</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:158.4pt">securities than for short-term securities.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:266.4pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:70.37pt">Prepayment and </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:178.37pt;position:var(--position);text-decoration:none;white-space:pre;width:62.63pt">Extension Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:241pt;position:var(--position);text-decoration:none;white-space:pre;width:334.94pt"> In times of declining interest rates, the Fund’s higher yielding securities may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:341.12pt">prepaid and such fund may have to replace them with securities having a lower yield.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:449.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:451.63pt;position:var(--position);text-decoration:none;white-space:pre;width:124.34pt">In times of rising interest rates,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">prepayments will slow causing portfolio securities considered short or intermediate term to be long-term securities,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:384.23pt">which fluctuate more widely in response to changes in interest rates than shorter term securities.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:60.8pt">Liquidity Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:168.8pt;position:var(--position);text-decoration:none;white-space:pre;width:407.19pt">There may be no willing buyer of the Fund’s portfolio securities and such fund may have to sell those</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">securities at a lower price or may not be able to sell the securities at all, each of which would have a negative effect</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:65.48pt">on performance.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:594pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:59.18pt">Duration Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:167.18pt;position:var(--position);text-decoration:none;white-space:pre;width:408.75pt"> The Fund can invest in securities of any maturity or duration. Duration is a measure of sensitivity of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">a security’s price to changes in interest rates. For example, a security with a duration of 2.0 would be expected to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">decrease in price 2% for every 1% rise in interest rates (the inverse is true as well). Holding long duration and long</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:360.66pt">maturity investments will magnify certain risks, including interest rate risk and credit risk.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:40.57pt">Call Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:148.57pt;position:var(--position);text-decoration:none;white-space:pre;width:427.42pt">  During periods of declining interest rates, a bond issuer may “call,” or repay, its high-yielding bonds</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">before their maturity dates. In this event the Fund would then be forced to invest the unanticipated proceeds at lower</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:195.83pt">interest rates, resulting in a decline in its income.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:54.03pt">Credit Risk . </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:162.03pt;position:var(--position);text-decoration:none;white-space:pre;width:413.92pt"> Fixed-income securities are generally subject to the risk that the issuer may be unable or unwilling to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">make principal and interest payments when they are due. There is also the risk that the securities could lose value</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">because of a loss of confidence in the ability of the borrower to pay back debt. Lower rated fixed-income securities</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:306.33pt">involve greater credit risk, including the possibility of default or bankruptcy.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:76.02pt">Interest Rate Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:184.01999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:391.86pt"> Generally, the value of fixed income securities will change inversely with changes in interest</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:158.4pt">securities than for short-term securities.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:70.37pt">Prepayment and </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:178.37pt;position:var(--position);text-decoration:none;white-space:pre;width:62.63pt">Extension Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:241pt;position:var(--position);text-decoration:none;white-space:pre;width:334.94pt"> In times of declining interest rates, the Fund’s higher yielding securities may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:341.12pt">prepaid and such fund may have to replace them with securities having a lower yield.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:449.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:451.63pt;position:var(--position);text-decoration:none;white-space:pre;width:124.34pt">In times of rising interest rates,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">prepayments will slow causing portfolio securities considered short or intermediate term to be long-term securities,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:384.23pt">which fluctuate more widely in response to changes in interest rates than shorter term securities.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:60.8pt">Liquidity Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:168.8pt;position:var(--position);text-decoration:none;white-space:pre;width:407.19pt">There may be no willing buyer of the Fund’s portfolio securities and such fund may have to sell those</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">securities at a lower price or may not be able to sell the securities at all, each of which would have a negative effect</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:65.48pt">on performance.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:59.18pt">Duration Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:167.18pt;position:var(--position);text-decoration:none;white-space:pre;width:408.75pt"> The Fund can invest in securities of any maturity or duration. Duration is a measure of sensitivity of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">a security’s price to changes in interest rates. For example, a security with a duration of 2.0 would be expected to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">decrease in price 2% for every 1% rise in interest rates (the inverse is true as well). Holding long duration and long</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:360.66pt">maturity investments will magnify certain risks, including interest rate risk and credit risk.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:43.84pt">ETF Risks.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:115.84pt;position:var(--position);text-decoration:none;white-space:pre;width:379.93pt"> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:362.38pt">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:470.38pt;position:var(--position);text-decoration:none;white-space:pre;width:105.52pt"> The Fund has a limited</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.83pt">occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:714pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:726pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:738pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:280.5pt">activities and no other entities step forward to perform their functions.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:95.82pt">Cash Redemption Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:203.82pt;position:var(--position);text-decoration:none;white-space:pre;width:372.03pt">While not expected to be a regular occurrence, the Fund’s investment strategy may require it</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.83pt">the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:20.82pt">used.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:114pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:141.77pt">Costs of Buying or Selling Shares.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:249.77pt;position:var(--position);text-decoration:none;white-space:pre;width:326.16pt"> Due to the costs of buying or selling shares, including brokerage commissions</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:126pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">imposed by brokers and bid-ask spreads, frequent trading of shares may significantly reduce investment results and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:442.26pt">an investment in shares may not be advisable for investors who anticipate regularly making small investments.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:190.67pt">Shares May Trade at Prices Other Than NAV.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.66999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:277.22pt"> As with all ETFs, shares may be bought and sold in the secondary</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">market at market prices. Although it is expected that the market price of shares will approximate the Fund’s NAV,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.81pt">there may be times when the market price of shares is more than the NAV intra-day (premium) or less than the NAV</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">intra-day (discount) due to supply and demand of shares or during periods of market volatility. This risk is</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">activity for shares in the secondary market, in which case such premiums or discounts may be significant. Because</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">exchange is open, there are likely to be deviations between the current price of a security and the security’s last</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">quoted price from the closed foreign market. This may result in premiums and discounts that are greater than those</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:264pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:125.96pt">experienced by domestic ETFs.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:38.73pt">Trading. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:146.73pt;position:var(--position);text-decoration:none;white-space:pre;width:429.26pt">Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will trade with any volume,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">or at all, on any stock exchange. In stressed market conditions, the liquidity of shares may begin to mirror the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares, and this</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:420.59pt">could lead to differences between the market price of the shares and the underlying value of those shares.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:362.38pt">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:470.38pt;position:var(--position);text-decoration:none;white-space:pre;width:105.52pt"> The Fund has a limited</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.83pt">occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:714pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:726pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:738pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:280.5pt">activities and no other entities step forward to perform their functions.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:95.82pt">Cash Redemption Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:203.82pt;position:var(--position);text-decoration:none;white-space:pre;width:372.03pt">While not expected to be a regular occurrence, the Fund’s investment strategy may require it</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.83pt">the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:20.82pt">used.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:141.77pt">Costs of Buying or Selling Shares.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:249.77pt;position:var(--position);text-decoration:none;white-space:pre;width:326.16pt"> Due to the costs of buying or selling shares, including brokerage commissions</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:126pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">imposed by brokers and bid-ask spreads, frequent trading of shares may significantly reduce investment results and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:442.26pt">an investment in shares may not be advisable for investors who anticipate regularly making small investments.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:190.67pt">Shares May Trade at Prices Other Than NAV.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.66999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:277.22pt"> As with all ETFs, shares may be bought and sold in the secondary</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">market at market prices. Although it is expected that the market price of shares will approximate the Fund’s NAV,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.81pt">there may be times when the market price of shares is more than the NAV intra-day (premium) or less than the NAV</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">intra-day (discount) due to supply and demand of shares or during periods of market volatility. This risk is</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">activity for shares in the secondary market, in which case such premiums or discounts may be significant. Because</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">exchange is open, there are likely to be deviations between the current price of a security and the security’s last</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">quoted price from the closed foreign market. This may result in premiums and discounts that are greater than those</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:264pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:125.96pt">experienced by domestic ETFs.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:38.73pt">Trading. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:146.73pt;position:var(--position);text-decoration:none;white-space:pre;width:429.26pt">Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will trade with any volume,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">or at all, on any stock exchange. In stressed market conditions, the liquidity of shares may begin to mirror the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares, and this</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:420.59pt">could lead to differences between the market price of the shares and the underlying value of those shares.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:205.48pt">Business Development Company (“BDC”) Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:277.48pt;position:var(--position);text-decoration:none;white-space:pre;width:298.49pt">There are certain risks inherent in investing in BDCs, whose principal</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.92pt">business is to invest in, and lend capital or provide services to privately held companies. BDCs are regulated under the 1940</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.85pt">Act and are subject to certain restraints. For example, BDCs are required to invest at least 70% of their total assets primarily</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.96pt">in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.89pt">and high quality debt investments that mature in one year or less. Because little public information exists for private and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.85pt">thinly traded companies in which a BDC may invest, there is a risk that investors may not be able to make a fully informed</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.96pt">investment decision. In addition, investments made by BDCs are typically illiquid and may be difficult to value. A BDC may</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.93pt">only incur indebtedness in amounts such that the BDC's asset coverage, subject to certain conditions, equals at least 150%</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:463.26pt">after such incurrence. These limitations on asset mix and leverage may prohibit the way that the BDC raises capital.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:106.13pt">Foreign Investment Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:178.13pt;position:var(--position);text-decoration:none;white-space:pre;width:397.82pt">Foreign investments may be riskier than U.S. investments for many reasons, such as changes in</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:320.13pt">currency exchange rates and unstable political, social, and economic conditions.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:95.27pt">Emerging Market Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:167.26999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:408.64pt"> The Fund intends to have exposure to emerging markets. Emerging markets are riskier than more</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.9pt">developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:124.83pt">may be considered speculative.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:60.52pt">Currency Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:132.52pt;position:var(--position);text-decoration:none;white-space:pre;width:443.47pt"> Changes in currency exchange rates may negatively affect the value of the Fund’s investments. Fluctuations</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:546pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.9pt">in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund’s investments</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:308.54pt">in securities denominated in a foreign currency or may widen existing losses.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:98.03pt">Geographic Focus Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:170.03pt;position:var(--position);text-decoration:none;white-space:pre;width:405.84pt"> The Fund may focus its investments in one or more regions or a limited number of countries. As a</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:444.18pt">result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:47.9pt">Loans Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:119.9pt;position:var(--position);text-decoration:none;white-space:pre;width:456.08pt"> The market for loans, including bank loans, loan participations, and syndicated loan assignments may not be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.91pt">highly liquid, and the holder may have difficulty selling them. These investments expose the Fund to the credit risk of both</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.91pt">the financial institution and the underlying borrower. Bank loans settle on a delayed basis, which can be greater than seven</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.96pt">days, potentially leading to the sale proceeds of such loans not being available for a substantial period of time after the sale of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:60.22pt">the bank loans.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:71.67pt">Distribution Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:143.67000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:432.26pt"> The Fund is not designed to provide a predictable level of dividend income. The income payable on debt</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.86pt">securities in general and the availability of investment opportunities varies based on market conditions. In addition, the Fund</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.95pt">may not be effective in identifying income producing securities and managing distributions; as a result, the level of dividend</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.9pt">income will fluctuate. The Fund’s investments are subject to various risks including the risk that the counterparty will not pay</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:720pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:504pt">income when due which may adversely impact the level and volatility of dividend income paid by the Fund. The Fund does</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:732pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:367.63pt">not guarantee that distributions will always be paid or that such dividends will not fluctuate.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:56.26pt">Market Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:128.26pt;position:var(--position);text-decoration:none;white-space:pre;width:447.65pt">Overall investment market risks affect the value of the Fund. Factors such as economic growth and market</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.91pt">conditions, interest rate levels, and political events affect U.S. and international investment markets. Additionally, unexpected</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.98pt">local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:504pt">or man-made disasters; the spread of infectious illnesses or other public health issues (such as the COVID-19 global</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.96pt">pandemic); and recessions and depressions could have a significant impact on the Fund and its investments and may impair</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.92pt">market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:249.94pt">market in general, in ways that cannot necessarily be foreseen.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:97.19pt">Underlying Funds Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:169.19pt;position:var(--position);text-decoration:none;white-space:pre;width:406.76pt"> Investments in underlying funds involve duplication of investment advisory fees and certain other</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.91pt">expenses. Each underlying fund is subject to specific risks, depending on the nature of its investment strategy. The manager</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:504pt">of an underlying fund may not be successful in implementing its strategy. ETF shares may trade at a market price that may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:162pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.84pt">lower (a discount) or higher (a premium) than the ETF’s net asset value. ETFs are also subject to brokerage and/or other</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.81pt">trading costs, which could result in greater expenses to the Fund. Because the value of ETF shares depends on the demand in</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.9pt">the market, the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, adversely affecting</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:52.98pt">performance.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:124.97999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:158.88pt">Net Asset Value and Market Price Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:266.88pt;position:var(--position);text-decoration:none;white-space:pre;width:309.01pt"> The market value of ETF shares may differ from their NAV. This difference</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.81pt">in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.85pt">always identical to the supply and demand in the market for the underlying holdings. Accordingly, there may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:279.15pt">times when an ETF share trades at a premium or discount to its NAV.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:387.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:58.29pt">Tracking Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:166.29pt;position:var(--position);text-decoration:none;white-space:pre;width:409.61pt"> ETFs in which the Fund invests will not be able to replicate exactly the performance of any indices or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">prices they track because the total return generated by the securities will be reduced by transaction costs incurred in</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">adjusting the actual balance of the securities or derivatives. Certain securities comprising an index may, from time to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:396.42pt">time, temporarily be unavailable, which may further impede the security’s ability to track an index.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:158.88pt">Net Asset Value and Market Price Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:266.88pt;position:var(--position);text-decoration:none;white-space:pre;width:309.01pt"> The market value of ETF shares may differ from their NAV. This difference</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.81pt">in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.85pt">always identical to the supply and demand in the market for the underlying holdings. Accordingly, there may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:279.15pt">times when an ETF share trades at a premium or discount to its NAV.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:58.29pt">Tracking Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:166.29pt;position:var(--position);text-decoration:none;white-space:pre;width:409.61pt"> ETFs in which the Fund invests will not be able to replicate exactly the performance of any indices or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">prices they track because the total return generated by the securities will be reduced by transaction costs incurred in</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">adjusting the actual balance of the securities or derivatives. Certain securities comprising an index may, from time to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:396.42pt">time, temporarily be unavailable, which may further impede the security’s ability to track an index.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:71.22pt">Derivatives Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:143.22pt;position:var(--position);text-decoration:none;white-space:pre;width:254.43pt">In general, a derivative instrument typically involves leverage, </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:397.65pt;position:var(--position);text-decoration:none;white-space:pre;width:12.2pt">i.e.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:409.85pt;position:var(--position);text-decoration:none;white-space:pre;width:166.03pt">, it provides exposure to potential gain or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.77pt">loss from a change in the level of the market price of the underlying security (or a basket or index) in a notional amount that</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.77pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.85pt">exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.81pt">or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.88pt">greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.84pt">risks and transaction costs. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:177.51pt">perfectly with the overall securities markets.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:94.53pt">Futures Contract Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:184.53pt;position:var(--position);text-decoration:none;white-space:pre;width:391.41pt"> The successful use of futures contracts draws upon the Adviser’s  skill and experience with</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.95pt">futures contracts, which may adversely affect the Fund’s NAV and total return, are (a) the imperfect correlation between</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.83pt">the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.83pt">liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c)</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.89pt">losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s  inability to predict</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.86pt">cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:270.23pt">to sell securities at a time when it may be disadvantageous to do so.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:160.34pt">Credit Default Swap Agreements Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:250.34pt;position:var(--position);text-decoration:none;white-space:pre;width:325.5pt">The Fund may enter into credit default index swap agreements or credit default</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.84pt">swap agreements as a “buyer” or “seller” of credit protection. Credit default index swap agreements and credit default</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.88pt">swap agreements involve special risks because they may be difficult to value, are highly susceptible to liquidity and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.92pt">credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:447.02pt">issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:57.12pt">Options Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:147.12pt;position:var(--position);text-decoration:none;white-space:pre;width:428.77pt">An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash an</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.97pt">amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during a period of time or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.92pt">on a specified date. Investments in options are considered speculative. When the Fund purchases an option, it may lose</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">the premium paid for it if the price of the underlying security or other assets decreased or remained the same (in the case</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">of a call option) or increased or remained the same (in the case of a put option). If a put or call option purchased by the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:444.01pt">Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:94.53pt">Futures Contract Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:184.53pt;position:var(--position);text-decoration:none;white-space:pre;width:391.41pt"> The successful use of futures contracts draws upon the Adviser’s  skill and experience with</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.95pt">futures contracts, which may adversely affect the Fund’s NAV and total return, are (a) the imperfect correlation between</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.83pt">the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.83pt">liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c)</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.89pt">losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s  inability to predict</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.86pt">cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:270.23pt">to sell securities at a time when it may be disadvantageous to do so.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:160.34pt">Credit Default Swap Agreements Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:250.34pt;position:var(--position);text-decoration:none;white-space:pre;width:325.5pt">The Fund may enter into credit default index swap agreements or credit default</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.84pt">swap agreements as a “buyer” or “seller” of credit protection. Credit default index swap agreements and credit default</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.88pt">swap agreements involve special risks because they may be difficult to value, are highly susceptible to liquidity and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.92pt">credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:447.02pt">issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:57.12pt">Options Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:147.12pt;position:var(--position);text-decoration:none;white-space:pre;width:428.77pt">An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash an</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.97pt">amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during a period of time or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.92pt">on a specified date. Investments in options are considered speculative. When the Fund purchases an option, it may lose</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">the premium paid for it if the price of the underlying security or other assets decreased or remained the same (in the case</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">of a call option) or increased or remained the same (in the case of a put option). If a put or call option purchased by the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:444.01pt">Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:66.06pt">Valuation Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:138.06pt;position:var(--position);text-decoration:none;white-space:pre;width:437.84pt">Valuation risk is the risk that the Fund has valued certain securities or positions at a higher price than the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.88pt">price at which they can be sold. There is no assurance that the Fund could sell a portfolio investment for the value established</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:493.33pt">for it at any time, and the Fund may incur a loss because a portfolio investment is sold at a discount to its established value.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:67.01pt">Short Sale Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:139.01pt;position:var(--position);text-decoration:none;white-space:pre;width:436.86pt">The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.99pt">possible that the Fund’s long positions will decline in value at the same time that the value of its securities sold short</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.92pt">increase, thereby increasing potential losses to the Fund. A short position involves the risk of a theoretically unlimited</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.82pt">increase in the value of the underlying instrument which could cause the Fund to suffer a (potentially unlimited) loss. Short</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8199999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.99pt">sales also involve transaction and financing costs that will reduce potential Fund gains and increase potential Fund losses.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:504pt">When the Fund invests in inverse ETFs to achieve short exposure, the Fund will indirectly be subject to the risk that the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.86pt">performance of such inverse ETFs will fall as the performance of the inverse ETF’s benchmark or other reference asset rises -</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.86pt">a result that is the opposite from traditional ETFs. In addition, the inverse ETFs held by the Fund may utilize leverage to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.9pt">acquire their underlying portfolio investments. The use of leverage may exaggerate changes in an inverse ETF’s share price</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:132.64pt">and the return on its investments.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:112.28pt">Convertible Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:184.28pt;position:var(--position);text-decoration:none;white-space:pre;width:391.65pt">  Convertible securities are subject to the risks of stocks when the underlying stock price is high</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.96pt">relative to the conversion price (because more of the security's value resides in the conversion feature) and debt securities</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.82pt">when the underlying stock price is low relative to the conversion price (because the conversion feature is less valuable). The</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8199999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.96pt">value of convertible securities may rise and fall with the market value of the underlying stock or, like a debt security, vary</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:504pt">with changes in interest rates and the credit quality of the issuer. A convertible security is not as sensitive to interest rate</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:498.6pt">changes as a similar non-convertible debt security, and generally has less potential for gain or loss than the underlying stock.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:221.32pt">Mortgage Securities and Asset-Backed Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:293.32pt;position:var(--position);text-decoration:none;white-space:pre;width:282.67pt">  Mortgage securities differ from conventional debt securities because</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.92pt">principal is paid back periodically over the life of the security rather than at maturity. The Fund may receive unscheduled</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:264pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.9pt">payments of principal due to voluntary prepayments, refinancings or foreclosures on the underlying mortgage loans. Because</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:276pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.9pt">of prepayments, mortgage securities may be less effective than some other types of debt securities as a means of "locking in"</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.96pt">long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. A</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.92pt">reduction in the anticipated rate of principal prepayments, especially during periods of rising interest rates, may increase or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.89pt">extend the effective maturity and duration of mortgage securities, making them more sensitive to interest rate changes,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.95pt">subject to greater price volatility, and more susceptible than some other debt securities to a decline in market value when</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.82pt">interest rates rise.  Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8199999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.97pt">assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:425.55pt">of default. Like mortgage securities, asset-backed securities are subject to prepayment and extension risks.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:61.86pt">Leverage Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:133.86pt;position:var(--position);text-decoration:none;white-space:pre;width:442.03pt">As part of the Fund’s principal investment strategy, the Fund may make investments in derivative instruments.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:390pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.99pt">These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.95pt">the underlying asset, as well as the potential for greater loss. If the Fund uses leverage through activities such as entering into</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.89pt">derivative instruments, the Fund has the risk that losses may exceed the net assets of the Fund. The net asset value of the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:358.18pt">Fund while employing leverage will be more volatile and sensitive to market movements.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:105.31pt">Non-Diversification Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:177.31pt;position:var(--position);text-decoration:none;white-space:pre;width:398.59pt">As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.94pt">one or more issuers. The Fund also invests in underlying funds that are non-diversified. The Fund’s performance may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:504pt">more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:85.46pt">investment company.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:65.21pt">Turnover Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:137.20999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:438.67pt">A higher portfolio turnover may result in higher transactional and brokerage costs. The Fund’s portfolio</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:226.97pt">turnover rate may be significantly above 100% annually.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:98.37pt">Securities Lending Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:170.37pt;position:var(--position);text-decoration:none;white-space:pre;width:405.49pt"> There are certain risks associated with securities lending, including the risk that the borrower may</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.91pt">fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by the borrower, if the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.95pt">borrower should fail financially. As a result, the Fund may lose money. The Fund could also lose money in the event of a</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.96pt">decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:325.98pt">collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:147.68pt">U.S. Government Securities Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:219.68pt;position:var(--position);text-decoration:none;white-space:pre;width:356.21pt">The Fund may invest directly or indirectly in obligations issued by agencies and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.91pt">instrumentalities of the U.S. government. The U.S. government may choose not to provide financial support to U.S.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.94pt">government sponsored agencies or instrumentalities if it is not legally obligated to do so, in which case, if the issuer</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:253.04pt">defaulted, the Fund might not be able to recover its investment.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:93.7pt">Equity Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:165.7pt;position:var(--position);text-decoration:none;white-space:pre;width:410.14pt"> The Fund may invest in or have exposure to equity securities. Equity securities may experience</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.9pt">sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.88pt">securities markets generally or factors affecting specific industries, sectors, geographic markets, or companies in which the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:53.31pt">Fund invests.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:142.64pt">Dividend-Oriented Companies Risk</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:214.64pt;position:var(--position);text-decoration:none;white-space:pre;width:361.36pt">.  Companies that have historically paid regular dividends to shareholders may decrease or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:714pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.83pt">eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:726pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:237.38pt">of the issuer's stock and less available income for the Fund.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:146.22pt">Limited History of Operations Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:218.22pt;position:var(--position);text-decoration:none;white-space:pre;width:357.59pt">The Fund has a limited history of operations for investors to evaluate. The Fund may fail</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:189.41pt">to attract sufficient assets to operate efficiently.</span></div> Performance: <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:95.68pt;position:var(--position);text-decoration:none;white-space:pre;width:416.07pt">As of the date of this Prospectus, the Fund does not have a full calendar year of performance as an ETF.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:511.75pt;position:var(--position);text-decoration:none;white-space:pre;width:64.18pt"> When the Fund</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:83.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:371.86pt">has been in operation for a full calendar year, performance information will be shown here. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:407.86pt;position:var(--position);text-decoration:none;white-space:pre;width:167.93pt">You should be aware that the Fund’s past</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.79pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:95.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:447.77pt">performance (before and after taxes) may not be an indication of how the Fund will perform in the future.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:483.77pt;position:var(--position);text-decoration:none;white-space:pre;width:92.19pt"> Updated performance</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:107.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:329.7pt">information and daily NAV per share is available at no cost by calling toll-free </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:365.7pt;position:var(--position);text-decoration:none;white-space:pre;width:56.66pt">866-303-8623</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:422.36pt;position:var(--position);text-decoration:none;white-space:pre;width:122.4pt"> and on the Fund’s website at</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:544.76pt;position:var(--position);text-decoration:none;white-space:pre;width:3.38pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:548.14pt;position:var(--position);text-decoration:none;white-space:pre;width:27.74pt">https://</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:119.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:242.51pt">www.kensingtonassetmanagement.com/solutions/etfs-kamo/</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:278.51pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt">.</span></div> As of the date of this Prospectus, the Fund does not have a full calendar year of performance as an ETF. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. 866-303-8623 https://www.kensingtonassetmanagement.com/solutions/etfs-kamo/ KENSINGTON HEDGED PREMIUM INCOME ETF Investment Objective: <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:127.88pt;position:var(--position);text-decoration:none;white-space:pre;width:271.08pt">The Kensington Hedged Premium Income ETF (the “Fund”) seeks </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:398.96pt;position:var(--position);text-decoration:none;white-space:pre;width:176.93pt">current income with the potential for capital</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:51.86pt">appreciation.</span> Fees and Expenses of the Fund: <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:174.19pt;position:var(--position);text-decoration:none;white-space:pre;width:401.71pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:27.47pt">Fund. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:63.47pt;position:var(--position);text-decoration:none;white-space:pre;width:512.39pt">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:180.12pt">reflected in the table and Examples below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0 0.0000 0.0003 0.0098 Acquired Fund Fees and Expenses (“AFFE”) are indirect costs of investing in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund and not the indirect costs of investing in other investment companies. Example: <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:79.15pt;position:var(--position);text-decoration:none;white-space:pre;width:496.67pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.82pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:440.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.82pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.82pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:452.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.96pt">those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:67.95pt">remain the same.</span> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: 100 312 542 1201 Portfolio Turnover: <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:122.76pt;position:var(--position);text-decoration:none;white-space:pre;width:453.19pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:545.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.88pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:557.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.88pt">held in a taxable account at the shareholder level. These costs, which are not reflected in annual fund operating expenses or in the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:569.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt">example above, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:71.86pt">turnover rate was </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:107.86pt;position:var(--position);text-decoration:none;white-space:pre;width:13.33pt">9%</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.19pt;position:var(--position);text-decoration:none;white-space:pre;width:120.41pt"> of its average portfolio value.</span> 0.09 Principal Investment Strategies <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by gaining exposure to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:641.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.87pt">the S&amp;P 500® Index (the “S&amp;P 500”). The foundation of the Fund’s strategy involves buying shares of one or more cost-effective</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:653.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.89pt">ETFs that track the S&amp;P 500, providing direct exposure to the broad market's performance. The Fund simultaneously implements a</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:665.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt">monthly call option strategy to generate income and a quarterly put option strategy to protect against large declines in the S&amp;P 500. In</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:677.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt">strategically buying and selling put and call options on the S&amp;P 500, the Fund seeks to provide a partial buffer against market</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:689.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.89pt">downturns, as well as provide additional income in flat to down markets, but resulting in lower upside potential during strong market</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:701.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:26.89pt">rallies.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:725.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.9pt">In implementing its strategy, the Fund employs a methodology similar the MerQube Hedged Premium Income Index (the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:737.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:58.2pt">“MQKHPI”). </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:94.2pt;position:var(--position);text-decoration:none;white-space:pre;width:481.79pt">The MQKHPI is designed to be 100% invested in the Vanguard S&amp;P 500 ETF (VOO) while selling 1-Month call</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt">options and purchasing 3-Month put options on the SPDR S&amp;P 500 ETF (SPY). The MQKHPI aims to generate income from selling</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.91pt">call spreads while providing downside protection through the purchase of put spreads, maintaining exposure to the U.S. large-cap</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:57.7pt">equity market.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt">The Fund will operate similarly to the MQKHPI, but with several differences. For one, while the Fund may elect to purchase VOO</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt">and put and call options on SPY, the Fund will be more flexible in determining which cost-effective S&amp;P 500 ETFs to purchase and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.79pt">what S&amp;P 500 call and put options to buy and sell.  Additionally, unlike the MQKHPI that holds options to expiration, the Fund will</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.79pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.91pt">actively manage the risk-to-reward ratio of the Fund’s option strategies. If the perceived reward (premium or cost to close out a</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.86pt">position) is not proportional to the risk (maximum potential loss), the Fund’s Sub-advisor will use its discretion to adjust or close the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt">position if determined to be advantageous to the portfolio. The Fund’s Sub-adviser will also use independent judgement in</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt">determining what particular option spreads to buy and sell under various market conditions, unlike the fixed spreads used by the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:41.94pt">MQKHPI.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt">Although the Fund’s strategy is not expected to materially change in different interest rate environments, varying levels of market</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt">volatility will impact the relative costs of downside protection and relative option spreads. Additionally, the sequence of investment</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.91pt">returns will affect the various strikes prices, expiration dates, and intended purposes of the options used by the Fund, and could</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.89pt">significantly impact Fund’s overall performance. The Fund, based on current market conditions, seeks to achieve the best balance of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt">premium income/costs, downside protection, and upside potential to meet its investment objective of current income with the potential</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:95.12pt">for capital appreciation.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:276pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:122.94pt">Monthly Call Options Strategy</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.9pt">Call options are derivative instruments that allow the option purchaser to contractually purchase a particular security (or the security</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.84pt">index) from the option issuer at a set price (the “strike price”) up to the expiration date of the options. When the issuer sells the call</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.84pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:415.38pt">option, it receives a premium from the buyer in hopes that the option will not be exercised by the buyer.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.79pt">The monthly call options strategy consists of a mix of selling and purchasing call options on the S&amp;P 500 (“S&amp;P 500 call options”).</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.79pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt">The Fund seeks to generate income from the premiums earned from the sold S&amp;P 500 call options.  At the same time, the Fund seeks</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.81pt">to realize capital appreciation from its S&amp;P 500 ETF holdings as the S&amp;P 500 increases in value, but with potentially reduced upside</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.84pt">because of the sold S&amp;P 500 call options it uses to generate premium income. The Fund’s purchased S&amp;P 500 call options, however,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.84pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:495.88pt">are intended to offset this reduced upside potential and limit the risk of missing out on strong market rallies of the S&amp;P 500.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.96pt">On a regular basis, typically monthly, the Fund sells S&amp;P 500 call options to generate premium income while simultaneously buying</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.96pt">“out of the money” long S&amp;P 500 call options (i.e., options to purchase at a strike price that is higher than the current price of the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.86pt">reference security or index) to hedge against the possibility that the sold S&amp;P 500 call options are exercised because the S&amp;P 500</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.8pt">increases above the strike price of the sold S&amp;P 500 call options. For example, as the S&amp;P 500 increases in value during the month,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt">the holders of the sold S&amp;P 500 call options may be more incentivized to exercise their options which will create some losses for the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt">Fund. However, if the price of the S&amp;P 500 increases above the strike price of the purchased S&amp;P 500 call options, the Fund will be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.8pt">protected from larger losses because the Fund will exercise its purchased S&amp;P 500 call options, offsetting a portion of its losses on the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:106.88pt">sold S&amp;P 500 call options.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.85pt">The call option strategy aims to profit from stable or declining S&amp;P 500 prices, with the ideal scenario being the S&amp;P 500 staying</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.79pt">below the strike price of the sold S&amp;P 500 call options. At the same time, the strategy seeks to control and cap the risk of loss from</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.79pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.78pt">rapid gains of the S&amp;P 500 with the purchased S&amp;P 500 call options. While the strike prices of the S&amp;P 500 call options may vary, the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.78pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt">Fund will typically sell call options with a strike price between approximately 98-105% of the current value of the S&amp;P 500, and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt">purchase call options with a strike price between approximately 101-110% of the current value of the S&amp;P 500. Once the S&amp;P 500</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt">appreciates by approximately 5% from its current level (the strike price of the sold call), such call spreads will begin to create a loss.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt">This loss will, however, will typically be capped at approximately 3% (the difference in strike prices) after the net income from the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:49.37pt">call spreads.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt">Because the call option strategy is typically executed every month, it may have a larger impact on the Fund’s returns than the put</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:312.41pt">option strategy discussed below that is typically executed on a quarterly basis.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:348.41pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div></div><div><div style="font-size:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:302.4pt;position:var(--position);text-decoration:none;white-space:pre;width:5pt">  </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:573.8pt;position:var(--position);text-decoration:none;white-space:pre;width:5pt">  </span><div style="left:36pt;position:var(--position);top:9.37pt"><div style="position:var(--position)"><img alt="Untitled - MSA.jpg" id="i-2" src="ck0001511699-20260429_g2.jpg" style="height:280.64pt;width:266.4pt"/></div></div><div style="left:307.4pt;position:var(--position)"><div style="position:var(--position)"><img alt="Monthly Call Spread (line graph).jpg" id="i-3" src="ck0001511699-20260429_g3.jpg" style="height:290.01pt;width:266.4pt"/></div></div></div><div style="font-size:12pt;line-height:8pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:331.08pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:58.32pt;position:var(--position);text-decoration:none;white-space:pre;width:517.51pt">For illustrative purposes only. Figures are approximate and subject to change. Charts assume a quarterly net premium gain of 3%, which results from three</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:575.83pt;position:var(--position);text-decoration:none;white-space:pre;width:2pt"> </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:340.68pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:58.5pt;position:var(--position);text-decoration:none;white-space:pre;width:161.23pt">monthly call spreads and one quarterly put spread.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:365.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:125.71pt">Quarterly Put Options Strategy</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:389.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.96pt">Put options are derivative instruments that allow the option purchaser to contractually sell a particular security (or the value of a</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:401.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt">security index) to the option issuer at a strike price up to the expiration date of the options. When the issuer sells the put option, it</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:413.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:347.37pt">receives a premium from the buyer in hopes that the buyer will not exercise the option.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:437.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt">The Fund’s put options strategy, typically executed on a quarterly basis, is designed to protect against large declines in the S&amp;P 500.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:449.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt">The quarterly put options strategy consists of a mix of purchased (or “long”) put options and sold (or “written”) put options on the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:461.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.85pt">S&amp;P 500 Index (“S&amp;P 500 put options”). While the strike prices of the put options may vary, each quarter the Fund typically</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:473.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.89pt">purchases S&amp;P 500 put options that are approximately  94-96% of the current S&amp;P 500 level, paying a premium for downside</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:485.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.84pt">protection from a large decline in the S&amp;P 500. The Fund simultaneously sells S&amp;P 500 put options with a strike price that is</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.84pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:497.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.88pt">approximately 75-85% of the current price of the S&amp;P 500 to generate some premium income to offset a portion of the cost of the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:509.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.91pt">purchased put options. The quarterly options strategy of buying a put slightly below the current market price and selling another put</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:521.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.92pt">farther below the current market price is designed to protect against significant market downturns at a reduced cost. While the strike</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.92pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:533.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt">prices of the put options will vary, the put spreads will typically provide a payment to offset losses once the S&amp;P 500 declines by</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:545.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.96pt">approximately 5% (the strike price of the purchase put) but will no longer offset losses once the S&amp;P 500 declines by more than an</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:557.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:352.62pt">approximately 20% (the difference in strike prices) after the net costs of the put spreads.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:388.62pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div></div><div><div style="font-size:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:568.8pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="left:36pt;position:var(--position);top:4.3pt"><div style="position:var(--position)"><img alt="Untitled - QSA.jpg" id="i-4" src="ck0001511699-20260429_g4.jpg" style="height:285.73pt;width:266.4pt"/></div></div><div style="left:302.4pt;position:var(--position)"><div style="position:var(--position)"><img alt="Quarterly Put Spread (line graph).jpg" id="i-5" src="ck0001511699-20260429_g5.jpg" style="height:290.03pt;width:266.4pt"/></div></div></div><div style="font-size:12pt;line-height:8pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:355.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:58.32pt;position:var(--position);text-decoration:none;white-space:pre;width:517.51pt">For illustrative purposes only. Figures are approximate and subject to change. Charts assume a quarterly net premium gain of 3%, which results from three</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:575.83pt;position:var(--position);text-decoration:none;white-space:pre;width:2pt"> </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:364.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:58.5pt;position:var(--position);text-decoration:none;white-space:pre;width:161.23pt">monthly call spreads and one quarterly put spread.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:392.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:187.21pt">Expected Relative Performance of the Strategy</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:416.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt">The Fund’s performance will vary, at times substantially, from the performance of the MQKHPI and the S&amp;P 500. In general,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:428.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt">however, the Fund expects to perform somewhat in line with the MQKHPI, with the Fund’s active decisions around the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:440.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:440.35pt">implementation of its options strategies intended to improve the Fund’s performance relative to the MQKHPI.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:464.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:490.29pt">The Fund’s expected performance relative to the S&amp;P 500 under various market conditions can be summarized as follows:</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:488.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.87pt">When the S&amp;P 500 is Flat or Declines: Expected Outperformance. In months and quarters where the S&amp;P 500 shows minimal</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:500.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt">movement or decreases, the Fund’s overall performance is generally expected to also be flat to negative.  However, the Fund would be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:512.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:505.89pt">positioned to outperform the S&amp;P 500 primarily due to the monthly premium income generated from the monthly call options.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:541.89pt;position:var(--position);text-decoration:none;white-space:pre;width:5pt">  </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:536.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.89pt">This anticipated relative outperformance is expected to increase during quarters where the S&amp;P 500 declines by more than</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:548.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:377.4pt">approximately 4-6%, due to the additional downside protection from the quarterly put options.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:572.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.83pt">If the S&amp;P 500 declines by more than approximately 20% from the purchase price of the put options, the Fund would have no</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:584.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.92pt">further downside protection other than the call option premiums. The Fund would participate fully in the decline of the S&amp;P</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:596.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:162.36pt">500 until new put options are purchased.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:620.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.96pt">When the S&amp;P 500 is Up: Expected Underperformance. In months and quarters where the S&amp;P 500 experiences an increase greater</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:632.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt">than approximately 1% (the estimated long-term average of option premiums collected), the Fund’s overall performance is generally</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:644.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.78pt">expected to be positive.  However, the Fund is likely to underperform the S&amp;P 500 primarily be due to the Fund's option strategy that</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.78pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:656.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:467.51pt">is intended to sacrifice a portion of the Fund’s upside potential in return for reduced volatility and additional income.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:503.51pt;position:var(--position);text-decoration:none;white-space:pre;width:5pt">  </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:680.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:504pt">The underperformance for each monthly call option expiration cycle would be limited to the difference in call option strike</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:692.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:346.22pt">prices (expected to be approximately 3%) and the approximate 1% premium collected.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:716.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.5pt">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.91pt">If the S&amp;P 500 rises above the strike prices of both call options, the Fund will no longer have capped appreciation until it</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:728.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:92.66pt">sells new call options.”</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:164.66pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.81pt">The Fund is considered to be non-diversified, which means it may invest a high percentage of its assets in a limited number of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:54.63pt">investments. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90.63pt;position:var(--position);text-decoration:none;white-space:pre;width:485.3pt">Additionally, the Fund’s investment strategies will involve active and frequent purchases and sales of call and put</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:254.48pt">options, but are not expected to result in high portfolio turnover</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:290.48pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt">.</span></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:182.89pt">Option Premiums – Income/Return of Capital</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.87pt">As part of the Fund’s options strategies, it sells (or writes) options in return for options premiums, which are expected to contribute to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.91pt">the overall performance of the Fund.  Distributions related to these options premiums may include a significant portion classified as</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt">return of capital. Distributions characterized as a return of capital may reduce the Fund’s net asset value and should not be confused</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:85.46pt">with yield or income.</span></div></div> The Fund is considered to be non-diversified, which means it may invest a high percentage of its assets in a limited number of investments. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:404.02pt">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:80.79pt">Management Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:152.79000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:423.1pt">The Adviser’s reliance on its proprietary investment process and the Adviser’s judgments about the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.83pt">attractiveness, value, and potential appreciation of particular assets and asset classes may prove to be incorrect and may not</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:109.32pt">produce the desired results.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:93.7pt">Equity Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:165.7pt;position:var(--position);text-decoration:none;white-space:pre;width:410.14pt"> The Fund may invest in or have exposure to equity securities. Equity securities may experience</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.9pt">sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.88pt">securities markets generally or factors affecting specific industries, sectors, geographic markets, or companies in which the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:53.31pt">Fund invests.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:43.84pt">ETF Risks.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:115.84pt;position:var(--position);text-decoration:none;white-space:pre;width:379.93pt"> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:362.38pt">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:470.38pt;position:var(--position);text-decoration:none;white-space:pre;width:105.52pt"> The Fund has a limited</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.83pt">occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:280.5pt">activities and no other entities step forward to perform their functions.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:95.82pt">Cash Redemption Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:203.82pt;position:var(--position);text-decoration:none;white-space:pre;width:372.03pt">While not expected to be a regular occurrence, the Fund’s investment strategy may require it</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.83pt">the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:20.82pt">used.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:141.77pt">Costs of Buying or Selling Shares.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:249.77pt;position:var(--position);text-decoration:none;white-space:pre;width:326.16pt"> Due to the costs of buying or selling shares, including brokerage commissions</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">imposed by brokers and bid-ask spreads, frequent trading of shares may significantly reduce investment results and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:442.26pt">an investment in shares may not be advisable for investors who anticipate regularly making small investments.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:190.67pt">Shares May Trade at Prices Other Than NAV.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.66999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:277.22pt"> As with all ETFs, shares may be bought and sold in the secondary</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">market at market prices. Although it is expected that the market price of shares will approximate the Fund’s NAV,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:582pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.81pt">there may be times when the market price of shares is more than the NAV intra-day (premium) or less than the NAV</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:594pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">intra-day (discount) due to supply and demand of shares or during periods of market volatility. This risk is</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">activity for shares in the secondary market, in which case such premiums or discounts may be significant. Because</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">exchange is open, there are likely to be deviations between the current price of a security and the security’s last</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">quoted price from the closed foreign market. This may result in premiums and discounts that are greater than those</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:125.96pt">experienced by domestic ETFs.</span></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:38.73pt">Trading. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:146.73pt;position:var(--position);text-decoration:none;white-space:pre;width:429.26pt">Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will trade with any volume,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">or at all, on any stock exchange. In stressed market conditions, the liquidity of shares may begin to mirror the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:720pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares, and this</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:732pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:420.59pt">could lead to differences between the market price of the shares and the underlying value of those shares.</span></div></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:362.38pt">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:470.38pt;position:var(--position);text-decoration:none;white-space:pre;width:105.52pt"> The Fund has a limited</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.83pt">occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:280.5pt">activities and no other entities step forward to perform their functions.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:95.82pt">Cash Redemption Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:203.82pt;position:var(--position);text-decoration:none;white-space:pre;width:372.03pt">While not expected to be a regular occurrence, the Fund’s investment strategy may require it</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.83pt">the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:20.82pt">used.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:141.77pt">Costs of Buying or Selling Shares.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:249.77pt;position:var(--position);text-decoration:none;white-space:pre;width:326.16pt"> Due to the costs of buying or selling shares, including brokerage commissions</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">imposed by brokers and bid-ask spreads, frequent trading of shares may significantly reduce investment results and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:442.26pt">an investment in shares may not be advisable for investors who anticipate regularly making small investments.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:190.67pt">Shares May Trade at Prices Other Than NAV.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:298.66999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:277.22pt"> As with all ETFs, shares may be bought and sold in the secondary</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">market at market prices. Although it is expected that the market price of shares will approximate the Fund’s NAV,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:582pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.81pt">there may be times when the market price of shares is more than the NAV intra-day (premium) or less than the NAV</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:594pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">intra-day (discount) due to supply and demand of shares or during periods of market volatility. This risk is</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">activity for shares in the secondary market, in which case such premiums or discounts may be significant. Because</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">exchange is open, there are likely to be deviations between the current price of a security and the security’s last</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">quoted price from the closed foreign market. This may result in premiums and discounts that are greater than those</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:125.96pt">experienced by domestic ETFs.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:38.73pt">Trading. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:146.73pt;position:var(--position);text-decoration:none;white-space:pre;width:429.26pt">Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will trade with any volume,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">or at all, on any stock exchange. In stressed market conditions, the liquidity of shares may begin to mirror the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:720pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares, and this</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:732pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:420.59pt">could lead to differences between the market price of the shares and the underlying value of those shares.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:52.4pt">Market Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:124.4pt;position:var(--position);text-decoration:none;white-space:pre;width:451.51pt"> Overall investment market risks affect the value of the Fund. Factors such as economic growth and market</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.91pt">conditions, interest rate levels, and political events affect U.S. and international investment markets. Additionally, unexpected</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.98pt">local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:504pt">or man-made disasters; the spread of infectious illnesses or other public health issues (such as the COVID-19 global</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.96pt">pandemic); and recessions and depressions could have a significant impact on the Fund and its investments and may impair</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.92pt">market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:249.94pt">market in general, in ways that cannot necessarily be foreseen.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:100.69pt">Underlying Funds Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:172.69pt;position:var(--position);text-decoration:none;white-space:pre;width:403.26pt">Investments in underlying funds involve duplication of investment advisory fees and certain other</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.91pt">expenses. Each underlying fund is subject to specific risks, depending on the nature of its investment strategy. The manager</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:504pt">of an underlying fund may not be successful in implementing its strategy. ETF shares may trade at a market price that may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:162pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.84pt">lower (a discount) or higher (a premium) than the ETF’s net asset value. ETFs are also subject to brokerage and/or other</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.81pt">trading costs, which could result in greater expenses to the Fund. Because the value of ETF shares depends on the demand in</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.9pt">the market, the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, adversely affecting</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:52.98pt">performance.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:124.97999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:158.88pt">Net Asset Value and Market Price Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:266.88pt;position:var(--position);text-decoration:none;white-space:pre;width:309.01pt"> The market value of ETF shares may differ from their NAV. This difference</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.81pt">in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.85pt">always identical to the supply and demand in the market for the underlying holdings. Accordingly, there may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:279.15pt">times when an ETF share trades at a premium or discount to its NAV.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:387.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:58.29pt">Tracking Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:166.29pt;position:var(--position);text-decoration:none;white-space:pre;width:409.61pt"> ETFs in which the Fund invests will not be able to replicate exactly the performance of any indices or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">prices they track because the total return generated by the securities will be reduced by transaction costs incurred in</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">adjusting the actual balance of the securities or derivatives. Certain securities comprising an index may, from time to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:396.42pt">time, temporarily be unavailable, which may further impede the security’s ability to track an index.</span></div></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:158.88pt">Net Asset Value and Market Price Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:266.88pt;position:var(--position);text-decoration:none;white-space:pre;width:309.01pt"> The market value of ETF shares may differ from their NAV. This difference</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.81pt">in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.85pt">always identical to the supply and demand in the market for the underlying holdings. Accordingly, there may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:279.15pt">times when an ETF share trades at a premium or discount to its NAV.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:58.29pt">Tracking Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:166.29pt;position:var(--position);text-decoration:none;white-space:pre;width:409.61pt"> ETFs in which the Fund invests will not be able to replicate exactly the performance of any indices or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">prices they track because the total return generated by the securities will be reduced by transaction costs incurred in</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">adjusting the actual balance of the securities or derivatives. Certain securities comprising an index may, from time to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:396.42pt">time, temporarily be unavailable, which may further impede the security’s ability to track an index.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:68.47pt">Derivatives Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:140.47pt;position:var(--position);text-decoration:none;white-space:pre;width:435.41pt"> In general, a derivative instrument typically involves leverage, i.e., it provides exposure to potential gain or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.77pt">loss from a change in the level of the market price of the underlying security (or a basket or index) in a notional amount that</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.77pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.85pt">exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.81pt">or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.88pt">greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.84pt">risks and transaction costs. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:177.51pt">perfectly with the overall securities markets.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:57.12pt">Options Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:147.12pt;position:var(--position);text-decoration:none;white-space:pre;width:428.77pt">An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash an</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.97pt">amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during a period of time or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.92pt">on a specified date. Investments in options are considered speculative. When the Fund purchases an option, it may lose</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">the premium paid for it if the price of the underlying security or other assets decreased or remained the same (in the case</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">of a call option) or increased or remained the same (in the case of a put option). If a put or call option purchased by the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:474.25pt">Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:564.25pt;position:var(--position);text-decoration:none;white-space:pre;width:11.66pt">By</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.86pt">writing put options, the Fund takes on the risk of declines in the value of the underlying instrument, including the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.85pt">possibility of a loss up to the entire exercise price of each option it sells but without the corresponding opportunity to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.87pt">benefit from potential increases in the value of the underlying instrument. By writing a call option, the Fund may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.87pt">obligated to deliver instruments underlying an option at less than the market price. In the case of an uncovered call</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:156.24pt">option, there is a risk of unlimited loss.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:57.12pt">Options Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:147.12pt;position:var(--position);text-decoration:none;white-space:pre;width:428.77pt">An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash an</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.97pt">amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during a period of time or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.92pt">on a specified date. Investments in options are considered speculative. When the Fund purchases an option, it may lose</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">the premium paid for it if the price of the underlying security or other assets decreased or remained the same (in the case</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">of a call option) or increased or remained the same (in the case of a put option). If a put or call option purchased by the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:474.25pt">Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:564.25pt;position:var(--position);text-decoration:none;white-space:pre;width:11.66pt">By</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.86pt">writing put options, the Fund takes on the risk of declines in the value of the underlying instrument, including the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.85pt">possibility of a loss up to the entire exercise price of each option it sells but without the corresponding opportunity to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.87pt">benefit from potential increases in the value of the underlying instrument. By writing a call option, the Fund may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:485.87pt">obligated to deliver instruments underlying an option at less than the market price. In the case of an uncovered call</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:156.24pt">option, there is a risk of unlimited loss.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:59.46pt">Leverage Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:131.46pt;position:var(--position);text-decoration:none;white-space:pre;width:444.46pt"> As part of the Fund’s principal investment strategy, the Fund will make investments in derivative instruments.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.99pt">These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.95pt">the underlying asset, as well as the potential for greater loss. If the Fund uses leverage through activities such as entering into</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.89pt">derivative instruments, the Fund has the risk that losses may exceed the net assets of the Fund. The net asset value of the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:358.18pt">Fund while employing leverage will be more volatile and sensitive to market movements.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:143.56pt">Limited History of Operations Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:215.56pt;position:var(--position);text-decoration:none;white-space:pre;width:360.25pt"> The Fund has a limited history of operations for investors to evaluate. The Fund may fail</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:189.41pt">to attract sufficient assets to operate efficiently.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:102.45pt">Non-Diversification Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:174.45pt;position:var(--position);text-decoration:none;white-space:pre;width:2.86pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:177.31pt;position:var(--position);text-decoration:none;white-space:pre;width:398.59pt">As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:503.94pt">one or more issuers. The Fund also invests in underlying funds that are non-diversified. The Fund’s performance may be</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:504pt">more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:85.46pt">investment company.</span> Performance: <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:95.67pt;position:var(--position);text-decoration:none;white-space:pre;width:480.3pt">The accompanying bar chart and table provide some indication of the risks of investing in the Fund by showing how the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:732pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:127.69pt">Fund’s total return has varied f</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:163.69pt;position:var(--position);text-decoration:none;white-space:pre;width:64.92pt">rom year-to-yea</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:228.61pt;position:var(--position);text-decoration:none;white-space:pre;width:9.17pt">r. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:237.78pt;position:var(--position);text-decoration:none;white-space:pre;width:338.07pt">Below the bar chart are the Fund’s highest and lowest quarterly returns during the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:744pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:124.71pt">period shown in the bar chart. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:160.70999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:415.12pt">The performance table that follows shows the Fund’s average annual total returns over time compared</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.83pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:490.68pt">with those of a broad-based securities market index as well as an index with a similar methodology to the Fund’s strategy.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:526.6800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.63pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:529.31pt;position:var(--position);text-decoration:none;white-space:pre;width:46.51pt">You should</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.82pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.85pt">be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:26.36pt">future.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:62.36pt;position:var(--position);text-decoration:none;white-space:pre;width:412.27pt"> Updated performance information and daily NAV per share is available at no cost by calling toll-free </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:474.63pt;position:var(--position);text-decoration:none;white-space:pre;width:56.66pt">866-303-8623</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:531.29pt;position:var(--position);text-decoration:none;white-space:pre;width:44.67pt"> and on the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:70.49pt">Fund’s website at</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:106.49pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108.99pt;position:var(--position);text-decoration:none;white-space:pre;width:265.82pt">https://www.kensingtonassetmanagement.com/solutions/etfs-khpi/</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:374.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt">.</span></div> The accompanying bar chart and table provide some indication of the risks of investing in the Fund by showing how the Fund’s total return has varied from year-to-year. The performance table that follows shows the Fund’s average annual total returns over time compared with those of a broad-based securities market index as well as an index with a similar methodology to the Fund’s strategy. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. 866-303-8623 https://www.kensingtonassetmanagement.com/solutions/etfs-khpi/ Institutional Class Performance Bar Chart For Calendar Year Ended December 31 <div style="font-size:0pt;left:190.87pt;position:var(--position);width:230.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:85.5pt"></td><td style="padding:0;width:54.75pt"></td><td style="padding:0;width:90pt"></td></tr><tr style="height:14.25pt"><td style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:85.5pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:85.5pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:17.37pt;position:var(--position);text-decoration:none;white-space:pre">Best Quarter</span></div></div></div></td><td style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:85.5pt;position:var(--position);width:54.75pt"><div><div style="line-height:10pt;position:var(--position);top:3.15pt;width:54.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:10.95pt;position:var(--position);text-decoration:none;white-space:pre">Q2 2025</span></div></div></div></td><td style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:140.25pt;position:var(--position);width:90pt"><div><div style="line-height:10pt;position:var(--position);top:3.15pt;width:90pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:33.02pt;position:var(--position);text-decoration:none;white-space:pre">7.76%</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:85.5pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:85.5pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.03pt;position:var(--position);text-decoration:none;white-space:pre">Worst Quarter</span></div></div></div></td><td style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:85.5pt;position:var(--position);top:14.25pt;width:54.75pt"><div><div style="line-height:10pt;position:var(--position);top:3.15pt;width:54.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:10.95pt;position:var(--position);text-decoration:none;white-space:pre">Q1 2025</span></div></div></div></td><td style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:140.25pt;position:var(--position);top:14.25pt;width:90pt"><div><div style="line-height:10pt;position:var(--position);top:3.15pt;width:90pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:31.36pt;position:var(--position);text-decoration:none;white-space:pre">-2.60%</span></div></div></div></td></tr></tbody></table></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:174.57pt;position:var(--position);text-decoration:none;white-space:pre">The Fund’s </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:222.88pt;position:var(--position);text-decoration:none;white-space:pre">year-to-date return</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:297.49pt;position:var(--position);text-decoration:none;white-space:pre"> as of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:321.64pt;position:var(--position);text-decoration:none;white-space:pre">March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:385.22pt;position:var(--position);text-decoration:none;white-space:pre"> was </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:405.76pt;position:var(--position);text-decoration:none;white-space:pre">-3.47%</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:434.92pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div></div> Best Quarter 2025-06-30 0.0776 Worst Quarter 2025-03-31 -0.0260 year-to-date return 2026-03-31 -0.0347 Performance Table Average Annual Total Returns (For periods ended December 31, 2025) 2024-09-04 Institutional Class Shares Return before taxes 0.1130 0.1158 Institutional Class Shares Return after taxes on distributions(1) 0.1119 0.1140 Institutional Class Shares Return after taxes on distributions and sale of Fund Shares(1) 0.0676 0.0877 MerQube Hedged Premium Income Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1296 0.1307 S&P 500 Total Return (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1919 <span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:509.34pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:563.3399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:12.43pt">The</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:575.77pt;position:var(--position);text-decoration:none;white-space:pre;width:2pt"> </span><div style="font-size:12pt;line-height:8pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:528.78pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:521.81pt">“Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures when a capital loss occurs upon redemption of Fund shares</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2pt"> </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:538.38pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:172.35pt">and provides an assumed tax benefit for the investor. </span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:226.35pt;position:var(--position);text-decoration:none;white-space:pre;width:349.46pt">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:517.41pt">returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures when a capital loss occurs upon redemption of Fund shares and provides an assumed tax benefit for the investor. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Kensington Asset Management, LLC (the “Adviser”) has agreed to pay all expenses of the Fund, except for: (i) brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; (ii) fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) extraordinary expenses; (iv) distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (“1940 Act”); (v) interest and taxes of any kind or nature; (vi) any fees and expenses related to the provision of securities lending services; (vii) the advisory fee payable to the Adviser;  (viii) Acquired Fund Fees and Expenses; and (ix) all costs incurred in connection with shareholder meetings and all proxy solicitations (except for such shareholder meetings and proxy solicitations related to: (a) changes to the Adviser’s investment advisory agreement, (b) changes in control at the Adviser, (c) the election of any Board member who is an “interested person” of the Adviser (as that term is defined under Section 2(a)(19) of the 1940 Act), (d) matters initiated by the Adviser, or (e) any other matters that directly benefit the Adviser). Other Expenses and Acquired Fund Fees and Expenses (“AFFE”) are estimated for the current fiscal year. AFFE are indirect costs of investing in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund and not the indirect costs of investing in other investment companies. Kensington Asset Management, LLC (the “Adviser”) has agreed to pay all expenses of the Fund, except for: (i) brokerage expenses and other fees, charges, taxes, levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; (ii) fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) extraordinary expenses; (iv) distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (“1940 Act”); (v) interest and taxes of any kind or nature; (vi) any fees and expenses related to the provision of securities lending services; (vii) the advisory fee payable to the Adviser;  (viii) Acquired Fund Fees and Expenses; and (ix) all costs incurred in connection with shareholder meetings and all proxy solicitations (except for such shareholder meetings and proxy solicitations related to: (a) changes to the Adviser’s investment advisory agreement, (b) changes in control at the Adviser or a sub-adviser, (c) the election of any Board member who is an “interested person” of the Adviser (as that term is defined under Section 2(a)(19) of the 1940 Act), (d) matters initiated by the Adviser, or (e) any other matters that directly benefit the Adviser). Acquired Fund Fees and Expenses (“AFFE”) are indirect costs of investing in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund and not the indirect costs of investing in other investment companies.