Diversification and asset allocation does not guarantee a profit or protect against a loss.

Past performance is no guarantee of future results, which will vary.

Before you invest
Short sales involve costs and risk. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. Because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. When borrowing a security for delivery to a buyer, the Fund also may be required to pay a premium and other transaction costs, which would increase the cost of the security sold short. By investing the proceeds received from selling securities short, the Fund is employing a form of leverage, which creates special risks.

Definitions
Alpha measures a fund’s risk-adjusted performance and is expressed as an annualized percentage.

Maturity is the date on which the principal amount of a note, draft, acceptance bond or other debt instrument becomes due and is repaid to the investor and interest payments stop.

Liquid alternatives are essentially alternative strategies accessed through traditional vehicles, such as mutual funds. There are many different types of alternative strategies, including long/short equity, an approach that can more fully leverage a manager’s investment research skill, and multi-alternative strategy, an approach that can access several types of non-traditional strategies in one investment.

Barclays U.S. Aggregate Bond Index is a broad-based index used to represent investment-grade bonds being traded in the U.S.

Beta is a measure of historical volatility relative to an appropriate index based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmark’s.

Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.

Investors should consider the Funds' investment objectives, risks, charges, and expenses before investing. The Prospectus, which contains this and other information about the Funds, should be read carefully before investing. An investment in the Funds is not appropriate for all investors and is not intended to be a complete investment program. The Funds are designed as long-term investments and not as trading vehicles.

There can be no assurance that the Funds' investment objectives will be met.