Effective December 17, 2019, the Income Explorer Blended benchmark is comprised of 45% MSCI ACWI Value, 35% S&P Preferred Stock Index and 20% FTSE NAREIT All Equity REITs Index.  The MSCI ACWI Value captures large- and mid-cap securities exhibiting overall value style characteristics across 23 Developed Markets countries and 26 Emerging Markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.  The S&P Preferred Stock Index is comprised of U.S. exchange-traded preferred stocks that meet minimum price, liquidity, trading volume, maturity and other requirements determined by S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc.  The FTSE NAREIT All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of all tax-qualified U.S. equity REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property.  Please note that indexes are not professionally managed and an investor cannot invest directly into an index.

Source: Lipper, Inc. Lipper rankings are based on cumulative total returns and do not take into account sales charges. If they had, the return would be lower.

Gross operating expenses: Class A: 2.13%; Class C: 3.10%; Class W: 2.11%. Net operating expenses: Class A: 1.55%; Class C: 2.20%; Class W: 1.35%. The net expense ratio includes the contractual expense cap (Class A: 1.55%; Class C: 2.20%; Class W: 1.35%) and other management fee waivers, as more fully described in the Fund’s prospectus.  Pursuant to an Expense Limitation Agreement, the Fund’s contractual fee waiver and expense reimbursement will continue in effect indefinitely, unless terminated by the Board of Trustees, including a majority of the Independent Trustees.  Waivers and/or reimbursements may be subject to recoupment within two years.

Performance data quoted represents past performance and is not a guarantee of future results. The data assumes reinvestment of all distributions at net asset value. Maximum sales charge (Class A): 5.75%. The Fund’s daily net asset value is not guaranteed and shares are not insured by the FDIC, the Federal Reserve Board or any other agency. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be higher or lower than the original cost. Current performance may be higher or lower than that shown.

Preferred securities are subject to bond market volatility risk, credit risk and interest rate fluctuation risk. In addition, preferred securities are subordinated to other securities in the issuer’s capital structure and are subject to the risk that the issuer will fail to make dividends or other distributions because other claims on the issuer’s assets take priority. Preferred securities may be less liquid than many other types of securities and may be subject to the risk of being redeemed prior to their scheduled date.


In attempting to track the performance of the S&P Preferred Stock Index, the Preferred sleeve may be more susceptible to adverse developments concerning a particular security, company or industry because the sleeve’s index component generally will not use any defensive strategies to mitigate its risk exposure.


The Global Dividend Stocks and REITs sleeves each employ a disciplined strategy and will not deviate from their strategy (except to the extent necessary to comply with federal tax laws or other applicable laws). If either sleeve is committed to a strategy that is unsuccessful, the Fund may not meet its overall investment goal. Because the Global Dividend Stocks sleeve generally will not use certain hedging techniques available to the Preferred and REIT sleeves to reduce stock market exposure, this portion of the Fund may be more susceptible to general market declines than the other sleeves. International investing involves special risks, such as currency fluctuations and economic and political instability. Stocks of small-cap and mid-cap companies are generally more volatile than and not as readily marketable as those of larger companies and may have fewer resources and a greater risk of business failure than do large companies.


Real estate securities are subject to the risk that property values may fall due to increasing vacancies or declining rents. The price of real estate securities also may decline because of the failure of borrowers to pay their loans and poor management. Many real estate companies utilize leverage, which increases investment risk and could adversely affect a company’s operations and market value in periods of rising interest rates, as well as risks normally associated with debt financing. Income and real estate values also may be adversely affected by such factors as applicable laws, interest rate levels and the availability of financing.