The Income Explorer Blended benchmark is comprised of 60% MSCI All Country World Index (MSCI ACWI) and 40% Barclays Capital U.S. Aggregate Bond Index.  The MSCI ACWI is a free float-adjusted market capitalization index designed to measure the equity market performance of 45 global developed and emerging markets.  The Barclays Capital U.S. Aggregate Bond Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers components for government and corporate securities, mortgage pass-through securities and asset-backed securities. Please note that an investor cannot invest directly in 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: 2.68%; Class C: 3.50%; Class W: 2.79%. Net operating expenses: Class A: 2.28%; Class C: 2.93%; Class W: 2.08%. The net expense ratio includes the contractual expense cap (Class A: 1.72%; Class C: 2.37%; Class W: 1.52%) and other management fee waivers, as more fully described in the Fund’s prospectus, and it also reflects any acquired fund fees and expenses (“AFFEs”). AFFEs are not subject to the contractual expense cap, which is why the net expense ratio may exceed the contractual expense cap of each respective class share (Class A: 1.72%; Class C: 2.37%; Class W: 1.52%).  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.


The Fund’s investments in closed-end funds generally reflect the risks of the underlying securities they hold. The Fund will indirectly bear its proportionate share of the management and other expenses that are charged by the closed-end funds, in addition to the expenses paid by the Fund. Shares of closed-end funds are subject to other risks related to their structure, including the possibility that shares may trade at a discount from their net asset value and the use of leverage in their capital structure. The presence of leverage in the closed-end fund structure introduces both increased volatility of net asset value, and the potential for greater variability in the dividends paid by the closed-end funds.


The Global Dividend Stock Sleeve employs a disciplined strategy and will not deviate from this strategy (except to the extent necessary to comply with federal tax laws or other applicable laws). If the Global Dividend Stock Sleeve is committed to a strategy that is unsuccessful, the Fund will not meet its investment goal. Because the Global Dividend Stock Sleeve generally will not use certain hedging techniques available to the Preferred and Closed-End Fund 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. Securities of small and medium sized companies are usually more volatile and entail greater risks than securities of large companies.