High Yield Fund

Seeks to provide a high level of current income

Risk Rotation Rather than Sector Rotation

Focuses on fundamental credit research to gradually modify risk exposure throughout the high yield credit cycle.

Benchmark-Agnostic Approach

We may avoid securities and industries where we feel the issuer's business model is not appropriate for a leveraged balance sheet and thus may significantly differ from the benchmark.

144-Morningstar Rating Overall - HY

*Class I Shares rated three stars overall by Morningstar among 602 High Yield Bond funds for the 1-, 3- and 5-year periods ended 12/31/16.  The Overall Morningstar Rating for First Eagle High Yield Fund is derived from a weighted average of the performance figures associated with its 1-, 3-, and 5- year Morningstar Rating metrics.

106 - Inception Date All Share Classes - HY

*High Yield Fund Inception dates: A Shares 01/03/2012, C Shares 01/03/2012, I Shares 11/19/2007

121 - Performance - Fee Waiver GIB and HY

Had fees not been waived and/or expenses reimbursed in the past, returns would have been lower.

194-High Yield Fee Waiver

For the First Eagle High Yield Fund, the Adviser has agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 28, 2018. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.70% to 0.65%.

131-Performance-Average Annual Returns Reflect

The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.  Investment results and the principal value of an investment will vary.

124 - Avg Annual Returns - Periods less than 1 year

Returns for periods less than one year are not annualized.

16-Disclosure Inception date HY

The Fund commenced operations in its present form on December 30, 2011, and is successor to another mutual fund pursuant to a reorganization December 30, 2011. Information prior to December 30, 2011 is for this predecessor fund. Immediately after the reorganization, changes in net asset value of the Class I shares were partially impacted by differences in how the Fund and the predecessor fund price portfolio securities

39-Disclosure Performance A-share performance HY

The average annual returns for Class A Shares reflect the maximum sales charge of 4.50%.

37-Disclosure Performance C-share performance All funds

The average annual returns for Class C Shares reflect a CDSC (contingent deferred sales charge) of 1.00% in the year-to-date and first year only.

42-Disclosure Performance I-Share performance HY

Performance information is for Class I Shares without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Had fees not been waived and/or expenses reimbursed, the performance would have been lower. Class A and C Shares have maximum sales charges of 4.50% and 1.00% respectively, and 12b-1 fees, which reduce performance.

8-Disclosure Expenses I Share $1mm minimum All funds

Class I Shares require $1mm minimum investment, and are offered without sales charge.

82 - Expenses - Expense Ratio As of Date - All Funds

The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus.

49-Disclosure Performance Standard Past Performance All funds

The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available on the Prices & Performance page.

Past Awards

 

 

 

High yield securities (commonly known as "junk bonds") are generally considered speculative because they may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may be subject to greater volatility. The Funds invest in high yield securities that are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities.

Investments in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline.

Bank loans are often less liquid than other types of debt instruments. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower's obligation, or that such collateral could be liquidated.

There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging markets.

All investments involve the risk of loss of principal.

2016 Morningstar, Inc.© All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Ratings are relative to a peer group and do not necessarily mean that the fund had high total returns. For each fund with at least a three-year history, Morningstar calculates Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

First Eagle High Yield Fund Morningstar ratings – High Yield Bond Category; A Shares: Overall: 1 star/659 funds, Three-year rating: 1 star/659 funds.  C Shares: Overall: 1 star/524 funds, Three-year rating: 1 stars/659 funds.  I Shares: Overall: 2 stars/659 funds, Three-year rating: 2 stars/659 funds. Five-year rating: 2 stars/524 funds. Different share classes may have different ratings.

The Morningstar percentile rankings for the First Eagle High Yield Fund Morningstar High Yield Bond Category were derived using the total return of the performance figure associated with its 1-, 3- and 5-year periods. 

2013 Best High Yield Fund is based on the five-year risk-adjusted performance among 373 eligible high yield funds for the period ended Nov. 30, 2012.

2011 Best High Current Yield Fund is based on the three-year risk-adjusted performance among 416 current yield funds for the period ended Dec. 31, 2010.

Classification averages are calculated with all eligible share classes for each eligible classification. The calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over three, five, or ten years. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. This is not an offer to buy or sell securities. Additional information is available at www.lipperweb.com. Lipper leader ratings copyright 2015, Reuters, All Rights Reserved.

Reference to a ranking, a rating or an award does not provide any guarantee of future performance, and is subject to change over time.

Lipper, a wholly owned subsidiary of Reuters, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries, and media organizations

The Bloomberg Barclays U.S. Corporate High Yield Bond Index is composed of fixed-rate, publicly issued, non-investment grade debt, is unmanaged, with dividends reinvested, and is not available for purchase.  The index includes both corporate and non-corporate sectors.  The corporate sectors are Industrial, Utility and Finance, which include both U.S. and non-U.S. corporations.  The index is presented here for comparison purposes only.

Seeks to provide a high level of current income

45-Disclosure Performance Growth of 10k disclosure - I Shares HY

This chart illustrates a hypothetical investment in Class I shares without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Date selected assumes purchase at month end.

155-Disclosure - Performance CY Partial Year - HY

*Performance for 2007 is for the period 11/19/2007 to 12/31/2007

106 - Inception Date All Share Classes - HY

*High Yield Fund Inception dates: A Shares 01/03/2012, C Shares 01/03/2012, I Shares 11/19/2007

121 - Performance - Fee Waiver GIB and HY

Had fees not been waived and/or expenses reimbursed in the past, returns would have been lower.

194-High Yield Fee Waiver

For the First Eagle High Yield Fund, the Adviser has agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 28, 2018. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.70% to 0.65%.

131-Performance-Average Annual Returns Reflect

The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.  Investment results and the principal value of an investment will vary.

124 - Avg Annual Returns - Periods less than 1 year

Returns for periods less than one year are not annualized.

16-Disclosure Inception date HY

The Fund commenced operations in its present form on December 30, 2011, and is successor to another mutual fund pursuant to a reorganization December 30, 2011. Information prior to December 30, 2011 is for this predecessor fund. Immediately after the reorganization, changes in net asset value of the Class I shares were partially impacted by differences in how the Fund and the predecessor fund price portfolio securities

39-Disclosure Performance A-share performance HY

The average annual returns for Class A Shares reflect the maximum sales charge of 4.50%.

37-Disclosure Performance C-share performance All funds

The average annual returns for Class C Shares reflect a CDSC (contingent deferred sales charge) of 1.00% in the year-to-date and first year only.

42-Disclosure Performance I-Share performance HY

Performance information is for Class I Shares without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Had fees not been waived and/or expenses reimbursed, the performance would have been lower. Class A and C Shares have maximum sales charges of 4.50% and 1.00% respectively, and 12b-1 fees, which reduce performance.

8-Disclosure Expenses I Share $1mm minimum All funds

Class I Shares require $1mm minimum investment, and are offered without sales charge.

82 - Expenses - Expense Ratio As of Date - All Funds

The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus.

49-Disclosure Performance Standard Past Performance All funds

The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available on the Prices & Performance page.

High yield securities (commonly known as "junk bonds") are generally considered speculative because they may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may be subject to greater volatility. The Funds invest in high yield securities that are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities.

Investments in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline.

Bank loans are often less liquid than other types of debt instruments. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower's obligation, or that such collateral could be liquidated.

There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging markets.

All investments involve the risk of loss of principal.

2016 Morningstar, Inc.© All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Ratings are relative to a peer group and do not necessarily mean that the fund had high total returns. For each fund with at least a three-year history, Morningstar calculates Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

First Eagle High Yield Fund Morningstar ratings – High Yield Bond Category; A Shares: Overall: 1 star/659 funds, Three-year rating: 1 star/659 funds.  C Shares: Overall: 1 star/524 funds, Three-year rating: 1 stars/659 funds.  I Shares: Overall: 2 stars/659 funds, Three-year rating: 2 stars/659 funds. Five-year rating: 2 stars/524 funds. Different share classes may have different ratings.

The Morningstar percentile rankings for the First Eagle High Yield Fund Morningstar High Yield Bond Category were derived using the total return of the performance figure associated with its 1-, 3- and 5-year periods. 

2013 Best High Yield Fund is based on the five-year risk-adjusted performance among 373 eligible high yield funds for the period ended Nov. 30, 2012.

2011 Best High Current Yield Fund is based on the three-year risk-adjusted performance among 416 current yield funds for the period ended Dec. 31, 2010.

Classification averages are calculated with all eligible share classes for each eligible classification. The calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over three, five, or ten years. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. This is not an offer to buy or sell securities. Additional information is available at www.lipperweb.com. Lipper leader ratings copyright 2015, Reuters, All Rights Reserved.

Lipper, a wholly owned subsidiary of Reuters, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries, and media organizations

The Bloomberg Barclays U.S. Corporate High Yield Bond Index is composed of fixed-rate, publicly issued, non-investment grade debt, is unmanaged, with dividends reinvested, and is not available for purchase.  The index includes both corporate and non-corporate sectors.  The corporate sectors are Industrial, Utility and Finance, which include both U.S. and non-U.S. corporations.  The index is presented here for comparison purposes only.

Standard deviation is a statistical measure of the distance a quantity is likely to be from its average value.  It is applied to the annual rate of return to measure volatility.

R-Squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark.

Beta is a measure of the fund's volatility (risk) relative to the overall market.  The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.

Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.

Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.

Reference to a ranking, a rating or an award does not provide any guarantee of future performance, and is subject to change over time.

Seeks to provide a high level of current income

52-Disclosure Portfolio Characteristics Portfolio Holdings disclosure All funds

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Current and future portfolio holdings are subject to risk.

148-Portfolio Characteristics - Percentages may not sum to 100%

Percentages may not sum to 100% due to rounding.

52-Disclosure Portfolio Characteristics Portfolio Holdings disclosure All funds

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Current and future portfolio holdings are subject to risk.

148-Portfolio Characteristics - Percentages may not sum to 100%

Percentages may not sum to 100% due to rounding.

52-Disclosure Portfolio Characteristics Portfolio Holdings disclosure All funds

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Current and future portfolio holdings are subject to risk.

62-Disclosure Source Information S&P credit ratings disclosure HY

Ratings source: Standard & Poor's. A credit rating, as represented by the Credit Quality Breakdown, is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of credit worthiness of an issuer with respect to debt obligations, including specific securities, money market instruments, or other bonds. ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated (NR) indicates that the debtor was not rated and should not be interpreted as indicating low quality. For more information on the Standard & Poor's rating methodology, please visit standardandpoors.com and select "Understanding Ratings" under Rating Resources.

149-Portfolio Characteristics-Excludes Cash & Cash Equivalents

Excludes cash and cash equivalents.

148-Portfolio Characteristics - Percentages may not sum to 100%

Percentages may not sum to 100% due to rounding.

52-Disclosure Portfolio Characteristics Portfolio Holdings disclosure All funds

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Current and future portfolio holdings are subject to risk.

149-Portfolio Characteristics-Excludes Cash & Cash Equivalents

Excludes cash and cash equivalents.

52-Disclosure Portfolio Characteristics Portfolio Holdings disclosure All funds

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Current and future portfolio holdings are subject to risk.

214 - HY Top Ten Disclosure

As of 10/31/16, the rating action for this issue-level note (lowered to ‘D’, from ‘CCC+’ as of 10/18/16) follows EnQuest’s announcement on 10/13/16 that it had agreed with noteholders representing approximately 61% of the high yield notes to capitalize the coupon due 10/17/16, in line with a proposed restructuring. The proposed restructuring allows EnQuest to capitalize interest on the notes when the average oil price is below $65 per barrel. As a result of the restructuring, EnQuest’s long-term rating has been lowered to ‘SD (selective default), down from ‘B-‘ by S&P Global Ratings. The company expects to complete the restructuring by 11/21/16. Once completed, S&P will reassess the company’s relative creditworthiness based on the new capital structure.

As of 9/30/16, the rating action for Cloud Peak Energy Resources LLC 8.5% due 12/15/2019 (lowered to 'D' to 'B+' as of 09/23/16) is a result of a below-par exchange offer of the senior unsecured notes according to S&P Global Ratings. Once the exchange is complete, S&P Global Ratings will assign a corporate credit rating and outlook that reflects the new capital structure. S&P Global Ratings views this exchange as distressed under its criteria because the cash and principal amount of the new securities offered is less than the original par amount. As a result, it has lowered its corporate credit rating of Cloud Peak to 'SD' (selective default) from 'B+'.  As of 10/31/16, Cloud Peak had a credit rating of B-.

High yield securities (commonly known as "junk bonds") are generally considered speculative because they may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may be subject to greater volatility. The Funds invest in high yield securities that are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities.

Investments in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline.

Bank loans are often less liquid than other types of debt instruments. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower's obligation, or that such collateral could be liquidated.

There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging markets.

All investments involve the risk of loss of principal.

Average coupon is the average of each bond's coupon payment, adjusted for its relative weighting in the portfolio.

Average credit quality is the average of each bond's credit rating, adjusted for its relative weighting in the portfolio.

Effective duration is the average change in the value of a fixed-income security that will result from a 1% change in interest rates, adjusted for bonds with embedded options.  Effective duration is stated in years.

SEC Yield is the standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds.  It is based on the most recent 30-day period covered by the fund's filings with the SEC.  The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund's expenses.  This is also referred to as the 'standardized yield.'  The number is then annualized.  This yield does not necessarily reflect income actually earned and distributed by the Fund, and therefore may not be correlated with dividends and distributions paid.  Had fees not been waived and/or expenses reimbursed, the SEC Yield would have been lower.

Weighted average maturity is the average due date of scheduled principal payments on a loan, weighted by the amount of time such principal payments are outstanding.  An amortization schedule that requires more principal payments to be made in later years will have a greater weighted average maturity than one that is front-end loaded.

Investment Philosophy

The High Yield Fund seeks to maximize risk adjusted returns by modifying risk exposure throughout the high yield credit cycle, and purchase securities with what we believe to be an appropriate margin of safety.

Investment Process

The High Yield Fund emphasizes a fundamental bottom-up research approach that drives the identification of investment opportunities in all market environments. The three phases of the process are:

  • 1

    Credit Cycle and Strategy Assessment

    The team believes that effective management through the high yield cycle is critical to delivering consistent outperformance. They begin by assessing the primary market and continue with an evaluation of the global economic outlook.

    • Assess the primary market
    • Focus on spreads
    • Evaluate the global economic outlook
  • 2

    Fundamental Research

    The emphasis is on bottom-up fundamental research that drives the identification of investment opportunities in all market environments. Research focuses on answering one core question: Does the enterprise possess the ability and willingness to successfully pay coupons and repay or refinance principal?

    • Deconstruct the financials
    • Understand the business
    • Valuation
  • 3

    Portfolio Construction

    The team approaches risk management at both credit-specific and portfolio levels.

    • Credit-level risk management begins at the security level. The team has the flexibility to invest in opportunities that they feel have an attractive margin of safety at the time of purchase. They seek to avoid issuances whose dynamics are unfavorable to high yield debt holders.
    • Portfolio-level risk management begins by rotating risk as the team considers it appropriate to each phase of the high yield market cycle. In each phase, the strategy may move to overweight or underweight higher and lower quality credit tiers in order to add or reduce risk to the portfolio and to rebalance the portfolio's sensitivity to economic growth.

In addition, by understanding correlations and monitoring industry exposures, the Fund seeks to diversify against clusters of risk. With the flexibility to remain benchmark agnostic, the Fund is unconstrained in its ability to select securities within its investment guidelines.

High yield securities (commonly known as "junk bonds") are generally considered speculative because they may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may be subject to greater volatility. The Funds invest in high yield securities that are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities.

Investments in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline.

Bank loans are often less liquid than other types of debt instruments. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower's obligation, or that such collateral could be liquidated.

There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging markets.

All investments involve the risk of loss of principal.

The following information describes the fees and expenses you may pay if you buy and hold shares of the High Yield Fund.

Please read prospectus carefully for more complete information including details on fees, expenses and risks before investing.

* A contingent deferred sales charge of 1.00% may be imposed on certain redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

**"Other Expenses" shown reflect actual expenses for the Fund for the fiscal year ended October 31, 2016 and estimated expenses in the case of newly organized share classes.

****The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund’s net assets for the period through February 28, 2018. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.70% to 0.65%.

Class I Shares require $1mm minimum investment, and are offered without sales charge.

There are several ways to lower the sales charge on Class A shares: Aggregation, Rights of Accumulation and Letter of Intention. For details please refer to our prospectus.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Ordinary income distributions are distributed at the class level and will vary by class.

"Reinvested at" is the share price used to calculate the number of shares added to an account if a shareholder reinvests dividends or capital gains.