Form 497K AQR Funds
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AQR International Defensive Style Fund
Fund Summary — January 29, 2023
Ticker: Class N/ANDNX — Class I/ANDIX — CLASS R6/ANDRX
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders, and other information about the Fund, including the statement of additional information, online at https://funds.aqr.com/fund-documents. You can also get this information at no cost by calling (866) 290-2688 or by sending an email to [email protected]. The Fund’s
prospectus and
statement of additional information, each dated January 29, 2023, as amended and supplemented from time to time, and the Fund’s most recent
shareholder report, dated September 30, 2022, are all incorporated by reference to this summary prospectus.
Investment Objective
The AQR
International Defensive Style Fund (the “Fund”) seeks total return.
Total return
consists of capital appreciation and income.
Fees and Expenses of the
Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees,
such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
| |
Class N |
Class I |
Class R6 |
| Management Fee |
0.40% |
0.40% |
0.40% |
| Distribution (12b-1) Fee |
0.25% |
None |
None |
| Other Expenses |
|
|
|
| Interest Expense |
0.01% |
0.01% |
0.01% |
| All Other Expenses |
0.23% |
0.24%
|
0.14% |
| Total Other Expenses |
0.24% |
0.25% |
0.15% |
| Total Annual Fund Operating Expenses |
0.89% |
0.65% |
0.55% |
| Less: Expense Reimbursements1
|
0.08% |
0.09% |
0.09% |
| Total Annual Fund Operating Expenses after Expense Reimbursements |
0.81% |
0.56% |
0.46% |
1 The
Adviser has contractually agreed to reimburse operating expenses of the Fund in an amount
sufficient to limit certain Specified Expenses at no more than 0.15% for Class N Shares and Class I Shares and 0.05% for Class R6 Shares. "Specified Expenses" for this purpose
include all Fund operating expenses other than management fees and 12b-1 fees and exclude interest, taxes, dividends on short sales, borrowing costs, acquired fund fees and expenses, interest expense relating to short sales, expenses related to class action claims, contingent expenses related to tax reclaim receipts and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through January 28, 2024. The Expense Limitation Agreement may be
terminated with the consent of the Board of Trustees, including a majority of the Non-Interested Trustees of the Trust. The Adviser
is entitled to recapture any expenses reimbursed during the thirty-six month period following the end of the month during which the
Adviser reimbursed expenses, provided that the amount recaptured may not cause the Specified
Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the
reimbursement and (ii) the applicable limits in effect at the time of recapture.
Example: This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and
then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense
Limitation Agreement through January 28, 2024, as discussed in Footnote No. 1 to the Fee Table. Although your actual
AQR
Funds–Summary Prospectus2
costs may be higher or lower, based on these assumptions your costs would be:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class N Shares |
$83 |
$276 |
$485 |
$1,089 |
| Class I Shares |
$57 |
$199 |
$353 |
$802 |
| Class R6 Shares |
$47 |
$167 |
$298 |
$681 |
Portfolio Turnover:
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended September 30, 2022, the Fund’s portfolio turnover rate was 34% of the average value of its
portfolio.
Principal Investment Strategies of the
Fund
The Fund pursues a “defensive” investment style, seeking to
provide downside protection with upside potential through active stock selection, risk management and diversification.
The Fund pursues its objective by investing, under normal market conditions, at least 80% of its net
assets (including any borrowings for investment purposes) in Equity Instruments of International Issuers. Equity Instruments include common stock, preferred stock, warrants, exchange-traded funds that invest in equity securities, stock index futures, depositary
receipts, real estate investment trusts or securities with similar characteristics and other derivative instruments where the reference asset is an equity security. An issuer will be considered an International Issuer if it is organized, domiciled, or has a principal place of business in a country that is part of the MSCI World ex-USA Index, or if an instrument provides exposure to the change in value of a company that meets that definition. However, the Fund may
also invest in issuers organized, domiciled, or with a principal place of business in other countries if the Adviser considers it advisable to achieve the Fund’s investment objective. The Fund can invest in companies of any size and may invest to a significant extent in small- and
mid-cap companies from time to time in the discretion of the Adviser. There is no guarantee that the Fund’s objective will be met.
The Fund may engage in currency transactions with counterparties primarily in order to mitigate the
volatility associated with
particular currencies in which portfolio holdings are denominated and to provide temporary exposure to a particular currency in lieu of leaving cash inflows uninvested. Currency transactions include forward currency contracts and exchange listed
currency futures. A forward currency contract involves a privately negotiated obligation to purchase or sell (with delivery generally required) a specific currency at a future date, which may be any fixed number of days from the date of the contract
agreed upon by the parties, at a price set at the time of the contract. The Fund seeks to diversify currency exposures and to avoid the risk of high exposures to any one currency, including U.S. dollars.
The Fund pursues a defensive investment style, meaning it seeks to participate in rising equity markets while mitigating
downside risk in declining markets. In other words, the Fund expects to lag the performance of traditional international equity funds when these markets are rising, but to exceed the performance of traditional international equity funds during
international equity market declines. To achieve this result, the Fund will be broadly diversified across companies, industries and countries and will invest in companies that the Adviser has identified to have low measures of risk and high quality (e.g., stable companies in good business health). The Adviser believes that the stocks of these types of companies may tend to be lower “beta” stocks and that lower “beta” stocks generally are less volatile than higher “beta” stocks (that is, their value has a lower sensitivity to fluctuations in the securities markets). The Adviser expects low “beta” and high quality stocks to produce higher risk-adjusted returns over a full market cycle
than high “beta” or poor quality stocks.
The Fund is actively managed and the
Adviser will vary the Fund’s exposures to issuers, industries, countries and currencies
based on the Adviser’s evaluation of investment opportunities within and across markets. In constructing the portfolio, the
Adviser uses quantitative models, which combine active management to identify quality
companies and statistical measures of risk to assure diversification by issuer, country, currency and industry, as well as additional criteria that form part of the Adviser’s security selection process. The Adviser uses
volatility and correlation forecasting and other portfolio construction methodologies to manage the Fund. The Adviser utilizes quantitative risk models in furtherance of the Fund’s investment objective, which seek to control portfolio
level risk. Shifts in allocations among issuers, industries, countries or currencies will be determined using the quantitative models based on the Adviser’s determinations of risk and quality, as well as other factors including, but not limited to, managing industry and sector exposures. The Fund bears the risk that the quantitative
models used by the portfolio managers will not be successful in forecasting market returns or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.
When selecting securities for the portfolio, the Adviser will employ tax management strategies which consider the potential impact of federal income tax on shareholders’
investment return. These tax management strategies are generally designed to both (i) reduce the Fund’s overall realization of capital gains, and (ii) minimize the
Fund’s realized short-term capital gains as a percentage of the Fund’s total realized capital gains (both long-term and short term), as compared to funds that do not
take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund’s short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not
employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders’ investment returns
include:
•when
believed by the Adviser to be appropriate, selling stocks to realize losses, with the
specific purpose of offsetting gains;
AQR Funds–Summary Prospectus3
•deferring realizations of net
capital gains;
•limiting portfolio turnover
that may result in taxable gains; and
•choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method
which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.
The Fund invests
significantly in common stocks. The Fund may also invest in or use financial futures contracts, forward currency contracts as well as exchange-traded funds and similar pooled
investment vehicles for hedging purposes, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. The Fund may invest in short-term instruments, including U.S. Government securities, bank certificates of deposit, money market instruments or funds, and such
other liquid investments deemed appropriate by the Adviser. The Fund may invest in these
securities without limit for temporary defensive purposes.
There is no assurance that the Fund’s use of Equity Instruments providing enhanced exposure will enable the Fund to
achieve its investment objective.
The
Adviser utilizes portfolio optimization techniques to determine trading activity, taking into
account anticipated transaction costs associated with trading each Equity Instrument. The Fund employs sophisticated proprietary trading techniques in an effort to mitigate trading costs and execution impact on the Fund.
Principal Risks of Investing in the Fund
Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in
the Fund or your investment may not perform as well as other similar investments. The Fund is not a complete investment program and
should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of
short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of
loss. The following is a summary description of certain risks of investing in the Fund. The order of the below
risk factors does not indicate the significance of any particular risk factor.
Common Stock Risk: The Fund may invest in, or have exposure to, common stocks. Common stocks are subject to
greater fluctuations in market value than certain other asset classes as a result of such factors as a company’s business performance, investor perceptions, stock market trends and general economic conditions.
Counterparty Risk: The Fund may enter into various types of derivative contracts. Many of these derivative
contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a
counterparty’s creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline,
potentially resulting in losses to the Fund.
Currency Risk: Currency risk is the risk that changes in currency exchange rates will negatively affect
securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S.
dollar) may erode or reverse any potential gains from the Fund’s investments in securities denominated in a foreign currency or may widen existing losses.
Derivatives Risk: In general, a derivative instrument typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument.
Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range
of potential risks and rewards, and may include, as further described in the section entitled “Principal Investment Strategies of the Fund,” futures contracts, forward
contracts and other derivative instruments where the reference asset is an equity security. A risk of the Fund’s use of derivatives is that the fluctuations in their values
may not correlate perfectly with the overall securities markets.
Foreign Investments Risk: Foreign investments often involve special risks not present in U.S. investments
that can increase the chances that the Fund will lose money. These risks include:
•The Fund generally holds its foreign instruments and cash in foreign banks and securities depositories, which may be
recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.
•Changes in foreign currency
exchange rates can affect the value of the Fund’s portfolio.
•The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to
such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.
AQR Funds–Summary Prospectus4
•The governments of certain
countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.
•Many foreign governments do
not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are
comparable to U.S. securities laws.
•Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of
securities not typically associated with settlement and clearance of U.S. investments.
•The regulatory, financial
reporting, accounting, recordkeeping and auditing standards of foreign countries may differ, in some cases significantly, from U.S. standards.
Forward and Futures Contract Risk: The successful use of forward and futures contracts draws upon the Adviser’s skill and
experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of forward and futures contracts, which may
adversely affect the Fund’s NAV and total return, are (a) the
imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are
potentially unlimited; (d) the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other
economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to
sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do
so.
Hedging Transactions Risk: The Adviser from time to
time employs various hedging techniques. The success of the Fund’s hedging strategy will be subject to the Adviser’s ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being
hedged. Since the characteristics of many securities change as markets change or time passes, the success of the Fund’s hedging strategy will also be subject to the Adviser’s ability to continually recalculate, readjust, and execute hedges in an efficient and timely manner. For a variety of
reasons, the Adviser may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent the Fund from
achieving the intended hedge or expose the Fund to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs (such as trading commissions and fees).
Investment in Other Investment Companies Risk: As with other investments, investments in other investment
companies, including exchange-traded funds (“ETFs”), are subject to market and manager risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and
advisory fees) and, indirectly, the expenses of the investment companies. The Fund may invest in money market mutual funds. An investment in a money market mutual fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds that invest in U.S. government securities seek to preserve the value of the Fund’s investment at $1.00 per share, it
is possible to lose money by investing in a stable NAV money market mutual fund. Moreover, prime money market mutual funds are required to use floating NAVs that do not preserve the value
of the Fund’s investment at $1.00 per share. Investments in real estate investment trusts or securities with similar characteristics that pool investors’ capital to
purchase or finance real estate investments also involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (i.e., in a rising interest rate
environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).
Manager Risk: If
the Adviser makes poor investment decisions, it will negatively affect the Fund’s
investment performance.
Market Risk: Market risk is the risk that the markets on which the Fund’s investments trade will increase or decrease in value.
Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling
prices. Recently, there have been inflationary price movements and rising interest rates. If there is a general decline in the securities and other markets, your investment in the
Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.
Mid-Cap Securities Risk: The Fund may invest in, or have exposure to, the securities of mid-cap companies. The prices of securities of mid-cap
companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large-cap companies by changes in earnings
results and investor expectations or poor economic or market conditions, including those experienced during a recession.
Model and Data
Risk: Given the complexity of the investments and strategies of the Fund, the Adviser relies heavily on quantitative models and information and data supplied or made available by third parties (“Models
and Data”). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund’s investments.
When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or
unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the Adviser for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are
usually constructed based on historical data supplied by third parties or otherwise, the success of relying on such models may depend on the accuracy and reliability of the
AQR Funds–Summary Prospectus5
supplied historical data. The Fund bears the risk that the quantitative models used by the Adviser will not be successful in
selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.
All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the
resulting information will be incorrect. However, even if data is inputted correctly, “model prices” will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.
The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic
and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be
generated, and major losses may result.
The
Adviser, in its sole discretion, will continue to test, evaluate and add new models, which
may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.
Small-Cap Securities Risk: Investments in or exposure to the securities of companies with smaller market
capitalizations involve higher risks in some respects than do investments in securities of larger companies. For example, prices of such securities are often more volatile than prices of large capitalization securities. In addition, due to thin trading in some such securities, an investment in these securities may be less liquid (i.e., harder to sell) than that of larger capitalization securities. Smaller capitalization companies also fail more often than
larger companies and may have more limited management and financial resources than larger companies.
Tax-Managed Investment Risk: When employing tax managed strategies, the performance of the Fund may deviate from that of non-tax managed funds and may
not provide as high a return before consideration of federal income tax consequences as non-tax managed funds. Each Fund’s tax-sensitive investment strategy involves active
management with the intent of minimizing the amount of realized gains from the sale of securities; however, market conditions may limit the Fund’s ability to execute such strategy. Each Fund’s ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although, when employing tax managed strategies, each Fund
expects that a smaller portion of its total return will consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about
the size of taxable distributions to shareholders.
Volatility Risk: The Fund may have investments that appreciate or decrease significantly in value over
short periods of time. This may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.
Performance Information
The performance information below shows summary performance information for the Fund in a bar chart and an average annual total returns table. The
information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund.
The Fund’s past performance (before and after taxes), as provided by the bar
chart and performance table that follows, is not an indication of future results. Updated
information on the Fund’s performance, including its current NAV
per share, can be obtained by visiting https://funds.aqr.com.
Class I
Shares—Total Returns
The bar chart below provides an illustration of how the
Fund’s performance has varied in each of the indicated calendar years.
| Highest Quarterly Return |
Lowest Quarterly Return | ||
| 13.70% |
12/31/22 |
-18.13% |
3/31/20 |
AQR Funds–Summary Prospectus6
Average Annual Total Returns as of December 31, 2022
The following table compares the Fund’s average annual total returns for Class I Shares, Class N Shares and Class R6 Shares as of December 31, 2022 to the MSCI World ex-USA Index. You cannot invest directly in an index. The table
includes all applicable fees and sales charges.
| |
One
Year |
Five
Year |
Ten
Year |
Since
Inception |
Share Class
Inception
Date |
| AQR International Defensive Style Fund—Class I |
|
|
|
|
|
| Return Before Taxes |
-14.26% |
1.21% |
4.31% |
- |
07/09/2012 |
| Return After Taxes on Distributions |
-14.51% |
0.84% |
3.85% |
- |
|
| Return After Taxes on Distributions and Sale of Fund Shares |
-8.01% |
1.09% |
3.51% |
- |
|
| MSCI World ex-USA Index (reflects
no deductions for fees, expenses
or taxes) |
-14.29% |
1.79% |
4.59% |
- |
|
| AQR International Defensive Style Fund—Class N |
|
|
|
|
|
| Return Before Taxes |
-14.47% |
0.95% |
4.05% |
- |
07/09/2012 |
| MSCI World ex-USA Index (reflects
no deductions for fees, expenses
or taxes) |
-14.29% |
1.79% |
4.59% |
- |
|
| AQR International Defensive Style Fund—Class R6 |
|
|
|
|
|
| Return Before Taxes |
-14.25% |
1.30% |
- |
2.52%* |
09/02/2014 |
| MSCI World ex-USA Index (reflects
no deductions for fees, expenses
or taxes) |
-14.29% |
1.79% |
- |
2.72%* |
|
* Since inception performance is shown for Class R6 since it does not have 10 years of performance history.
After-tax returns are calculated using the historical highest individual marginal tax rates and do not
reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of
Fund shares may exceed the return before taxes and the return after taxes on distributions due to an assumed benefit from any losses on a sale of Fund shares at the end of the measurement period. Actual after-tax returns depend on an investor’s tax situation and may differ from
those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are for Class I Shares only. After-tax
returns for other classes will vary.
Investment Manager
The Fund’s investment manager is AQR Capital Management, LLC.
Portfolio Managers
| Name |
Portfolio Manager
of the Fund Since |
Title |
| Clifford S. Asness, Ph.D., M.B.A. |
January 1, 2022 |
Managing and Founding Principal of the Adviser |
| Michele L. Aghassi, Ph.D. |
March 16, 2016 |
Principal of the Adviser |
| Andrea Frazzini, Ph.D., M.S. |
July 9, 2012 |
Principal of the Adviser |
| John J. Huss |
January 1, 2022 |
Principal of the Adviser |
| Lars N. Nielsen, M.Sc. |
January 1, 2020 |
Principal of the Adviser |
Important Additional Information
PURCHASE AND SALE OF FUND SHARES
You may purchase or redeem Class N Shares, Class I Shares and Class R6 Shares of the Fund, as
applicable, each day the NYSE is open. To purchase or redeem shares you should contact your
financial intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (866) 290-2688 or by mail (c/o AQR Funds, P.O. Box 2248, Denver, CO 80201-2248). The Fund’s initial and subsequent investment minimums for Class N Shares, Class I Shares and
Class R6 Shares, as applicable, generally are as follows.
AQR
Funds–Summary Prospectus7
| |
Class N Shares |
Class I Shares |
Class R6 Shares |
| Minimum Initial Investment |
$1,000,000* |
$5,000,000* |
$50,000,000* |
| Minimum Subsequent Investment |
None |
None |
None |
* Reductions apply to certain eligibility groups. See “Investing With the AQR Funds” in the
Fund’s prospectus.
Tax Information
The Fund’s dividends and distributions may be subject to federal income taxes and may be taxed as ordinary income or
capital gains, unless you are a tax-exempt investor or are investing through a retirement plan, in which case you may be subject to federal income tax upon withdrawal from such tax deferred arrangements.
Payments to Broker/Dealers and other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary, the Fund
and/or the Adviser or its
affiliates may pay the intermediary for the sale of Fund shares and other services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your individual financial professional to
recommend the Fund over another investment. Ask your individual financial professional or visit your financial intermediary’s website for more information.
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