LVIP Dimensional Non-U.S. Equity RPM Fund. Summary Prospectus April 30, 2013
|
|
- Suzanna Lucas
- 5 years ago
- Views:
Transcription
1 LVIP Dimensional Non-U.S. Equity RPM Fund (formerly LVIP Dimensional Non-U.S. Equity Fund) (Standard and Service Class) Summary Prospectus April 30, 2013 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 and other information about the Fund online at You can also get this information at no cost by calling 877 ASK LINCOLN ( ) or by sending an request to The Fund s Prospectus and Statement of Additional Information, both dated April 30, 2013, are incorporated by reference into this Summary Prospectus. Investment Objective The investment objective of the LVIP Dimensional Non-U.S. Equity RPM Fund (the Fund ) is to seek long-term capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy and hold shares. This table does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher. Standard Class Service Class Shareholder Fees (fees paid directly from your investment) Maximum Sales Charge (Load) Imposed on Purchases N/A N/A Maximum Deferred Sales Charge (Load) N/A N/A Maximum Sales Charge (Load) Imposed on Reinvested Dividends N/A N/A Redemption Fee N/A N/A Exchange Fee N/A N/A Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.25% 0.25% Distribution and/or Service (12b-1) fees None 0.25% Other Expenses 0.25% 0.25% Acquired Fund Fees and Expenses (AFFE) 0.46% 0.46% Total Annual Fund Operating Expenses (including AFFE) % 1.21% Less Expense Reimbursement 2 (0.15%) (0.15%) Total Annual Fund Operating Expenses (After Expense Reimbursement) 0.81% 1.06% 1 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to the average net assets appearing in the Financial Highlights table which reflects only the operating expenses of the Fund and does not include AFFE. 2 Lincoln Investment Advisors Corporation (the adviser ) has contractually agreed to reimburse the Fund to the extent that the Total Annual Fund Operating Expenses (excluding AFFE) exceed 0.35% of the Fund s average daily net assets for the Standard Class (and 0.60% for the Service Class). The agreement will continue at least through April 30, 2014 and cannot be terminated before that date without the mutual agreement of the Fund s board of trustees and the adviser. LVIP Dimensional Non-U.S. Equity RPM Fund 1
2 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 illustrates the hypothetical expenses that you would incur over the time periods indicated if you invest $10,000 in the Fund s shares. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. This example reflects the net operating expenses with expense reimbursement for the one-year contractual period and the total operating expenses without expense reimbursement for the remaining time periods shown below. Your actual costs may be higher or lower than this example. This example does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher. The results apply whether or not you redeem your investment at the end of the given period. 1 year 3 years 5 years 10 years Standard Class $ 83 $291 $516 $1,164 Service Class $108 $369 $651 $1,453 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 rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund s performance. During the most recent fiscal year the Fund s portfolio turnover rate was 11% of the average value of its portfolio. Principal Investment Strategies The Fund operates under a fund of funds structure. The Fund, under normal circumstances, invests substantially all of its assets in mutual funds ( underlying funds ) which, in turn, invest in non-u.s. equity securities (foreign equity securities or stocks). The underlying funds will primarily be Dimensional Investment Group Inc. and/or DFA Investment Dimensions Group Inc. mutual funds ( Dimensional Funds ). The Dimensional Funds invest in a broad and diverse group of stocks of non-u.s. companies in developed and developing markets with certain funds placing a greater emphasis on small capitalization and value companies. Dimensional Investment Group Inc. and DFA Investment Dimensions Group, Inc. are not affiliated with the Fund or its adviser. Foreign equity securities are securities of companies organized, or having a majority of their assets, or earning a majority of their operating income outside of the United States, or determined to be a foreign equity security in accordance with factors deemed appropriate by the adviser to the underlying funds. Foreign equity securities may trade on U.S. or foreign markets. An emerging market country is generally considered to be one that is in the initial stages of its industrialization cycle and has a lower per capita gross national product. The Fund invests in underlying funds which hold some foreign equity securities of companies in developing and less developed foreign countries ( emerging markets ). The Fund, through underlying funds, may invest a large percentage of its assets in issuers located in a single country, a small number of countries, or a particular geographic region. The adviser develops the Fund s asset allocation strategy based on the Fund s investment strategy. Through its investment in underlying funds, the Fund s investment strategy will be to allocate assets across a broad and diverse range of foreign equity securities with growth and value styles, including large-cap, mid-cap, small-cap and emerging market stocks. The Fund may also allocate a smaller percentage of assets to underlying funds that invest in non-u.s. real estate securities (principally, readily marketable equity securities of companies in the following sectors of the real estate industry: certain real estate investment trusts and companies engaged in residential construction and firms, except partnerships, whose principal business is to develop commercial property). Certain underlying funds may use derivatives, such as futures contracts and options on futures contracts for equity securities and indices, to gain market exposure on their uninvested cash pending investment in securities or to maintain liquidity to pay redemptions. Also, the underlying funds may lend their portfolio securities to generate additional income. On at least an annual basis, the adviser will reassess and may make revisions in the Fund s asset allocation strategy consistent with the Fund s investment strategy and objective, including revising the weightings among the investments described above and adding underlying funds to or removing underlying funds from the asset allocation strategy. The adviser will also periodically rebalance the weightings in the underlying funds held by the Fund to the current asset allocation strategy. In general, the adviser does not anticipate making frequent changes in the asset allocation strategy and will not attempt to time the market. The adviser uses various analytical tools and proprietary and third party research to construct the portfolio. The underlying fund selection is made based on the Fund s particular asset allocation strategy, the adviser s desired asset class exposures, country and regional exposure, and the investment styles and performance of the underlying funds. The adviser also considers the portfolio characteristics and risk profile for each underlying fund over various periods and market environments to assess each underlying fund s suitability as an investment for the Fund. The Fund s adviser will also employ an actively managed risk-management overlay. This risk portfolio management strategy or RPM strategy consists of selling (short) and buying (long) positions in exchange-traded futures contracts to manage overall portfolio volatility. The adviser selects individual futures contracts on equity indices of foreign markets that it believes will have prices that are 2 LVIP Dimensional Non-U.S. Equity RPM Fund
3 highly correlated to the Fund s equity exposure. Although the adviser is permitted to invest up to 20% in the RPM strategy, under normal market conditions the adviser generally expects to invest less than 10% of the Fund s net assets in the RPM strategy. The RPM strategy is separate and distinct from any riders or features of your insurance contract. The adviser will regularly adjust the level of exchange-traded futures contracts to manage the overall net risk level, i.e., volatility. Volatility in this context means variance in the Fund s investment returns. Futures contracts can be purchased or sold by the Fund for less than their contract value, allowing an efficient use of Fund assets for the RPM strategy. The adviser s investment in exchange-traded futures and their resulting costs could limit the upside participation of the Fund in strong increasing markets relative to unhedged funds. In situations of extreme market volatility, the exchange-traded futures could potentially reduce the Fund s net economic exposure to equity securities to a substantial degree. In addition to holding short positions in exchange-traded futures, where market volatility is below the adviser s target volatility level, the adviser may periodically maintain a long position in futures to increase the overall level of economic exposure to equity securities. Under these circumstances, the adviser s use of exchange-traded futures in the RPM strategy may increase the Fund s economic exposure to equity securities up to a maximum of 110% of the Fund s assets. As a result, the Fund may at certain times have leveraged exposure to equity securities. The Investment Company Act of 1940 (the 1940 Act ) and the rules and interpretations under the 1940 Act impose certain limitations on the Fund s ability to use leverage. In addition, the Fund will segregate liquid assets or otherwise cover these transactions to mitigate risk. The Fund is non-diversified for purposes of the 1940 Act, and as a result may invest a greater percentage of its assets in a particular issuer than a diversified fund. However, through the underlying funds, the Fund has exposure to a diversified mix of equity securities (stocks). Principal Risks All mutual funds carry a certain amount of risk. Accordingly, loss of money is a risk of investing in the Fund. Because the Fund invests its assets in shares of underlying funds, the Fund is exposed to the same investments as those made by the underlying funds. By investing in the Fund, therefore, you indirectly assume the same types of risks as investing directly in the underlying funds. The Fund s investment performance is affected by each underlying fund s investment performance, and the Fund s ability to achieve its investment objective depends, in large part, on each underlying fund s ability to meet its investment objective. The following risks reflect the Fund s principal risks, which include the underlying funds principal risks. Market Risk. The value of portfolio securities may decline. As a result, your investment in a fund may decline in value and you could lose money. Asset Allocation Risk. With an asset allocation strategy, the amount invested in various asset classes of securities may change over time. Asset allocation risk could result in an allocation to an underperforming asset class. Foreign Securities Risk. Foreign securities have additional risks that are not present when investing in U.S. securities. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Additionally, foreign stocks include the risk of loss from foreign government or political actions. Investing in foreign securities may involve risks resulting from the reduced availability of public information concerning issuers. Foreign investments may be less liquid and their prices more volatile than comparable investments in U.S. issuers. Emerging Markets Risk. Companies located in emerging markets tend to be less liquid, have more volatile prices, and have significant potential for loss in comparison to investments in developed markets. Foreign Currency Risk. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-u.s.) currency rates. Geographic Concentration Risk. Geographic concentration risk is the risk that the market, currency, economic, political, regulatory, geopolitical, or other conditions in the specific countries or regions in which a fund concentrates its investments could be more volatile than those of more geographically-diversified funds. Growth Stocks Risk. Growth stocks, due to their relatively high valuations, typically have been more volatile than value stocks. Growth stocks may not pay dividends, or may pay lower dividends, than value stocks and may be more adversely affected in a down market. Value Stocks Risk. Value stocks tend to be inexpensive relative to their earnings or assets compared to other types of stocks, such as growth stocks. Value stocks can continue to be inexpensive for long periods of time, may not ever realize their estimated value, and may even go down in price. Medium-Cap Companies Risk. Securities issued by medium-sized companies may be subject to more abrupt market movements and may involve greater risks than investments in larger companies. These less developed, lesser-known companies may experience greater risks than those normally associated with larger companies. This is due to, among other things, the greater business risks of smaller size and limited product lines, markets, distribution channels, and financial and managerial resources. Small-Cap Companies Risk. The value of securities issued by small-sized companies may be subject to more abrupt market movements and may involve greater risks than investments in larger companies. LVIP Dimensional Non-U.S. Equity RPM Fund 3
4 Real Estate and REIT Risk. Investing in real estate securities (including REITs) is subject to the risks associated with the direct ownership and development of real estate. These risks include declines in real estate values, fluctuations in rental income (due in part to vacancies and rates), increases in operating costs and property taxes, increases in financing costs or inability to procure financing, potential environmental liabilities and changes in zoning laws and other regulations. Derivatives Risk. Derivatives, such as futures, forwards, options and swaps, involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives prices can be volatile and may move in unexpected ways, especially in unusual market conditions. Some derivatives are particularly sensitive to changes in interest rates. In addition, there may be imperfect correlation between the price of the derivatives contract and the price of the underlying securities. Other risks include the potential inability to terminate or sell derivative positions. Further, losses could result if the counterparty to a transaction does not perform as promised. Derivative instruments that are leveraged may magnify or otherwise increase investment losses. Securities Lending Risk. A fund may lend portfolio securities to generate additional income, but is subject to the risk that the borrower may fail to return the securities in a timely manner, or at all. A fund may lose money if it does not recover the securities it lends. A fund may also lose money if the value of the collateral posted for the loan declines. Leverage Risk. Investment in certain futures contracts may have the economic effect of creating financial leverage by creating additional investment exposure, as well as the potential for greater loss. Losses on futures contracts may exceed the amount invested. Futures Risk. A futures contract is considered a derivative because it derives its value from the price of the underlying security or financial index. The prices of futures contracts can be volatile, and futures contracts may be illiquid. In addition, there may be imperfect or even negative correlation between the price of the futures contracts and the price of the underlying securities. Losses on futures contracts may exceed the amount invested. Hedging Risk. Futures contracts held in short positions may not provide an effective hedge of the underlying securities or indices because changes in the prices of futures contracts may not track those of the securities or indices they are intended to hedge. Non-Diversification Risk. When a fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer than a diversified fund. Therefore, the fund s value may decrease because of a single investment or a small number of investments. Fund Performance The following bar chart and table provide some indication of the risks of choosing to invest in the Fund. The information shows: (a) how the Fund s Standard Class investment results have varied from year to year; and (b) how the average annual total returns of the Fund s Standard and Service Classes for various periods compare with those of a broad measure of market performance. The bar chart shows performance of the Fund s Standard Class shares, but does not reflect the impact of variable contract expenses. If it did, returns would be lower than those shown. Performance in the average annual returns table does not reflect the impact of variable contract expenses. The Fund s past performance is not necessarily an indication of how the Fund will perform in the future. Annual Total Returns 30.0 Annual Total Return (%) Year During the periods shown in the above chart, the Fund s highest return for a quarter occurred in the first quarter of 2012 at: 12.50%. The Fund s lowest return for a quarter occurred in the second quarter of 2012 at: (7.76%). 4 LVIP Dimensional Non-U.S. Equity RPM Fund
5 Average Annual Total Returns For periods ended 12/31/12 Lifetime Since 1 year inception (5/2/11) LVIP Dimensional Non-U.S. Equity RPM Fund Standard Class 18.77% (3.20%) LVIP Dimensional Non-U.S. Equity RPM Fund Service Class 18.47% (3.43%) MSCI All Country World ex USA Index (reflects no deductions for fees, expenses or taxes) 16.83% (4.60%) Investment Adviser Investment Adviser: Lincoln Investment Advisors Corporation Portfolio Managers Company Title Experience w/fund Kevin J. Adamson Vice President, Chief Operating Officer Since May 2011 David A. Weiss Vice President, Chief Investment Officer Since May 2011 Purchase and Sale of Fund Shares The Fund sells its shares to The Lincoln National Life Insurance Company ( Lincoln Life ), Lincoln Life & Annuity Company of New York ( LNY ), and to unaffiliated insurance companies. The insurance companies hold the Fund shares in variable accounts that support various variable annuity contracts and variable life insurance contracts. Tax Information Because Fund shares are only sold through variable annuity contract or variable life insurance contracts ( variable contracts ) that are owned directly or indirectly by Lincoln Life, LNY and unaffiliated insurance companies, this prospectus does not discuss the income tax consequences at the contract owner level. The income tax consequences for the purchase of a variable contract are discussed in the prospectus of the variable contract. Payments to Broker-Dealers and other Financial Intermediaries Shares of the Fund are available only through the purchase of variable contracts issued by certain life insurance companies. Parties related to the Fund (such as the Fund s principal underwriter or investment adviser) may pay such insurance companies (or their related companies) for the sale of Fund shares and related services. These payments may create a conflict of interest and may influence the insurance company to include the Fund as an investment option in its variable contracts. Such insurance companies (or their related companies) may pay broker-dealers or other financial intermediaries (such as banks) for the sale and retention of variable contracts that offer Fund shares. These payments may create a conflict of interest by influencing the broker-dealers or other financial intermediaries to recommend variable contracts that offer Fund shares. The prospectus or other disclosure documents for the variable contracts may contain additional information about these payments, if any. Ask your salesperson or visit your financial intermediary s website for more information. LVIP Dimensional Non-U.S. Equity RPM Fund 5
LVIP Dimensional U.S. Equity RPM Fund. Summary Prospectus April 30, 2013. (formerly LVIP Dimensional U.S. Equity Fund) (Standard and Service Class)
LVIP Dimensional U.S. Equity RPM Fund (formerly LVIP Dimensional U.S. Equity Fund) (Standard and Service Class) Summary Prospectus April 30, 2013 Before you invest, you may want to review the Fund s Prospectus,
EATON VANCE HEXAVEST GLOBAL EQUITY FUND Supplement to Summary Prospectus dated December 1, 2015
EATON VANCE HEXAVEST GLOBAL EQUITY FUND Supplement to Summary Prospectus dated December 1, 2015 1. The following replaces Fees and Expenses of the Fund : Fees and Expenses of the Fund This table describes
Nuveen Real Estate Securities Fund
Nuveen Real Estate Securities Fund Summary Prospectus April 30, 2015 Ticker: Class A FREAX, Class C FRLCX, Class R3 FRSSX, Class R6 FREGX, Class I FARCX This summary prospectus is designed to provide investors
(expenses that you pay each year as a percentage of the value of your investment)
July 31, 2015 SUMMARY PROSPECTUS SAAT Core Market Strategy Allocation Fund (SKTAX) Class A Before you invest, you may want to review the Fund s prospectus, which contains information about the Fund and
Deutsche Latin America Equity Fund (formerly DWS Latin America Equity Fund)
Summary Prospectus February 1, 2015 Deutsche Latin America Equity Fund (formerly DWS Latin America Equity Fund) Class/Ticker A SLANX B SLAOX C SLAPX INST SLARX S SLAFX Before you invest, you may want to
Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale)
Summary Prospectus October 30, 2015 Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Before you invest, you may want to review the Fund s Prospectus, which
ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015
ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus and statement of additional
Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015
Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015 Before you invest, you may want to review the Fund s complete prospectus, which
Morgan Stanley Institutional Fund Trust
INVESTMENT MANAGEMENT Morgan Stanley Institutional Fund Trust U.S. Equity Portfolios U.S. Mid Cap Value Portfolio U.S. Small Cap Value Portfolio Value Portfolio Prospectus Share Class and Ticker Symbol
Nuveen Intelligent Risk Conservative Allocation Fund will be liquidated after the close of business on June 24, 2016.
NUVEEN INTELLIGENT RISK CONSERVATIVE ALLOCATION FUND SUPPLEMENT DATED APRIL 18, 2016 TO THE SUMMARY PROSPECTUS DATED DECEMBER 31, 2015 Nuveen Intelligent Risk Conservative Allocation Fund will be liquidated
FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.
FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield
Deutsche Strategic Equity Long/Short Fund
Summary Prospectus December 1, 2015 Deutsche Strategic Equity Long/Short Fund Class/Ticker A DSLAX C DSLCX INST DSLIX S DSLSX Before you invest, you may want to review the fund s prospectus, which contains
1 Year 3 Years 5 Years 10 Years
Summary Prospectus Gerstein Fisher Multi-Factor International Growth Equity Fund Trading Symbol: GFIGX March 30, 2015 Before you invest, you may want to review the Fund s prospectus, which contains more
SUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY PROSPECTUS
SUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY PROSPECTUS Deutsche Global Real Estate Securities Fund Effective May 1, 2016, the following information replaces the existing disclosure contained under the
SPDR S&P 400 Mid Cap Value ETF
SPDR S&P 400 Mid Cap Value ETF Summary Prospectus-October 31, 2015 Before you invest in the SPDR S&P 400 Mid Cap Value ETF (the Fund ), you may want to review the Fund's prospectus and statement of additional
Emerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Local Currency Bond Fund International Bond Fund
PROSPECTUS PREMX TRECX PRELX RPIBX T. Rowe Price Emerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Local Currency Bond Fund International Bond Fund May 1, 2016 A choice of
Summary Prospectus October 28, 2014
OPPENHEIMER Gold & Special Minerals Fund NYSE Ticker Symbols Class A OPGSX Class B OGMBX Class C OGMCX Class R OGMNX Class Y OGMYX Class I OGMIX Summary Prospectus October 28, 2014 Before you invest, you
Nuveen NWQ Global Equity Income Fund
Nuveen NWQ Global Equity Income Fund Summary Prospectus October 30, 2015, as supplemented June 1, 2016 Ticker: Class A NQGAX, Class C NQGCX, Class I NQGIX This summary prospectus is designed to provide
Nuveen Tactical Market Opportunities Fund
Nuveen Tactical Market Opportunities Fund Summary Prospectus January 29, 2016 Ticker: Class A NTMAX, Class C NTMCX, Class I FGTYX This summary prospectus is designed to provide investors with key Fund
Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX
Summary Prospectus October 30, 2015 Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX Before you invest, you may
Federated Quality Bond Fund II
Summary Prospectus April 30, 2015 Share Class Primary Federated Quality Bond Fund II A Portfolio of Federated Insurance Series Before you invest, you may want to review the Fund s Prospectus, which contains
ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015
ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 Investment Adviser: RidgeWorth Investments A Shares C Shares I Shares Aggressive Growth Allocation Strategy SLAAX CLVLX CVMGX Conservative
Pioneer Funds. Supplement to the Summary Prospectuses, as in effect and as may be amended from time to time, for: May 1, 2015
Pioneer Funds May 1, 2015 Supplement to the Summary Prospectuses, as in effect and as may be amended from time to time, for: Fund Pioneer Absolute Return Bond Fund Pioneer AMT-Free Municipal Fund Pioneer
Deutsche Gold & Precious Metals Fund (formerly DWS Gold & Precious Metals Fund)
Summary Prospectus March, 205 Deutsche Gold & Precious Metals Fund (formerly DWS Gold & Precious Metals Fund) Class/Ticker A SGDAX B SGDBX C SGDCX INST SGDIX S SCGDX Before you invest, you may want to
T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class
T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class Supplement to Prospectuses Dated May 1, 2015 In section 1, the portfolio manager table under Management with respect
May 1, 2015 as amended June 1, 2015
INSTITUTIONAL INVESTOR May 1, 2015 as amended June 1, 2015 DATE TARGET FUNDS MyDestination 2005 Fund MyDestination 2015 Fund MyDestination 2025 Fund MyDestination 2035 Fund MyDestination 2045 Fund MyDestination
SUMMARY PROSPECTUS. TCW Emerging Markets Multi-Asset Opportunities Fund FEBRUARY 29 I SHARE: TGMAX N SHARE: TGMEX
TCW Emerging Markets Multi-Asset Opportunities Fund I SHARE: TGMAX N SHARE: TGMEX 20 6 FEBRUARY 29 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contain more
Retirement Balanced Fund
SUMMARY PROSPECTUS TRRIX October 1, 2015 T. Rowe Price Retirement Balanced Fund A fund designed for retired investors seeking capital growth and income through investments in a combination of T. Rowe Price
T. Rowe Price Target Retirement 2030 Fund Advisor Class
T. Rowe Price Target Retirement 2030 Fund Advisor Class Supplement to Summary Prospectus Dated October 1, 2015 Effective February 1, 2016, the T. Rowe Price Mid-Cap Index Fund and the T. Rowe Price Small-Cap
EP Asia Small Companies Fund EP Latin America Fund EP China Fund Each a series of Investment Managers Series Trust
EP Asia Small Companies Fund EP Latin America Fund EP China Fund Each a series of Investment Managers Series Trust Supplement dated June 30, 2015, to the Summary Prospectus dated March 5, 2015, and the
SUMMARY PROSPECTUS CALVERT GLOBAL ENERGY SOLUTIONS FUND INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE FUND. Example. Portfolio Turnover
SUMMARY PROSPECTUS February 1, 2016 CALVERT GLOBAL ENERGY SOLUTIONS FUND Class (Ticker): A (CGAEX) C (CGACX) Link to Prospectus (Table of Contents) Y (CGAYX) Link to Statement of Additional Information
SPDR Wells Fargo Preferred Stock ETF
SPDR Wells Fargo Preferred Stock ETF Summary Prospectus-October 31, 2015 PSK (NYSE Ticker) Before you invest in the SPDR Wells Fargo Preferred Stock ETF (the Fund ), you may want to review the Fund's prospectus
Bond Fund of the TIAA-CREF Life Funds
Summary Prospectus MAY 1, 2015 Bond Fund of the TIAA-CREF Life Funds Ticker: TLBDX Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its
Putnam Global Health Care Fund. Summary prospectus 12 30 14
FUND SYMBOLS CLASS A CLASS B CLASS C CLASS M CLASS R CLASS Y PHSTX PHSBX PCHSX PHLMX PHSRX PHSYX Putnam Global Health Care Fund Summary prospectus 12 30 14 Putnam Global Health Care Fund Before you invest,
Seix Total Return Bond Fund
Summary Prospectus Seix Total Return Bond Fund AUGUST 1, 2015 (AS REVISED FEBRUARY 1, 2016) Class / Ticker Symbol A / CBPSX R / SCBLX I / SAMFX IS / SAMZX Before you invest, you may want to review the
John Hancock Retirement Choices at 2045 Portfolio
CLICK HERE FOR PROSPECTUS CLICK HERE FOR THE STATEMENT OF ADDITIONAL INFORMATION John Hancock Retirement Choices at 2045 Portfolio (FORMERLY JOHN HANCOCK RETIREMENT 2045 PORTFOLIO) SUMMARY PROSPECTUS 12
Federated Max-Cap Index Fund
Summary Prospectus December 31, 2015 Share Class C R Institutional Service Ticker MXCCX FMXKX FISPX FMXSX Federated Max-Cap Index Fund A Portfolio of Federated Index Trust Before you invest, you may want
Catalyst Insider Buying Fund CLASS A: INSAX CLASS C: INSCX CLASS I: INSIX SUMMARY PROSPECTUS NOVEMBER 1, 2014
Catalyst Insider Buying Fund CLASS A: INSAX CLASS C: INSCX CLASS I: INSIX SUMMARY PROSPECTUS NOVEMBER 1, 2014 Before you invest, you may want to review the Fund s complete prospectus, which contains more
J.P. MORGAN SPECIALTY FUNDS. JPMorgan U.S. Real Estate Fund (All Share Classes) (a series of JPMorgan Trust II)
J.P. MORGAN SPECIALTY FUNDS JPMorgan U.S. Real Estate Fund (All Share Classes) (a series of JPMorgan Trust II) Supplement dated November 12, 2013 to the Prospectus and Summary Prospectus dated May 1, 2013,
Investment Objective. Expense Example
The Gabelli ABC Fund A series of Gabelli Investor Funds, Inc. SUMMARY PROSPECTUS April 29, 2016 Class AAA (GABCX), Advisor Class (GADVX) Before you invest, you may want to review the Fund s Prospectus
SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX
TCW High Yield Bond Fund I SHARE: TGHYX N SHARE: TGHNX 20 6 FEBRUARY 29 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contain more information about the Fund
Summary Prospectus September 28, 2015 PNC S&P 500 Index Fund Class A PIIAX Class C PPICX Class I PSXIX Class R4 PSPEX Class R5 PSFFX
Summary Prospectus September 28, 2015 PNC S&P 500 Index Fund Class A PIIAX Class C PPICX Class I PSXIX Class R4 PSPEX Class R5 PSFFX Before you invest, you may want to review the Fund s Prospectus, which
SUMMARY PROSPECTUS SIT Emerging Markets Equity Fund (SIEMX) Class A
January 31, 2016 SUMMARY PROSPECTUS SIT Emerging Markets Equity Fund (SIEMX) Class A Before you invest, you may want to review the Fund s prospectus, which contains information about the Fund and its risks.
BLACKROCK FUNDS SM BlackRock Emerging Markets Long/Short Equity Fund (the Fund )
BLACKROCK FUNDS SM BlackRock Emerging Markets Long/Short Equity Fund (the Fund ) Supplement dated May 6, 2016 to the Fund s Summary Prospectus and Prospectus, each dated November 27, 2015 Effective immediately,
Federated New York Municipal Income Fund
Summary Prospectus October 31, 2015 Share Class A B Ticker NYIFX NYIBX Federated New York Municipal Income Fund A Portfolio of Federated Municipal Securities Income Trust Before you invest, you may want
JPMORGAN VALUE OPPORTUNITIES FUND, INC. JPMORGAN TRUST II JPMorgan Large Cap Value Fund (All Share Classes)
JPMORGAN VALUE OPPORTUNITIES FUND, INC. JPMORGAN TRUST II JPMorgan Large Cap Value Fund (All Share Classes) Supplement dated October 15, 2013 to the Summary Prospectuses dated November 1, 2012, as supplemented
Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS
SUMMARY PROSPECTUS RPBAX May 1, 2016 T. Rowe Price Balanced Fund A fund seeking capital growth and current income through a portfolio of approximately 65% stocks and 35% fixed income securities. Before
DFA INVESTMENT DIMENSIONS GROUP INC.
PROSPECTUS February 28, 2015 Please carefully read the important information it contains before investing. DFA INVESTMENT DIMENSIONS GROUP INC. DFA ONE-YEAR FIXED INCOME PORTFOLIO Ticker: DFIHX DFA TWO-YEAR
ADVISORSHARES GARTMAN GOLD/YEN ETF (NYSE Arca Ticker: GYEN) SUMMARY PROSPECTUS November 1, 2015
ADVISORSHARES GARTMAN GOLD/YEN ETF (NYSE Arca Ticker: GYEN) SUMMARY PROSPECTUS November 1, 2015 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus and statement of
DFA INVESTMENT DIMENSIONS GROUP INC.
PROSPECTUS February 28, 2014 Please carefully read the important information it contains before investing. DFA INVESTMENT DIMENSIONS GROUP INC. PORTFOLIOS FOR LONG-TERM INVESTORS SEEKING TO INVEST IN:
Guggenheim Variable Insurance Funds Prospectus
5.1.2016 Guggenheim Variable Insurance Funds Prospectus Rydex Domestic Equity - Rydex Sector Funds Rydex Specialty Funds Broad Market Funds Banking Commodities Strategy Dow 2x Strategy* Basic Materials
OPPENHEIMER Capital Appreciation Fund/VA
OPPENHEIMER Capital Appreciation Fund/VA A series of Oppenheimer Variable Account Funds Prospectus dated April 30, 2015* Share Classes: Non-Service Shares Service Shares Oppenheimer Capital Appreciation
HATTERAS DISCIPLINED OPPORTUNITY FUND CLASS A a series of Hatteras Alternative Mutual Funds Trust. December 3, 2015
HATTERAS DISCIPLINED OPPORTUNITY FUND CLASS A a series of Hatteras Alternative Mutual Funds Trust December 3, 2015 Supplement to the Summary Prospectus, Prospectus, and Statement of Additional Information
Target Retirement Funds
Prospectus March 1, 2015 Target Retirement Funds Institutional Class Administrative Class Investor Class Harbor Target Retirement Income Fund HARAX HARBX HARCX Harbor Target Retirement 2015 Fund HARGX
PROSPECTUS October 1, 2015
PROSPECTUS October 1, 2015 CLOUGH FUNDS TRUST CLOUGH GLOBAL LONG/SHORT FUND Class A: CLOAX Class C: CLOCX Class I: CLOIX As with all mutual funds, the Securities and Exchange Commission has not approved
Janus Investment Fund
January 28, 2013 Class A Shares Ticker Class C Shares Ticker Class S Shares Ticker Class I Shares Ticker Class N Shares Ticker Class R Shares Ticker Class T Shares Ticker Global & International Janus Asia
How To Invest In American Funds Insurance Series Portfolio Series
American Funds Insurance Series Portfolio Series Prospectus May 1, 2015 Class 4 shares American Funds Global Growth Portfolio American Funds Growth and Income Portfolio Class P2 shares American Funds Managed
The Advisors Inner Circle Fund. Westwood LargeCap Value Fund. Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX
The Advisors Inner Circle Fund Westwood LargeCap Value Fund Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX Before you invest, you may want to review the Fund s complete prospectus,
Deutsche Emerging Markets Frontier Fund
Summary Prospectus December 1, 2015 Deutsche Emerging Markets Frontier Fund Class/Ticker A DEFAX C DEFCX INST DEFWX S DEFSX Before you invest, you may want to review the fund s prospectus, which contains
T. Rowe Price International Stock Portfolio
T. Rowe Price International Stock Portfolio Supplement to Summary Prospectus Dated May 1, 2014 The portfolio manager table under Management is supplemented as follows: Effective April 1, 2015, Richard
GNMA Fund PRGMX. T. Rowe Price SUMMARY PROSPECTUS
SUMMARY PROSPECTUS PRGMX October 1, 2015 T. Rowe Price GNMA Fund A bond fund seeking income and high overall credit quality through investments in mortgage-backed securities issued by the Government National
Each Reorganization identified above is subject to certain conditions, including approval by shareholders of the applicable Target Fund.
Filed pursuant to Rule 497(e) File Nos. 033-19228 and 811-05443 CALAMOS INVESTMENT TRUST Supplement dated July 1, 2016 to the CALAMOS FAMILY OF FUNDS Summary Prospectuses for Class A, B and C and Class
PureFunds TM ISE Big Data ETF Trading Symbol: BDAT Listed on NYSE Arca. Summary Prospectus January 31, 2016. www.pureetfs.com
PureFunds TM ISE Big Data ETF Trading Symbol: BDAT Listed on NYSE Arca Summary Prospectus January 31, 2016 www.pureetfs.com Before you invest, you may want to review the PureFunds TM ISE Big Data ETF s
John Hancock Funds II Supplement dated September 30, 2013 to the current Summary Prospectus
John Hancock Funds II Supplement dated September 30, 2013 to the current Summary Prospectus John Hancock Retirement Living 2010-2050 Portfolios John Hancock Retirement Choices 2010-2050 Portfolios John
SUPPLEMENT TO CALVERT VP NATURAL RESOURCES PORTFOLIO. Calvert Variable Products Portfolios Prospectus (Calvert VP Index Portfolios) dated May 1, 2016
SUPPLEMENT TO CALVERT VP NATURAL RESOURCES PORTFOLIO Calvert Variable Products Portfolios Prospectus (Calvert VP Index Portfolios) dated May 1, 2016 Calvert VP Natural Resources Portfolio Summary Prospectus
New Horizons Fund PRNHX. T. Rowe Price SUMMARY PROSPECTUS
SUMMARY PROSPECTUS PRNHX May 1, 2015 T. Rowe Price New Horizons Fund An aggressive stock fund seeking long-term capital growth primarily through investments in small, rapidly growing companies. Before
Lord Abbett High Yield Fund
SUMMARY PROSPECTUS Lord Abbett High Yield Fund APRIL 1, 2015 CLASS/TICKER CLASS A... LHYAX CLASS I... LAHYX CLASS R4... TBD CLASS B... LHYBX CLASS P... LHYPX CLASS R5... TBD CLASS C... LHYCX CLASS R2...
Federated Total Return Government Bond Fund
Summary Prospectus April 30, 2016 Share Class Institutional Service Ticker FTRGX FTGSX Federated Total Return Government Bond Fund Before you invest, you may want to review the Fund s Prospectus, which
PIMCO Foreign Bond Fund (U.S. Dollar- Hedged)
Your Global Investment Authority PIMCO Foreign Bond Fund (U.S. Dollar- Hedged) SUMMARY PROSPECTUS July 31, 2015 (as supplemented December 1, 2015) Share Class: Inst P Admin D A C R Ticker: PFORX PFBPX
COLUMBIA VARIABLE PORTFOLIO SELIGMAN GLOBAL TECHNOLOGY FUND
PROSPECTUS May 1, 2015 COLUMBIA VARIABLE PORTFOLIO SELIGMAN GLOBAL TECHNOLOGY FUND The Fund may offer Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life
John Hancock Alternative Asset Allocation Fund
Click here for the prospectus. Click here for the Statement of Additional Information. John Hancock Alternative Asset Allocation Fund Summary prospectus 1/1/16 Before you invest, you may want to review
Prospectus. Class / Ticker Symbol Fund Name Class A Class C Class R3 Class I
Mutual Funds Prospectus January 31, 2014 For investors seeking long-term capital appreciation. Nuveen Equity Funds Class / Ticker Symbol Fund Name Class A Class C Class R3 Class I Nuveen Symphony International
Federated Managed Tail Risk Fund II
Summary Prospectus April 30, 2015 Share Class Primary Federated Managed Tail Risk Fund II A Portfolio of Federated Insurance Series Before you invest, you may want to review the Fund s Prospectus, which
Prospectus Socially Responsible Funds
Prospectus Socially Responsible Funds Calvert Social Investment Fund (CSIF) Balanced Portfolio Equity Portfolio Enhanced Equity Portfolio Bond Portfolio Money Market Portfolio Calvert Social Index Fund
SPDR MSCI Emerging Markets Quality Mix ETF
SPDR MSCI Emerging Markets Quality Mix ETF Summary Prospectus-January 31, 2016 QEMM (NYSE Ticker) Before you invest in the SPDR MSCI Emerging Markets Quality Mix ETF (the Fund ), you may want to review
Vanguard Variable Insurance Fund Small Company Growth Portfolio Summary Prospectus
Vanguard Variable Insurance Fund Small Company Growth Portfolio Summary Prospectus April 30, 2015 The Fund s statutory Prospectus and Statement of Additional Information dated April 30, 2015, as may be
Understanding mutual fund share classes, fees and certain risk considerations
Disclosure Understanding mutual fund share classes, fees and certain risk considerations Highlights Mutual funds may offer different share classes most commonly in retail brokerage accounts, Class A, B
Federated Mid-Cap Index Fund
Summary Prospectus December 31, 2015 Share Class Institutional Service Ticker FMCRX FMDCX Federated Mid-Cap Index Fund A Portfolio of Federated Index Trust Before you invest, you may want to review the
PIMCO Funds. Disclosure Related to PIMCO Emerging Markets Bond Fund and PIMCO Global Advantage Strategy Bond Fund (the Funds )
PIMCO Funds Supplement Dated April 11, 2014 to the PIMCO International Bond Funds Institutional Class, Class P, Administrative Class, Class D, Class A, Class B, Class C and Class R Prospectus dated July
SPDR MSCI South Korea Quality Mix ETF
SPDR MSCI South Korea Quality Mix ETF Summary Prospectus-January 31, 2016 QKOR (NYSE Ticker) Before you invest in the SPDR MSCI South Korea Quality Mix ETF (the Fund ), you may want to review the Fund's
Virtus International Series, a series of Virtus Variable Insurance Trust
Virtus International Series, a series of Virtus Variable Insurance Trust Supplement dated November 2, 2015 to the Summary and Statutory Prospectuses dated April 30, 2015, as supplemented IMPORTANT NOTICE
Fundamental Investors
Fundamental Investors Summary prospectus November 1, 2015 Class A B C F-1 F-2 529-A 529-B 529-C 529-E ANCFX AFIBX AFICX AFIFX FINFX CFNAX CFNBX CFNCX CFNEX 529-F-1 R-1 R-2 R-2E R-3 R-4 R-5E R-5 R-6 CFNFX
Summary Prospectus Supplement dated January 12, 2016. Invesco Equity and Income Fund
VK-EQI SUM SUP-1 011216 Summary Prospectus Supplement dated January 12, 2016 The purpose of this mailing is to provide you with changes to the current Summary Prospectuses for A, B, C, R, Y, R5 and R6
INVESTMENT OBJECTIVE The Fund s investment objective is to generate current income consistent with preservation of capital.
SUMMARY PROSPECTUS January 31, 2013 AllianceBernstein Global Bond Fund Ticker: Class A ANAGX; Class B ANABX; Class C ANACX; Advisor Class ANAYX; Class R ANARX; Class K ANAKX; Class I ANAIX Before you invest,
Federated Strategic Value Dividend Fund
Prospectus December 31, 2012 Share Class A C Institutional Ticker SVAAX SVACX SVAIX Federated Strategic Value Dividend Fund The information contained herein relates to all classes of the Fund s Shares,
Lord Abbett High Yield Municipal Bond Fund
SUMMARY PROSPECTUS Lord Abbett High Yield Municipal Bond Fund FEBRUARY 1, 2016 CLASS/TICKER CLASS A... HYMAX CLASS C... HYMCX CLASS I... HYMIX CLASS B... HYMBX CLASS F... HYMFX CLASS P... HYMPX Before
Fund Name Class A Class B Class C Class I
Mutual Funds Prospectus August 31, 2011 Nuveen Municipal Bond Funds Dependable, tax-free income because it s not what you earn, it s what you keep. Class / Ticker Symbol Fund Name Class A Class B Class
SUMMARY PROSPECTUS SIPT VP Conservative Strategy Fund (SVPTX) Class II
April 30, 2016 SUMMARY PROSPECTUS SIPT VP Conservative Strategy Fund (SVPTX) Class II Before you invest, you may want to review the Fund s Prospectus, which contains information about the Fund and its
Dow Jones Target Date Funds
Wells Fargo Advantage Funds July 1, 2015 Dow Jones Target Date Funds Prospectus Classes A, B, C Target Today Fund Class A STWRX, Class B WFOKX, Class C WFODX Target 2010 Fund Class A STNRX, Class B SPTBX,
Supplement dated November 20, 2015 to the Summary Prospectus
Oppenheimer Capital Appreciation Oppenheimer Capital Income Oppenheimer Commodity Strategy Total Return Oppenheimer Corporate Bond Oppenheimer Developing Markets Oppenheimer Discovery Oppenheimer Discovery
American Funds Insurance Series. U.S. Government/ AAA-Rated Securities Fund. Summary prospectus Class 3 shares May 1, 2016
American Funds Insurance Series U.S. Government/ AAA-Rated Securities Fund Summary prospectus Class 3 shares May 1, 2016 Before you invest, you may want to review the fund s prospectus and statement of
COMPANY OF NEW YORK ML of New York Variable Annuity Separate Account A Supplement Dated January 17, 2014 to the Prospectus For MERRILL LYNCH INVESTOR
TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY Merrill Lynch Life Variable Annuity Separate Account A Supplement Dated January 17, 2014 to the Prospectus For MERRILL LYNCH INVESTOR CHOICE ANNUITY (INVESTOR
SPDR S&P Software & Services ETF
SPDR S&P Software & Services ETF Summary Prospectus-October 31, 2015 XSW (NYSE Ticker) Before you invest in the SPDR S&P Software & Services ETF (the Fund ), you may want to review the Fund's prospectus
Lazard Retirement Series Prospectus April 29, 2016
Lazard Retirement Series Prospectus April 29, 2016 Equity Lazard Retirement US Small-Mid Cap Equity Portfolio Service Shares and Investor Shares The Securities and Exchange Commission has not approved
JPMorgan U.S. Equity Fund
Prospectus J.P. Morgan U.S. Equity Funds Institutional Class Shares November 1, 2009 JPMorgan Disciplined Equity Fund JPMorgan Diversified Fund JPMorgan Mid Cap Value Fund JPMorgan Small Cap Growth Fund
Federated High Income Bond Fund II
Summary Prospectus April 30, 2016 Share Class Primary Federated High Income Bond Fund II A Portfolio of Federated Insurance Series Before you invest, you may want to review the Fund s Prospectus, which
ADVISORSHARES TRUST. AdvisorShares Pacific Asset Enhanced Floating Rate ETF NYSE Arca Ticker: FLRT
ADVISORSHARES TRUST AdvisorShares Pacific Asset Enhanced Floating Rate ETF NYSE Arca Ticker: FLRT Supplement dated February 26, 2016 to the Summary Prospectus, Prospectus, and Statement of Additional Information
The Bond Fund of America
The Bond Fund of America Summary prospectus March 1, 2015 Class A B C F-1 F-2 529-A 529-B 529-C 529-E ABNDX BFABX BFACX BFAFX ABNFX CFAAX CFABX CFACX CFAEX 529-F-1 R-1 R-2 R-2E R-3 R-4 R-5 R-6 CFAFX RBFAX
Small to Mid Cap Stock Funds
Wells Fargo Advantage Funds August 1, 2014 Small to Mid Cap Stock Funds Prospectus Institutional Class Intrinsic Small Cap Value Fund WFSSX Small Cap Value Fund WFSVX Small/Mid Cap Value Fund WWMSX Special