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Form 497K Advisors’ Inner Circle

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14, 2021


Advisors’ Inner Circle Fund III


Foundation Total Return Fund









you invest, you may want to review the Fund’s complete 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 https://www.firstfoundationinc.com/first-foundation-funds.
You can also get this information at no cost by calling 800-838-0191, by sending an e-mail request to [email protected],
or by asking any financial intermediary that offers shares of the Fund. The Fund’s prospectus and statement of additional
information, both dated January 14, 2021, as they may be amended from time to time, are incorporated by reference into this summary
prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.


Foundation Total Return Fund




investment objective of the First Foundation Total Return Fund (the “Total Return Fund” or the “Fund”)
is to seek maximum total return (total return includes both income and capital appreciation).


Fees and Expenses


table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may be required to pay commissions
and/or other forms of compensation to a broker for transactions in Class Y shares, which are not reflected in the table or the
example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at
least $100,000 in Class A Shares of the Fund. More information about these and other discounts is available (i) from your financial
professional and (ii) in the “Purchasing, Selling and Exchanging Fund Shares – Purchasing Class A Shares” section
on page 49 of this prospectus. Investors investing in the Fund through an intermediary should consult Appendix A – Intermediary-Specific
Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or
waiver policies that apply to purchases through certain intermediaries.


Fees (fees paid directly from your investment)





Sales Charge (Load) Imposed on Purchases (as a % of offering price)



Deferred Sales Charge (Load) (as a % of the net asset value at the time of purchase or
redemption, whichever is lower)




Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)








and/or Service (12b-1) Fees






Fund Fees and Expenses



Annual Fund Operating Expenses





A Shares bought without an initial sales charge in accounts aggregating $1 million or
more at the time of purchase are subject to a 0.50% contingent deferred sales charge
(“CDSC”) if the shares are sold within one year of purchase.


Expenses are based on estimated amounts for the current fiscal year.







Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.


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 (including capped expenses for the period described in the footnote to the fee table) remain the same. Although your
actual costs may be higher or lower, based on these assumptions your costs would be:




















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 and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the
Fund’s performance. During its most recent fiscal year ended September 30, 2020, the portfolio turnover rate of the Highland
Total Return Fund (the “Predecessor Total Return Fund”), the Fund’s predecessor fund, was 73% of the average
value of its portfolio.


Investment Strategies


Fund seeks to achieve its investment objective by investing primarily in a combination of U.S. and foreign (non-U.S.) equity and
debt securities and cash. The Fund’s asset allocation process utilizes information from the Fund’s sub-adviser, First
Foundation Advisors (“FFA” or the “Sub-Adviser”), to diversify holdings across these asset classes and
to adjust the asset class weightings based on market and economic conditions. The Fund may also use various types of derivatives
(such as options, futures and options on futures) to gain exposure to certain types of securities as an alternative to investing
directly in such securities, to manage currency exposure and interest rate exposure (also known as duration), and to manage exposure
to credit quality. The Fund may hedge a portion of its foreign currency risk but is not required to do so.





Adviser has allocated all the assets of the Fund to be managed/advised by FFA. The Fund invests in equity securities, such as
common and preferred stocks, principally for their capital appreciation potential and investment-grade debt securities principally
for their income potential. The Fund invests in cash principally for the preservation of capital, income potential or maintenance
of liquidity. Within each asset class, the portfolio managers primarily use active security selection to choose securities based
on the perceived merits of individual issuers, although portfolio managers of different asset classes or strategies may place
different emphasis on the various characteristics of a company (as identified below) during the selection process. If the portfolio
managers believe market conditions provide for attractive valuations relative to more liquid investments, the Fund may also invest
in or hold illiquid or restricted securities. The Fund may focus in a particular sector or sectors of the economy, the risks of
which are disclosed in the Principal Risks section below.


Fund may pursue a “growth style” of investing, meaning that the Fund may invest in equity securities of companies
that the Adviser believes will increase their earnings at a certain rate that is generally higher than the rate expected for non-growth
companies. The Fund may also engage in value investing. Value investing focuses on companies with stocks that appear undervalued
in light of factors such as the company’s earnings, book value, revenues or cash flow.


portfolio managers seek to identify equity securities of companies with characteristics such as:



earnings growth






presence in successful industries



quality management focused on generating shareholder value



or medium capitalization (meaning a market capitalization of $2 billion or more)


portfolio managers seek to identify debt securities with characteristics such as:



yields and prices



potential for capital appreciation






credit quality (typically investment grade debt securities, such as mortgage-backed securities,
corporate bonds, U.S. Government securities and money market instruments)


portfolio managers may consider selling a security when one of these characteristics no longer applies, or when valuation becomes
excessive and more attractive alternatives are identified.


portion of the Fund invested in debt securities normally has a weighted average maturity of approximately five to ten years, but
is subject to no limitation with respect to the maturities of the instruments in which it may invest.


Fund may also invest to a lesser extent in high yield securities (also known as “junk securities”), equity and debt
securities of companies that are located in emerging market countries, and exchange-traded funds (“ETFs”) and closed-end
funds to gain exposure to securities, including those of U.S. issuers that are principally engaged in or related to the real estate
industry and to securities in emerging markets. The Fund may also invest in real estate investment trusts (“REITs”).


of the date of this Prospectus, the Fund has significant exposure to companies that operate in the Communications Sector and Real
Estate sector.




with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing
in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. The
principal risk factors affecting shareholders’ investments in the Fund are set forth below.


— The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market
risk may affect a single issuer, an industry, a sector or the equity market as a whole. In addition, the impact of any epidemic,
pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well
as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general
in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other
instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on
your investment in the Fund.





Allocation Risk
— The Fund is subject to asset allocation risk, which is the risk that the Sub-Adviser’s allocation
of the Fund’s assets among strategies will cause the Fund to underperform other funds with a similar investment objective
and/or underperform the markets in which the Fund invests.


— The risk that certain securities may be difficult or impossible to sell at the time and price that the Fund would
like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity,
any of which could have a negative effect on Fund management or performance. Liquidity risk may be heightened in the emerging
market countries in which the Fund invests, as a result of their markets being less developed.


— Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short
or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities
may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry
and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These
factors contribute to price volatility.


Shareholder Risk
— The risk that a significant percentage of the Fund’s shares may be owned or controlled by a
large shareholder, such as other funds or accounts, including those of which the Adviser, the Sub-Adviser or an affiliate of the
Adviser or Sub-Adviser, may have investment discretion. Accordingly, the Fund can be subject to the potential for large scale
inflows and outflows as a result of purchases and redemptions made by significant shareholders. These inflows and outflows could
be significant, could cause the Fund to sell securities at inopportune times in order to meet redemption requests, and could cause
the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance
and have adverse tax consequences for Fund shareholders.


Estate Sector Risk
— Securities of companies principally engaged in the real estate sector may be subject to the risks
associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include
(i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related
to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses;
(v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the
appeal of property to tenants; (viii) the availability of financing; and (ix) changes in interest rates and quality of credit





Style Risk
— If the Adviser’s assessment of market conditions, or a company’s value or prospects for exceeding
earnings expectations is wrong, the Fund could suffer losses or produce poor performance relative to other funds. In addition,
“value stocks” can continue to be undervalued by the market for long periods of time.


Sector Risk
— Communications Sector Risk is the risk that the securities of, or financial instruments tied to the performance
of, issuers in the Communications Sector that the Fund purchases will underperform the market as a whole. To the extent that the
Fund’s investments are exposed to issuers conducting business in the Communications Sector (“Communications Companies”),
the Fund is subject to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the
Communications Sector. The prices of the securities of Communications Companies may fluctuate widely due to both federal and state
regulations governing rates of return and services that may be offered, fierce competition for market share, and competitive challenges
in the U.S. from foreign competitors engaged in strategic joint ventures with U.S. companies, and in foreign markets from both
U.S. and foreign competitors. In addition, recent industry consolidation trends may lead to increased regulation of Communications
Companies in their primary markets.


— There is a risk that the Fund may incur a loss arising from the failure of another party to a contract (the counterparty)
to meet its obligations. Substantial losses can be incurred if a counterparty fails to deliver on its contractual obligations.


— The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable
to honor a financial obligation.


— As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving
revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies
will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value
relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency
exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene)
by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political
developments in the United States or abroad.





Income Market Risk
— The prices of the Fund’s fixed income securities respond to economic developments, particularly
interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their
agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In
a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity
as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets.
In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes
in currency valuations relative to the U.S. dollar. In response to these events, the Fund’s value may fluctuate and/or the
Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to
sell securities into a declining or illiquid market.


— The Fund’s use of futures contracts and options is subject to market risk, leverage risk, correlation risk
and liquidity risk. Leverage risk, liquidity risk and market risk are described elsewhere in this section. Correlation risk is
the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Each
of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives
have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The Fund’s use of
derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators are in the process
of adopting and implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.


Investment/ Emerging Markets Risk
— The risk that non-U.S. securities may be subject to additional risks due to, among
other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments.
These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes
in economic conditions are more likely to occur in these countries.





in Investment Company Risk
— When the Fund invests in an investment company, including closed-end funds and ETFs, in
addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment
company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning
the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund
had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its share price
being more volatile than that of the underlying portfolio securities. Certain closed-end investment companies issue a fixed number
of shares that trade on a stock exchange at a premium or a discount to their net asset value (“NAV”). As a result,
a closed-end fund’s share price fluctuates based on what another investor is willing to pay rather than on the market value
of the securities in the fund.


Style Risk
— If a growth company does not meet the Adviser’s expectations that its earnings will increase at a
certain rate, the price of its stock may decline significantly, even if it has increased earnings. Many growth companies do not
pay dividends. Companies that do not pay dividends often have greater stock price declines during market downturns. Over time,
a growth investing style may go in and out of favor, and when out of favor, may cause the Fund to underperform other funds that
use differing investing styles.


— Hedging risk is the risk that instruments used for hedging purposes may also limit any potential gain that may
result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be
no assurance that such strategy will be effective or that there will be a hedge in place at any given time.


Investment Grade Securities (Junk Bonds) Risk
— Fixed income securities rated below investment grade (junk bonds) involve
greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for
repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher
rate of return to compensate investors for these risks, they are sometimes referred to as “high yield bonds,” but
there is no guarantee that an investment in these securities will result in a high rate of return.





Rate Risk
— The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including
U.S. Government securities, in which the Fund invests. Although U.S. Government securities are considered to be among the safest
investments, they are not guaranteed against price movements due to changing interest rates. A low interest rate environment may
present greater interest rate risk because there may be a greater likelihood of rates increasing and rates may increase more rapidly.
Interest rate risk may be heightened for investments in emerging market countries.


Capitalization Company Risk
— The risk that larger, more established companies may be unable to respond quickly to new
competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the
high growth rates of successful smaller companies.


and Mid-Capitalization Company Risk
— The small- and mid-capitalization companies in which the Fund may invest may be
more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in
these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have
limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-
and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed
on an exchange.


Company Risk
— Micro-capitalization companies may be newly formed or in the early stages of development with limited
product lines, markets or financial resources. Therefore, micro-capitalization companies may be less financially secure than large-,
mid- and small-capitalization companies and may be more vulnerable to key personnel losses due to reliance on a smaller number
of management personnel. In addition, there may be less public information available about these companies. Micro-cap stock prices
may be more volatile than large-, mid- and small-capitalization companies and such stocks may be more thinly traded and thus difficult
for the Fund to buy and sell in the market.





Securities Risk
— Mortgage-backed securities are affected significantly by the rate of prepayments and modifications
of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized
or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is
described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives
of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the
rate of prepayments of the mortgage loans may significantly affect the Fund’s actual yield to maturity on any mortgage-backed
securities, even if the average rate of principal payments is consistent with the Fund’s expectation. Along with prepayment
risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest
rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan
modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally
be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.


Security Risk
— The Fund and its service providers may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. Cyber-attacks may interfere with the processing of shareholder
transactions, impact the Fund’s ability to calculate its NAV, cause the release of private shareholder information or confidential
company information, impede redemptions, subject the Fund to regulatory fines or financial losses, and cause reputational damage.
Similar types of cyber security risks are also present for issuers of securities in which the Fund invests.


— The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may
have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.


Turnover Risk
— Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in
higher transaction costs and additional capital gains tax liabilities, which may affect the Fund’s performance.





— REITs are pooled investment vehicles that own, and usually operate, income-producing real estate or finance real
estate. REITs are susceptible to the risks associated with direct ownership of real estate, as discussed elsewhere in this section.
REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result
in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses,
in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.


Securities Risk
— Investments in restricted securities may be illiquid. Although these securities may be resold in privately
negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than
what may be considered the fair value of such securities. Further, restricted securities may not be subject to the disclosure
and other investor protection requirements that might be applicable to unrestricted securities. In order to sell restricted securities,
the Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting
the registration. Other transaction costs may be higher for restricted securities than unrestricted securities.


Replacement Risk
— The elimination of the London Inter-Bank Offered Rate (“LIBOR”) may adversely affect
the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct
Authority has announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. However, it remains
unclear if LIBOR will continue to exist in its current, or a modified, form. Alternatives to LIBOR are established or in development
in most major currencies, including the Secured Overnight Financing Rate (“SOFR”), which is intended to replace U.S.
dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates,
and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. Accordingly, it is difficult
to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy
and new products, instruments and contracts are commercially accepted.







bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes
in the Fund’s Class A shares’ performance from year to year for the past 10 years and by showing how the Fund’s
Class A shares’ and Class Y shares’ average annual total returns for 1, 5 and 10 years compare with those of a broad
measure of market performance. The bar chart does not reflect the deduction of applicable sales charges for Class A shares. If
sales charges had been reflected, the returns for Class A shares would be less than those shown below. Of course, the Fund’s
past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.


the Fund commenced operations, the Fund acquired the assets and liabilities of the Predecessor Total Return Fund (the “Reorganization”).
After being approved by shareholders of the Predecessor Total Return Fund, the Reorganization occurred on January 11, 2021. As
a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Total Return Fund prior
to the date of the Reorganization. Accordingly, the performance shown for periods prior to the Reorganization represents the performance
of the Predecessor Total Return Fund. The Predecessor Total Return Fund’s returns in the bar chart and table have not been
adjusted to reflect the Fund’s expenses. If the Predecessor Total Return Fund’s performance information had been adjusted
to reflect the Fund’s expenses, the performance may have been higher or lower for a given period depending on the expenses
incurred by the Predecessor Total Return Fund for that period.


Predecessor Total Return Fund’s performance prior to February 1, 2015 reflects returns achieved when the Predecessor Total
Return Fund was sub-advised by a different sub-adviser. If the Predecessor Total Return Fund’s latter management had been
in place for periods prior to February 1, 2015, the performance information shown for such periods would have been different.





performance information is available by calling 800-838-0191 or by visiting the Fund’s website at https://www.firstfoundationinc.com/first-foundation-funds.










Annual Total Returns for Periods Ended December 31, 2019


table compares the Predecessor Total Return Fund’s average annual total returns for the periods ended December 31, 2019
to those of an appropriate broad based index.


returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact
of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.
After-tax returns shown 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 shown for Class A shares only. After-tax returns for Class Y shares
will vary.









Returns Before Taxes












Returns After Taxes on Distributions








Returns After Taxes on Distributions and Sale of Fund Shares








500® Index (reflects no deduction for fees, expenses or taxes)




Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses,
or taxes)






A shares of the Predecessor Total Return Fund were offered beginning February 22, 1993.


Y shares of the Predecessor Total Return Fund were offered beginning November 29, 1993.




Capital Management, LLC serves as investment adviser to the Fund. First Foundation Advisors serves as investment sub-adviser to
the Fund.




Hakopian, President of FFA, has managed the Fund since its inception in 2021 and managed the Predecessor Total Return Fund beginning
in 2015.


Garrison, Portfolio Manager, has managed the Fund since its inception in 2021 and managed the Predecessor Total Return Fund beginning
in 2015.


Speron, Portfolio Manager, has managed the Fund since its inception in 2021 and managed the Predecessor Total Return Fund beginning
in 2015.





and Sale of Fund Shares


may generally purchase or redeem shares on any day that the New York Stock Exchange (“NYSE”) is open for business.


(for Class A shares) (reduced for certain accounts)











  $ 500     $ 1,000     $ 25  


  $ 100     $ 1,000     $ 25  


is no program asset size or minimum investment requirements for initial and subsequent purchases of shares by eligible omnibus
account investors.


(for Class Y Shares) (eligible investors only)







Y Shares are available to investors who invest through programs or platforms maintained by an authorized financial intermediary.


investors that invest directly with the Fund are not eligible to invest in Class Y Shares.


Fund may accept investments of smaller amounts in its sole discretion.


you own your shares directly, you may redeem your shares by contacting the Fund directly by mail at: Brookmont Funds, PO Box 219009,
Kansas City, MO 64121 (Express Mail Address: Express Mail Address: Brookmont Funds, c/o DST Systems, Inc., 430 W 7th St, Kansas
City, MO 64105) or telephone at 800-838-0191.


you own your shares through an account with a broker or other financial intermediary, contact that broker or financial intermediary
to redeem your shares. Your broker or financial intermediary may charge a fee for its services in addition to the fees charged
by the Fund.




Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred
arrangement, such as a 401(k) plan or individual retirement account (“IRA”), in which case your distribution will
be taxed when withdrawn from the tax-deferred account.





to Broker-Dealers and Other Financial Intermediaries


you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related
companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest
by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask
your salesperson or visit your financial intermediary’s website for more information.




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