How the Fund invests

A dynamic, active asset allocation process:

• The Fund’s asset allocation changes are based on an assessment of relative valuation, stages of an economic cycle which include downturn, credit repair, recovery and expansion/late cycle, economic regimes, short- and long-term macroeconomic themes and sector fundamentals.

Fund objective

Seeks to provide income and total return through principally investing in income-generating securities and investments.

Source: Loomis Sayles, as of .

¹quarter holdings are based on the fiscal year

Top holdings exclude cash, cash equivalents and money market funds.

Performance

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call (855) 379-9186.

One cannot invest directly in an index.

Returns for periods of less than one year are not annualized.

¹Fund inception date of March 7, 2016.

²Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 4.50%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

³Effective August 19, 2022, the hypothetical composite index against which the Fund measures its performance, a blend of the S&P 500^® Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%), is replaced with an index comprising a blend of the Bloomberg U.S. Aggregate Bond Index (30%); MSCI World High Dividend Yield Index (20%); Cboe S&P 500 BuyWrite Index^SM (20%); and the Bloomberg U.S. Corporate High Yield Index (30%). Equitable Investment Management Group, LLC believes this benchmark is more relevant to the Fund’s investment strategy and better reflects the markets in which the Fund invests. MSCI World High Dividend Yield Index is based on the MSCI World Index, its parent index, and includes large and mid-cap stocks across 23 Developed Markets countries. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. The MSCI World High Dividend Yield Index is net of withholding taxes for dividend payments. The Cboe S&P 500 BuyWrite Index^SM is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index^®. Bloomberg U.S. Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the indices’ EM country definition, are excluded. The Bloomberg U.S. Corporate High Yield Index is a component of the US Universal and Global High Yield Indices. Bloomberg U.S. Aggregate Bond Index covers the U.S. dollar denominated investment-grade, fixed-rate, taxable bond market of securities. The index includes bonds from the Treasury, government-related and corporate securities, agency fixed rate and hybrid adjustable mortgage pass through securities, asset-backed securities and commercial mortgage-backed securities. For your reference, the previous hypothetical composite index, a blend of the S&P 500^® Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%), is also shown, and was effective from 3/7/2016 to 8/18/2022. The Standard & Poor’s 500^® Composite Price Index (S&P 500^® Index) is a weighted index of common stocks of 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. The index is capitalization-weighted, thereby giving greater weight to companies with the largest market capitalizations.

⁴Pursuant to a contract, Equitable Investment Management, LLC (the “Adviser”) has agreed to make payments or waive its and its affiliates’ management, administrative and other fees to limit the expenses of the Fund through April 30, 2024 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation Arrangement”) so that the annual operating expenses of the Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses (other than offering costs), fees and expenses of other investment companies in which the Fund invests, 12b-1 fees, dividend and interest expenses on securities sold short, and extraordinary expenses not incurred in the ordinary course of the Fund’s business) do not exceed an annual rate of average daily net assets of 0.80% for Class A shares, Class T shares, Class I shares, and Class R shares of the Fund. The Expense Limitation Arrangement may be terminated by the Adviser at any time after April 30, 2024. The Adviser may be reimbursed the amount of any such payments or waivers in the future provided that the payments or waivers are reimbursed within three years of the payments or waivers being recorded and the Fund’s expense ratio, after the reimbursement is taken into account, does not exceed the Fund’s expense cap at the time of the waiver or the Fund’s expense cap at the time of the reimbursement, whichever is lower. The total annual fund operating expense ratios after fee waiver and/or expense reimbursement for Class A shares, Class T shares, and Class R shares, as shown in the table, are higher than the Fund’s expense cap because these ratios include 12b-1 fees and certain other expenses, as noted above, that are excluded from the Expense Limitation Arrangement.

Fund resources

• Fact Sheet
• Quarterly Commentary
• Q&A
• Information Statement

• Prospectus
• Annual Report
• Semi-Annual Report

The Fund’s allocations may change at any time. Bond investments are subject to interest rate risk so that when interest rates rise, the prices of bonds can decrease and the investor can lose principal value. Equity securities may be bought on stock exchanges or in the over-the-counter market. Equity securities generally include common stock, preferred stock, warrants, securities convertible into common stock, securities of other investment companies and securities of real estate investment trusts.