INCOME FUND CLASS P (PIMPX) Exchange: NMFQS

DELISTED - The Fund invests primarily in a diversified pool of fixed-income securities including corporate securities, U.S. government securities, and mortgage-backed securities (securitized products) (including collateralized mortgage obligations), up to 35% of which may be in below investment grade bonds (sometimes called “high yield bonds” or "junk bonds") which are rated at the time of purchase Ba1 or lower by Moody's Investors Service, Inc. ("Moody's") and BB+ or lower by S&P Global Ratings ("S&P Global") (if the bond has been rated by only one of those agencies, that rating will determine whether the bond is below investment grade; if the bond has not been rated by either of those agencies, the Sub-Advisor will determine whether the bond is of a quality comparable to those rated below investment grade). Under normal circumstances, the Fund maintains an average portfolio duration that is within ±25% of the duration of the Bloomberg Barclays U.S. Aggregate Bond Index, which as of December 31, 2016 was 5.89 years. The Fund is not managed to a particular maturity. The Fund also invests in foreign securities. During the fiscal year ended October 31, 2016, the average ratings of the Fund’s fixed-income assets, based on market value at each month-end, were as follows (all ratings are by Moody’s):39.79% in securities rated Aaa28.06% in securities rated Baa1.90% in securities rated Caa0.00% in securities rated D5.23% in securities rated Aa3.80% in securities rated Ba0.10% in securities rated Ca0.61% in securities not rated16.42% in securities rated A4.08% in securities rated B0.01% in securities rated C