These materials do not purport to provide any legal, tax, or accounting advice.

Apollo Credit Management, LLC, serves as the investment sub-adviser of the Fund (the “Sub-Adviser”). The Sub-Adviser is registered as an investment advisor with the SEC under the Advisers Act. The Sub-Adviser is an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“Apollo”).

New Fund Risk: The Fund is newly organized. There can be no assurance that the Fund will reach or maintain a sufficient asset size to effectively implement its investing strategy.

Risks to Consider: The Fund discussed is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, interest rate risk and management risk. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. In addition, the loans including in the strategy may include loans that are first lien, second lien, third lien or that are unsecured, and loans may become non-performing for a variety of reasons. More generally, debt securities are subject to credit risk, which is the risk that the issuer will fail to make timely payments of interest and principal. The Fund may invest in high yield, lower-rated debt securities, sometimes called junk bonds and may involve greater risks than higher rated debt securities. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. Many of the investments as part of the strategy may be illiquid. Liquidity risk exists when particular investments are difficult to purchase or sell at the time that is beneficial or at the price that reflects what such investments are currently worth. Illiquid securities may become harder to value, especially in changing markets. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can adversely affect performance.

Flexible Income Fund