• The potential for current income
• Additional diversification within their portfolio

Bonds and other fixed income debt securities, such as those held by the fund, are subject to credit risk and interest rate risk. The value of, and income generated by debt securities will decrease or increase based on changes in market interest rates and other factors. Credit risk refers to an issuer’s ability to make interest and principal payments when due. High yield or lower rated debt securities, commonly referred to as junk bonds, are generally considered speculative and carry heightened credit risk and potential for volatility. The risk of volatility is heightened for alternative or complex investment strategies.

An investment in foreign debt securities presents additional risks not typically associated with domestic investments such as adverse political, currency, economic, social or regulatory developments in a country. This fund is subject to loan settlement risk due to the lack of established settlement standards or remedies for failure to settle. Because the fund currently has less assets than a larger fund, large inflows and outflows may impact the fund’s market exposure and subsequently its performance. Redemption of a large number of shares may subject the fund and its shareholders to leverage risk and disrupt the overall composition of the fund’s portfolio and thereby impede the ability to pursue the investment strategy. As with any mutual fund, possible loss of principal is also a risk.