![]() Investments in the Liquid Alternative Funds expose investors to risks that have the potential to result in losses. These strategies involve risks that may not be present in more traditional ( e.g., equity or fixed income) mutual funds. These Funds generally may seek sources of returns that perform differently from broader securities markets. These risks are heightened in emerging markets. Investments in foreign securities entail special risks such as currency, political, economic, and market risks. The securities of mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Because the Fund concentrates its investments in the energy sector, the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting industries within that sector than if its investments were more diversified across different industries. Many MLPs in which the Fund invests operate facilities within the energy sector and are also subject to risks affecting that sector. ![]() The Fund’s strategy of investing primarily in MLPs, resulting in its being taxed as a regular corporation, or “C” corporation, involves complicated and in some cases unsettled accounting, tax and valuation issues. MLPs are also subject to risks relating to their complex tax structure, including the risk that an MLP could lose its tax status as a partnership, resulting in a reduction in the value of the Fund’s investment in the MLP and lower income to the Fund. Investments in MLPs are subject to certain risks, including risks related to limited control and limited rights to vote, potential conflicts of interest, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to force sales at undesirable times or prices. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument risks of default by a counterparty and liquidity risk. Derivative instruments may involve a high degree of financial risk. Indirect purchases may subject the Fund to greater delays, expenses and risks than direct obligations in the case that a borrower fails to pay scheduled principal and interest. The Fund may invest in loans directly, through loan assignments, or indirectly, by purchasing participations or sub-participations from financial institutions. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in bonds of similar projects or in particular types of municipal securities. The Fund is also subject to the risk that the issuers of sovereign debt or the government authorities that control the payment of debt may be unable or unwilling to repay principal or interest when due. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. ![]() High yield, lower rated investments involve greater price volatility, are less liquid and present greater risks than higher rated fixed income securities. Investments in fixed income securities are subject to the risks associated with debt securities generally including credit, liquidity and interest rate risk. Equity securities are more volatile than fixed income securities and subject to greater risks. The Funds may be subject to style risk, which is the risk that the particular investing style of the Fund (i.e., growth or value) may be out of favor in the marketplace for various periods of time. There can be no assurance that the Funds will achieve their investment objectives. ![]() Mutual funds are subject to various risks, as described fully in each Fund’s prospectus. ![]()
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