RISKS

Leverage Risk:

Leverage can increase market exposure and magnify investment risk.

Futures and Forward Contracts:

Futures and forward contracts can involve a high degree of risk and may result in potentially unlimited losses.

Short Exposure Risk:

Short exposures using derivatives may present various risks. If the value of the asset, asset class or index on which the Fund holds short investment exposure increases, the Fund will incur a loss. The potential risk of loss from a short exposure is theoretically unlimited, and there can be no assurance that securities necessary to cover a short position will be available for purchase.

Equity Securities Risk:

Equity securities are volatile and can decline significantly in response to broad market and economic conditions.

Foreign and Emerging Market Securities Risk:

Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities, due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.

Commodity Risk:

Commodity-related investments, including derivatives, may be affected by a number of factors including commodity prices, world events, import controls, and economic conditions and therefore may involve substantial risk of loss.

Currency Risk:

Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund's investments to decline.

Interest Rate Risk:

Interest rate risk is a major risk to all bondholders. As rates rise, existing bonds that offer a lower rate of return decline in value because newly issued bonds that pay higher rates are more attractive to investors.

Concentration Risk:

Concentrated investments in a particular industry may be more vulnerable to adverse changes in that industry or the market as a whole.