RISKS

Floating Rate Loans Risk:

Floating rate loans are often lower-quality debt securities and may involve greater risk of price changes and greater risk of default on interest and principal payments. The market for floating rate loans is largely unregulated and these assets usually do not trade on an organized exchange. As a result, floating rate loans can be relatively illiquid and hard to value.

Fixed Income Securities Risk:

Fixed income securities may carry one or more of the following risks: credit, interest rate (as interest rates rise bond prices usually fall), inflation and liquidity.

Below Investment Grade Securities Risk:

Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities.

Leverage Risk:

Leverage can increase market exposure and magnify investment risk.

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.

Non-Diversified Risk:

Non-diversified funds invest a greater portion of assets in fewer securities and therefore may be more vulnerable to adverse changes in the market.