RISKS

Value Investing Risk:

Value investing carries the risk that a security can continue to be undervalued by the market for long periods of time.

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.

Credit Risk:

Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

Mortgage-Related and Asset-Backed Securities Risk:

Mortgage-related and asset-backed securities are subject to the risks of the mortgages and assets underlying the securities. Other related risks include prepayment risk, which is the risk that the securities may be prepaid, potentially resulting in the reinvestment of the prepaid amounts into securities with lower yields.

Loan Interests Risk:

Interests in loans can expose the Fund to the lender’s credit risk and also may expose the Fund to the credit risk of the underlying borrower.