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Fixed Income

Multi Sector Income

    Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates or an expectation of rising interest rates in the near future, will cause the value of a portfolio's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at or near historic lows. When interest rates rise, bond prices generally fall, and the value of the portfolio can fall. The strategy may invest in senior floating rate loans that may be collateralized or uncollateralized. Senior loans are subject to credit, interest rate, prepayment and liquidity risk.  Below-investment-grade (“high yield” or "junk") bonds are more at risk of default and are subject to liquidity risk. Mortgage-related securities are subject to default risk, prepayment risk, interest rate risk, and credit risk, and may be more volatile and less liquid than other types of securities. Sovereign debt instruments are subject to the risk that a government entity may be unable to pay interest or repay principal on its debt. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. Eurozone investments may be subject to volatility and liquidity issues. Commodity-linked investments are speculative and have substantial risks, including the loss of principal. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Gold ETFs involve additional fees and risks. The strategy may have multiple sub-sub-advisers and each may make investment decisions which may conflict with each other, or with the sub-adviser, and as a result, the strategy’s performance could be adversely affected. Diversification does not guarantee profit or protect against loss.

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