Principal Risks of Investing in the Fund. As with any mutual fund investment, loss of money is a risk of investing. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The risks associated with an investment in the fund can increase during times of significant market volatility. The principal risks of investing in the fund are: Debt Securities Risk. The prices of debt securities held by the fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the fund’s distributable income because interest payments on floating rate debt instruments held by the fund will decline. The fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.
Principal Risks of Investing in the Fund. As with any mutual fund investment, loss of money is a risk of investing. An investment in the fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The risks associated with an investment in the fund can increase during times of significant market volatility. The principal risks of investing in the fund are: Money Market Fund Risk. Although the fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the fund. The share price of money market funds can fall below the $1.00 share price. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the fund or maintain the fund’s $1.00 share price at any time. The credit quality of the fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the fund’s share price. The fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. While the board of trustees may implement procedures to impose a fee upon the sale of your shares or temporarily suspend your ability to sell shares in the future if the fund’s liquidity falls below required minimums because of market conditions or other factors, the board has not elected to do so at this time. Should the board elect to do so, such change would only become effective after shareholders were provided with specific advance notice of the change in the fund’s policy and provided with the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective.
Principal Risks of Investing in the Fund. As with any mutual fund investment, loss of money is a risk of investing. An investment in the fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the fund can increase during times of significant market volatility. The principal risks of investing in the Fund are: Risks of Investing in Stocks. The value of the fund’s portfolio may be affected by changes in the stock markets. Stock markets may experience significant short-term volatility and may fall sharply at times. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets. The prices of individual stocks generally do not all move in the same direction at the same time. A variety of factors can negatively affect the price of a particular company’s stock. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry. To the extent that securities of a particular type are emphasized (for example foreign stocks, stocks of small- or mid-cap companies, growth or value stocks, or stocks of companies in a particular industry), fund share values may fluctuate more in response to events affecting the market for those types of securities.
