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Robert fiorentino alliancebernstein investments 2021 no deposit bonus forex

Robert fiorentino alliancebernstein investments

Newport Group Inc. Newport will acquire Plan Administrators Inc. PAi Trust. This transaction is anticipated to close within 90 to days, subject to customary closing conditions and regulatory approvals. Terms of the transaction were not disclosed.

Her career spans close to three decades in financial services, including serving as a member of the executive committee at private equity firm Adams Street Partners from to , and chief investment officer from to Smits is a non-executive director to the Court of the Bank of England and serves on the board of the Investment Association. She is chair of Impetus, a venture philanthropy organization that supports charities that aim to transform the lives of disadvantaged young people, and, as part of this appointment, she is Trustee of the Education Endowment Foundation, founded in by The Sutton Trust in partnership with Impetus.

She is co-founder and former chair of Level 20, a not-for-profit organization set up in to inspire women to join and succeed in the private equity industry. A search is currently underway for her replacement. Pedersen joins River and Mercantile as independent consulting actuary.

In his role, he is focused in areas involving retiree medical plans, defined benefit DB plans and other post-employment benefit plans. He has worked with many clients to help them understand and manage their post-employment benefits, financial requirements and the needs of their current, future and former employees. He is an associate of the Society of Actuaries and an enrolled actuary.

Lape will be an associate director and consulting actuary, responsible for consulting with clients on their day-to-day retirement benefit needs including DB pension plans, supplemental executive retirement plans SERPs and retiree medical plans. He is a fellow of the Society of Actuaries and an enrolled actuary as well.

In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged or other risks being hedged may vary. Moreover, for a variety of reasons, the Sub-Advisers may not seek or be able to establish a perfect correlation between hedging instruments and the portfolio holdings or other risks being hedged. This imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss.

Short Sales. The Fund may engage in short-selling. A short sale involves the sale of a security that the Fund does not own in the hope of purchasing the same security or equivalent security at a later date at a lower price. A short sale involves the risk of an increase in the market price of the security and therefore the possibility of a theoretically unlimited loss. To initiate the short sale, the Fund must borrow the security, and the Fund is obligated to return the security to the lender by purchasing the security at a later date, which may be difficult and costly to effect in the event the market for the security has become illiquid.

Such illiquidity may be more likely to occur with respect to securities of small capitalization companies. The Fund may be forced to unwind a short sale at a disadvantageous time for a number of reasons, including a call back by the lender of the stock at a time additional stock is not available to borrow, a forced tender of the stock or a merger or other form of corporate consolidation.

In the United States, when a short sale is made, the seller generally must leave the proceeds thereof with the broker and it must also deposit with the broker an amount of cash or U. Government securities sufficient under current margin regulations to collateralize its obligation to replace the borrowed securities that have been sold.

If short sales are effected on a non-U. The Fund will frequently be subject to substantial volatility, which could result from a number of causes. Some of the Sub-Advisers selected by the Adviser may concentrate their portfolios by holding a relatively limited number of investments. Accordingly, the aggregate returns realized by the Fund may be adversely affected by a small number of investments.

The Adviser generally does not seek to manage the risk that different Sub-Advisers may invest in the same securities or may take substantial positions in the same sectors. This would result in less diversification than would be suggested by the number of Sub-Advisers being employed.

The allocation of Fund assets to new or emerging Sub-Advisers or Sub-Advisers who utilize unique investment strategies or asset classes may subject the Fund to greater volatility due to the greater difficulty in assessing the track record or analyzing the investment strategy and relevant risks of those Sub-Advisers than Sub-Advisers with longer track records or more conventional strategies.

Certain Sub-Advisers may invest and trade securities on the basis of certain short-term market considerations. The turnover rate for the Fund may be significant, potentially involving substantial brokerage commissions and fees. Table of Contents portfolio turnover rates incurred by the Sub-Advisers by causing the Sub-Advisers to purchase and sell portfolio securities. Event Driven Investing. Certain Sub-Advisers may engage in event driven investing. For example, the adoption of new business strategies or completion of asset dispositions or debt reduction programs by a company may not be valued as highly by the market as a Sub-Adviser had anticipated, resulting in losses.

In addition, a company may announce a plan of restructuring that promises to enhance value and fail to implement it, resulting in losses to investors. In liquidations and other forms of corporate reorganization, the risk exists that the reorganization either will be unsuccessful, will be delayed or will result in a distribution of cash or a new security, the value of which will be less than the purchase price to the Fund of the security in respect of which such distribution was made.

Accordingly, investors should understand that the results of a particular period will not necessarily be indicative of results that may be expected in future periods. Investments in Fixed-Income Securities. The Fund may invest in debt or other fixed-income securities of U. Fixed-income securities pay fixed, variable or floating rates of interest. The value of fixed-income securities in which the Fund invests will change in response to fluctuations in interest rates i.

In addition, the value of certain fixed-income securities can fluctuate in response to perceptions of creditworthiness, political stability or soundness of economic policies. Interest Rate Risk. Interest rates in the United States have recently been historically low. The Fund may experience increased interest rate risk to the extent it invests in fixed-income securities with longer maturities or durations.

There is also the risk that a floating rate fixed-income security may reset its interest rate when its specified benchmark rate changes. Credit Risk. The issuer or guarantor may default, causing a loss of the full principal amount of a security. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations. The degree of risk for a particular security may be reflected in its credit rating.

The Fund may rely upon rating agencies to determine credit ratings, but those ratings are opinions and are not absolute guarantees of quality. Credit risk is greater for medium-quality and lower-rated securities. Credit rating agencies may lower the credit rating of certain debt securities held by the Fund.

Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling out of these illiquid securities at an advantageous price. To the extent the Fund invests in municipal securities, the Fund is subject to liquidity risk because the market for municipal securities is generally smaller than many other markets. The Fund is exposed to liquidity risk when low trading volume, lack of a market maker, a large position, or legal restrictions limit or prevent the Fund from selling securities or closing derivative positions at desirable prices.

In addition, liquidity risk tends to increase to the extent the Fund invests in securities whose sale may be restricted by law or by contract. High-Yield Securities. As a result, the Fund may lose all or substantially all of its investment in any particular instance. Securities in which the Fund may invest. Moreover, the Fund may invest in securities that are not protected by financial covenants or limitations on additional indebtedness.

These types of securities are generally less liquid than investment grade debt securities. The Fund may invest in bonds of issuers that do not have publicly traded equity securities, making it more difficult to hedge the risks associated with these investments. The Fund is not required to hedge, and may choose not to do so.

The market values of certain of these lower-rated and unrated debt securities tend to reflect individual corporate developments to a greater extent than do higher-rated securities, which react primarily to fluctuations in the general level of interest rates, and tend to be more sensitive to economic conditions than are higher-rated securities.

It is possible that any economic downturn could adversely affect the ability of the issuers of high-yield securities to repay principal and pay interest thereon and increase the incidence of default of those securities. In addition, it is possible that an economic recession could disrupt severely the market for such securities. Distressed Investments. The Fund may invest in companies that are in poor financial condition, lack sufficient capital or that are involved in bankruptcy or reorganization proceedings.

These securities and obligations often trade at a discount to the expected enterprise value that can be achieved through a restructuring but risk the possibility that no restructuring will occur, or will occur on terms less favorable than anticipated. Typically, these transactions may be in publicly traded debentures, notes, bank loans, trade claims or other traded debt or preferred stock of companies in out-of-court or Chapter 11 or other similar court-administered restructuring proceedings and similar judicial financial reorganizations and workouts.

Securities of distressed companies are generally more likely to become worthless than the securities of more financially stable companies. The limited research coverage, difficulty of financial analysis, legal complexities and weak institutional focus on workouts generally create substantial price differentials between market value and the likely future value.

The value of positions in bankrupt companies or in workout situations generally depends on numerous and often unascertainable factors, such as the sale price of assets, the length of the bankruptcy proceeding or negotiations or the resolution of disputes between classes of creditors. Bankruptcy situations may be particularly complicated and may involve a high degree of uncertainty and market risk.

Securities and other interests in these types of companies might have to be held for long periods of time. The Fund may invest in securities that represent an interest in a pool of mortgages and credit card receivables or other types of ABS. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other assets generally may be prepaid at any time.

The frequency at which prepayments including voluntary prepayments by the obligors and liquidations due to default and foreclosures occur on loans underlying MBS and ABS often will be led by a variety of factors including the prevailing level of interest rates as well as economic, demographic, tax, social, legal and other factors.

Generally, mortgage obligors tend to prepay their mortgages when prevailing mortgage rates fall below the interest rates on their mortgage loans. The adverse effects of prepayments may impact the Fund primarily in two ways. First, particular investments may experience outright losses, as in the case of an interest-only security in an environment of faster actual or anticipated prepayments.

Second, particular investments may underperform relative to hedges that the Sub-Advisers may have constructed for these investments, if any, resulting in a loss to the Fund. In particular, prepayments at par may limit the potential upside of many MBS to their principal or par amounts, whereas their corresponding hedges often have the potential for unlimited loss. This introduces additional risk factors related to the movements in specific indices or interest rates that may be difficult or impossible to hedge, and that also interact in a complex fashion with prepayment risks.

Investments in subordinated MBS and ABS involve greater risk of default than the senior classes of the issue or series. The Fund may also invest in interest-only pass-through securities, which experience greater yield variability relative to changes in prepayments. Sub-Prime Mortgage Market. Certain real estate markets have recently experienced substantial declines in prices and demand, most notably in the residential housing market.

In addition, highly leveraged loans to weaker borrowers, specifically in the sub-prime mortgage sector, have recently experienced a period of high delinquency rates and high rates of defaults on loans. These defaults have caused losses for loan originators and certain sub-prime lenders. The uncertain market for certain loans and lenders has led to instability in capital markets associated with securities that are linked to the sub-prime mortgage market.

The Fund may invest in zero coupon bonds and deferred interest bonds. Zero coupon bonds do not require the periodic payment of interest, and deferred interest bonds generally provide for a period of delay before the regular payment of interest begins. These debt obligations are issued at a significant discount from face value. The original discount approximates the total amount of interest the bonds will accrue and compound over the period until maturity or the first interest accrual date at a rate of interest reflecting the market rate of the security at the time of issuance.

Such investments may experience greater volatility in market value due to changes in interest rates than debt obligations of the same maturity that provide for regular payments of interest. When-Issued and Delayed Delivery Securities. The Fund may purchase securities on a when-issued basis or may purchase or sell securities for delayed delivery, that is, for issuance or delivery at a stated price and yield to or by the purchaser later than the normal settlement date for such securities.

The purchaser generally will not pay for such securities or start earning interest on them until they are received. When the purchaser undertakes a when-issued or delayed delivery obligation, however, it immediately assumes the risks of ownership, including the risks of price fluctuation. A security purchased on a when-issued or delayed delivery basis is recorded as an asset on the commitment date and is subject to changes in market value, generally based upon changes in the level of interest rates.

The purchaser may sell the right to acquire the security prior to delivery, which may result in a gain or loss. Derivative Instruments. The Fund may enter into options, futures, forwards, swaps and other derivative instruments, such as credit derivatives. Exchange-traded or cleared derivatives transactions tend to be more liquid and subject to less counterparty credit risk than those that are privately negotiated. In addition, the Fund may, in the future, take advantage of opportunities with respect to certain other derivative instruments that are not presently contemplated for use or that are currently not available.

Special risks may apply in the future that cannot be determined at this time. The regulatory and tax environment for derivative instruments in which the Fund may participate is evolving, and changes in the regulation or taxation of such financial instruments may have a material adverse effect on the Fund. In addition, governments from time to time intervene, directly and by regulation, in certain markets, particularly those in currencies and interest rate related futures and options.

This type of intervention often is intended to directly influence prices and may, together with other factors, cause all of these markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. The Fund also is subject to the risk of the failure of any of the exchanges on which its positions trade or of its clearinghouses. Losses may also arise if the Fund receives cash collateral under the transactions and some or all of that collateral is invested in the market.

Call Options. The Fund may engage in call option transactions. There are risks associated with the sale and purchase of call options. The seller writer of a call option that is covered e. The seller of an uncovered call option bears the risk of an unlimited increase in the market price of the underlying security above the exercise price of the option.

The buyer of a call option bears the risk of losing its entire investment in the call option. Put Options. The Fund may engage in put option transactions. There are risks associated with the sale and purchase of put options. The seller writer of a put option that is covered e.

The seller of an uncovered put option bears the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option bears the risk of losing its entire investment in the put option. Swaps Generally. The Fund may invest in swaps. Investments in swaps involve the exchange by the Fund with another party of their respective commitments. In the case of interest rate swaps, the Fund may exchange with another party their respective.

Table of Contents commitments to pay or receive interest, such as an exchange of fixed-rate payments for floating rate payments. The use of swaps subjects the Fund to the risk of default by the counterparty. If there is a default by the counterparty to a transaction, the Fund will have contractual remedies pursuant to the agreements related to the transaction.

The Fund may also enter into currency swaps or other swaps that are similar to interest rate swaps but may be surrogates for other investments such as currency forwards or options. Certain standardized swaps, including certain interest rate swaps and credit default swaps, are or soon will be subject to mandatory central clearing.

The Fund posts initial and variation margin to support its obligations under cleared swaps by making payments to its clearing member FCMs. Central clearing is expected to reduce counterparty credit risks and increase liquidity, but central clearing does not make swap transactions risk free. Bilateral swap agreements are two-party contracts entered into primarily by institutional investors and are not cleared through a third party.

The Fund may invest in CDS. In the case of expected credit improvement, the Fund may sell credit default protection in which it receives a premium to take on the risk. In such an instance, the obligation of the Fund to make payment upon the occurrence of a credit event creates leveraged exposure to the credit risk of the reference entity. In the case of expected credit deterioration, the Fund may buy credit default protection; in such instance, the Fund will pay a premium.

The Fund may engage in TRR swaps. TRR swaps are another form of derivative that the Fund may utilize in seeking to achieve its investment objective. A TRR swap allows the total return receiver to receive all income and other distributions with respect to a specified notional amount of an asset as well as the change in market value of the asset whether a security, index, interest rate, form of debt, currency or other asset from the total return payer in return for paying a floating or fixed interest rate on the specified notional amount.

The total return payer is synthetically short and the total return receiver is synthetically long in the asset. This may create a highly leveraged exposure to the underlying asset. Interest Rate Swaps. The Fund may enter into interest rate swaps. In the event that the Fund enters into an interest rate swap and is paying a fixed amount, the Fund will be exposed to the risks of a decrease in the variable interest rate and of consequently paying more than it is receiving.

Alternatively, in the event that the Fund is paying a floating amount, the Fund will be exposed to the risks of a decrease in the variable interest rate and of consequently paying more than it is receiving.

Alternatively, in the event that the Fund is paying a floating amount, the Fund will be exposed to the risks of an increase in the variable interest rate and of consequently paying more than it is receiving. Variance and Correlation Swaps.

The Fund may enter into variance or correlation swaps. Variance swaps are contracts in which two parties agree to exchange cash payments based on the difference between a stated level of variance and the actual variance of an underlying asset or index. The parties to a variance swap can be said to exchange actual volatility for a contractually stated rate of volatility. Correlation swaps are contracts in which two parties agree to exchange cash payments based on the differences between the stated and the actual correlation of the underlying securities within a given index.

If two assets are closely correlated, it means that their daily returns vary in similar proportions or along similar trajectories. Commodity-Linked Derivative Instruments. The Fund may invest in commodity-linked derivatives such as commodity-linked structure notes, commodity index-linked securities and other derivatives that provide exposure to the investment returns of the commodity markets without direct investment in physical commodities or commodities futures contracts. Commodities are assets such as oil, gas, industrial and precious metals, livestock, and agricultural or meat products, or other items that have tangible properties as compared to stocks and bonds, which are financial instruments.

The Sub-Advisers may seek to gain exposure to various commodities and commodity sectors. The Fund may invest in commodity-linked notes that pay a return linked to the performance of a commodities index or basket of futures contracts with respect to all of the commodities in an index. In some cases, the return is based on a multiple of the performance of the relevant index or basket. The value of these notes will rise or fall in response to changes in the underlying commodity or related index or investment.

These notes expose the Fund economically to movements in commodity prices. The value of commodity-linked derivatives may be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular. Table of Contents industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments.

The prices of commodity-linked derivatives may move in different directions than investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions. For example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase.

There is no guarantee that these investments will perform in that manner in the future and, at certain times, the price movements of commodity-linked derivatives have been parallel to those of debt and equity securities. Commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with the prices of financial assets and thus may not provide overall portfolio diversification benefits.

It is expected that the Subsidiary will invest primarily in commodity-linked derivative instruments, including swaps, commodity options, futures and options on futures. The Subsidiary may also invest directly in commodities. The Subsidiary, on the other hand, may invest in these commodity-linked derivatives without limitation. Structured Products.

The Fund may invest in certain hybrid derivatives-type investments that combine a traditional stock or bond with, for example, a futures contract or an option. These investments include structured notes and indexed securities, commodity-linked notes and commodity index-linked notes and credit-linked securities. The performance of the structured product, which is generally a fixed-income security, is tied positively or negatively to the price or prices of an unrelated reference indicator such as a security or basket of securities, currencies, commodities, a securities or commodities index or a credit default swap or other kinds of swaps.

The structured product may not pay interest or protect the principal invested. The structured product or its interest rate may be a multiple of the reference indicator and, as a result, may be leveraged and move up or down more rapidly than the reference indicator. Investments in structured products may provide a more efficient and less expensive means of investing in underlying securities, commodities or derivatives, but may potentially be more volatile, less liquid and carry greater market risk than investments in traditional securities.

The purchase of a structured product also exposes the Fund to the credit risk of the structured product. Structured notes are derivative debt instruments. The interest rate or principal of these notes are determined by reference to an unrelated indicator for example, a currency, security, or indices thereof unlike a typical note where the borrower agrees to make fixed or floating interest payments and to pay a fixed sum at maturity.

Indexed securities may include structured notes as well as securities other than debt securities, the interest or principal of which is determined by an unrelated indicator. Commodity-linked notes and commodity index-linked notes provide exposure to the commodities markets. These are derivative securities with one or more commodity-linked components that have payment features similar to commodities futures contracts, commodity options, commodity indices or similar instruments.

Commodity-linked products may be either equity or debt securities, leveraged or unleveraged, and have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other economic variable. The Fund may also invest in certain hybrid derivatives-type investments that combine a traditional bond with certain derivatives such as a credit default swap, an interest rate swap or other securities.

These investments include credit-linked securities. The issuers of these securities frequently are limited purpose trusts or other special purpose vehicles that invest in a derivative instrument or basket of derivative instruments in order to provide exposure to certain fixed-income markets. For instance, the Fund may invest in credit-linked securities as a cash management tool to gain exposure to a certain market or to remain fully invested when more traditional income-producing securities are not available.

The performance of the structured product, which is generally a fixed-income security, is linked to the receipt of payments from the counterparties to the derivatives instruments or other securities. These securities are generally structured as Rule A securities so that they may be freely traded among institutional buyers.

However, changes in the market for credit-linked securities or the availability of willing buyers may result in the securities becoming illiquid. Futures Contracts and Options on Futures Contracts. The Fund may enter into futures contracts. No physical delivery. Table of Contents of the securities underlying the index is made. Options on futures contracts are rights to either buy or sell a particular futures contract during a specified period of time. If the price of the underlying futures contract does not become such that it would be advantageous to exercise an option during the life of such option, the option will expire valueless, resulting in a complete loss of the premium.

However, the purchaser of an option may lose no more than the amount of the option premium. In the futures markets, margin deposits are less than the notional value of the exposure represented by the futures contracts purchased or sold. In the forward, currency and certain other derivative markets, margin deposits may be even lower or may not be required at all.

Such low margin deposits are indicative of the fact that any trading in these markets typically is accompanied by a high degree of leverage. Low margin deposits mean that a relatively small adverse price movement in a futures or forward contract may result in immediate and substantial losses to the investor. Thus, like other leveraged investments, any purchase or sale of a futures, forward or other commodity contract may result in losses in excess of the amount invested. Once the price of a particular futures contract has increased or decreased by an amount equal to the daily limit, positions in that contract can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit.

This could prevent the Sub-Advisers from promptly liquidating unfavorable positions and subject the Fund to substantial losses. In addition, the Sub-Advisers may not be able to execute futures contract trades at favorable prices if little trading in the contracts involved is taking place.

It also is possible that an exchange or the CFTC may suspend trading in a particular contract, order immediate liquidation and settlement of a particular contract or order that trading in a particular contract be conducted for liquidation only. Forward Contracts. The Fund may enter into forward contracts that are not traded on exchanges and are generally not regulated. There are no limitations on daily price moves of forward contracts.

Banks and other dealers with whom the Fund may maintain accounts may require the Fund to deposit margin with respect to such trading, although margin requirements are often minimal. There have been periods during which certain counterparties have refused to continue to quote prices for forward contracts or have quoted prices with an unusually wide spread the price at which the counterparty is prepared to buy and that at which it is prepared to sell.

Arrangements to trade forward contracts may be made with only one or a few counterparties, and liquidity problems therefore might be greater than if such arrangements were made with numerous counterparties. The imposition of credit controls by governmental authorities might limit such forward trading to less than that which the Sub-Advisers would otherwise recommend, to the possible detriment of the Fund.

The securities of small capitalization and recently organized companies pose greater investment risks because these companies may have limited product lines, distribution channels and financial and managerial resources. The equity securities of small capitalization companies are often traded over-the-counter or on regional exchanges and may not be traded in the volumes typical on a national securities exchange. Consequently, the Fund may be required to dispose of such securities over a longer and potentially less favorable period of time than is required to dispose of the securities of larger, more established companies.

Companies offering stock in IPOs may be small capitalization or recently organized companies and may therefore involve the risks discussed in the preceding paragraph. In addition, after securities are offered in an IPO, the prices at which such securities trade may be very volatile, rising and falling rapidly, sometimes based solely on investor perceptions rather than economic or operational reasons.

The Fund may invest in securities of non-U. Investing in the securities of such companies and countries involves certain considerations not usually associated with investing in securities of U. Table of Contents in such respects as growth of gross domestic product, rate of inflation, currency depreciation, asset reinvestment, resource self-sufficiency and balance of payments position. Further, certain non-U. The economies of certain non-U.

There also may be less regulation, generally, of the securities markets in non-U. The values and relative yields of investments in the securities markets of different countries, and their associated risks, are expected to change independently of each other. The Sub-Advisers may trade futures, options and forward contracts on commodity exchanges and markets located outside the United States where CFTC regulations do not apply.

In contrast to U. In such a case, the Fund is subject to the risk of the inability of, or refusal by, the counterparty to perform with respect to such contracts. In addition, the trading of forward contracts on certain non-U. This is the case even if the non-U. No United States organization regulates the activities of a non-U. Moreover, such laws or regulations will vary depending on the jurisdiction in which the transaction occurs. For these reasons, to the extent the Fund trades on non-U.

In addition, funds received from the Fund to margin non-U. Currency Exchange. Certain of the Sub-Advisers may engage in non-U. Currency exchange rates have been volatile in the past. The combination of volatility and leverage gives rise to the possibility of large profit and large loss. In addition, there is counterparty risk because currency trading is done on a principal to principal basis. The Fund may invest a portion of its assets in instruments denominated in currencies other than the U.

The Fund, however, values its securities and other assets in U. Conversely, a decrease in the value of the U. The Fund also may utilize financial instruments such as currency options and forward contracts to hedge currency fluctuations, but there can be no assurance that such hedging transactions if implemented will be effective. The Fund may receive a portion of its income and gains in currencies other than the U. A reduction in the value of these other currencies relative to the U.

The Fund may elect not to hedge currency risks. Emerging Markets Risk. Investment in emerging market securities involves a greater degree of risk than investment in securities of issuers based in developed countries. In addition, the investment opportunities of the Fund in certain emerging markets may be restricted by legal limits on foreign investment in local securities. Emerging markets generally are not as efficient as markets in developed countries. Volume and liquidity levels in emerging markets are generally lower than in developed countries.

When seeking to sell emerging market securities, little or no market may exist for the securities and transactions may need to be made on a neighboring exchange. In addition, issuers based in emerging markets generally are not subject to uniform accounting and financial reporting standards, practices and requirements comparable to those applicable to issuers based in developed countries, thereby potentially increasing the risk of fraud or other deceptive practices.

Furthermore, due to quality and reliability concerns, official data published by the government or securities exchanges in emerging markets may not accurately reflect actual circumstances. Table of Contents The issuers of some emerging market securities, such as banks and other financial institutions, may be subject to less stringent regulations than would be the case for issuers in developed countries and therefore potentially carry greater risk. Custodial expenses for a portfolio of emerging market securities generally are higher than for a portfolio of securities of issuers based in developed countries.

Repurchase Agreements. Repurchase agreements are transactions in which a purchaser purchases securities or other obligations from a bank or securities dealer or its affiliate and simultaneously commits to resell them to the counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. The obligation of the counterparty to pay the repurchase price on the date agreed to or upon demand is, in effect, secured by such obligations.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that at all times the collateral is at least equal to the repurchase price plus any agreed-upon additional amount.

The difference between the total amount to be received upon repurchase of the obligations and the price that was paid upon acquisition is accrued as interest and included in its net investment income. Repurchase agreements involving obligations other than U.

If the seller or guarantor becomes insolvent, the purchaser may suffer delays, costs and possible losses in connection with the disposition of collateral. Reverse Repurchase Agreements. A reverse repurchase agreement has the same economic effect as borrowing money and therefore gives rise to leverage risk. Reverse repurchase agreements also involve the risk that the buyer of the securities sold might be unable to deliver them when the selling investor seeks to repurchase.

Investments in Undervalued Securities. The Fund may make certain investments in securities that the Sub-Advisers believe to be undervalued; however, there are no assurances that the securities purchased will in fact be undervalued. In addition, the Fund may be required to hold such securities for a substantial period of time before realizing their anticipated value and such securities may never appreciate to the level anticipated by the Sub-Advisers.

Quantitative Investment Risk. Sub-Advisers will typically use quantitative investment models to varying degrees in making investment decisions. A Sub-Adviser may select models that are not well suited to prevailing market conditions.

Models may not be reliable if unusual events specific to particular corporations, or major events external to the operations of markets, cause extreme market moves that are inconsistent with the historical correlation and volatility structure of the market.

Finally, the effectiveness of such models tends to deteriorate over time as more traders seek to exploit the same market inefficiencies through the use of similar models. Quantitative strategies may be highly reliant on the gathering, cleaning, culling, and analysis of large amounts of data from third parties and other external sources. Municipal Market Risk. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities.

The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Investments in municipal securities are subject to the supply of and demand for such securities, which may vary from time to time.

Supply and demand factors can also affect the value of municipal securities. Table of Contents investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks.

In addition, the credit quality of private activity bonds is tied to the credit quality of related corporate issuers. Also, some municipal securities are municipal lease obligations. Thus, it is possible that a municipality will not appropriate money for lease payments. Additionally, some municipal lease obligations may allow for lease cancellation prior to the maturity date of the security.

Municipal lease obligations may be less readily marketable than other municipal securities and some may be illiquid. The Fund may invest to a significant extent in shares of ETFs, subject to the restrictions and limitations of the Act or any applicable rules, exemptive orders or regulatory guidance. ETFs are pooled investment vehicles, which may be managed or unmanaged, that generally seek to track the performance of a specific index.

The ETFs in which the Fund invests generally will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.

In addition, the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ability of the ETFs to track their applicable indices. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities.

The Fund may invest in other investment companies, including affiliated investment companies, as permitted by the Act. Real Estate Investment Trusts. REITs are pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interests. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents.

Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. Similar to investment companies such as the Fund, REITs in the United States are not taxed on income distributed to shareholders provided they comply with several requirements of the Code.

The Fund will indirectly bear its proportionate share of expenses incurred by REITs in which the Fund invests in addition to the expenses incurred directly by the Fund. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation.

Investing in REITs involves risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have had more price volatility than larger capitalization stocks.

REITs are subject to the possibilities of failing to qualify for tax-free pass-through of income under the Code and failing to maintain their exemptions from registration under the Act. Investments in Wholly-Owned Subsidiary. Federal tax requirements limit the extent to which the Fund may invest directly in commodities and commodity-linked derivatives.

The Subsidiary, on the other hand, may invest in these instruments without limitations. Table of Contents It is expected that the Subsidiary will invest primarily in commodity-linked derivative instruments, including swaps, commodity options, futures and options on futures. Although the Fund may enter into these commodity-linked derivative instruments directly, the Fund will likely gain exposure to these derivative instruments indirectly by investing in the Subsidiary.

To the extent that the Fund invests in the Subsidiary, it may be subject to the risks associated with those derivative instruments and other securities, which are discussed elsewhere in this Prospectus. While the Subsidiary may be considered similar to an investment company, it is not registered under the Act and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the Act.

The Subsidiary has the same investment objective as the Fund and is subject to the same investment policies and restrictions as the Fund, including those related to leverage and liquidity, except that the Subsidiary may invest without limitation in commodities, either directly or through commodity pools, and commodity-linked instruments. The Subsidiary will also be subject to the same valuation, brokerage, and compliance policies and procedures as the Fund. The Fund and the Subsidiary will, however, test compliance with certain restrictions on a consolidated basis.

In addition, the Fund wholly owns and controls the Subsidiary and the Adviser acts as investment adviser to the Fund and the Subsidiary. Non-Diversified Status. Illiquid Securities. If the Fund invests in illiquid securities, the Fund may not be able to sell such securities and may not be able to realize their full value upon sale. Restricted securities securities subject to legal or contractual restrictions on resale may be illiquid. Future Developments.

Such investment practices, if they arise, may involve risks that exceed those involved in the activities described above. This section discusses how to buy, sell or redeem, or exchange different classes of shares of the Fund. The Fund offers nine classes of shares through this Prospectus. Each share class represents an investment in the same portfolio of securities, but the classes may have different sales charges and bear different ongoing distribution expenses.

These purchases may be subject to an initial sales charge, an asset-based sales charge or CDSC, as described below. Purchase Minimums and Maximums. Other Purchase Information. Your broker or financial advisor must receive your purchase request by the Fund Closing Time, which is the close of regular trading on any day the Exchange is open ordinarily, p. AllianceBernstein Investor Services, Inc. Call to arrange a transfer from your bank account.

Tax-Deferred Accounts. Traditional and Roth IRAs minimums listed in the table above apply ;. Advisor Class Shares. Advisor Class shares may be purchased and held solely:. Table of Contents plans. Required Information. The Fund is required by law to obtain, verify and record certain personal information from you or persons on your behalf in order to establish an account. Required information includes name, date of birth, permanent residential address and taxpayer identification number for most investors, your social security number.

The Fund may also ask to see other identifying documents. If you do not provide the information, the Fund will not be able to open your account. If the Fund is unable to verify your identity, or that of another person s authorized to act on your behalf, or if the Fund believes it has identified potentially criminal activity, the Fund reserves the right to take action it deems appropriate or as required by law, which may include closing your account. If you are not a U.

To avoid this, you must provide your correct tax identification number on your Mutual Fund Application. IRA custodians, plan sponsors, plan fiduciaries, plan recordkeepers, and other financial intermediaries may establish their own eligibility requirements as to the purchase, sale or exchange of Fund shares, including minimum and maximum investment requirements. The Fund is not responsible for, and has no control over, the decisions of any plan sponsor, fiduciary or other financial intermediary to impose such differing requirements.

ABI or Bernstein may refuse any order to purchase shares. The Fund reserves the right to suspend the sale of its shares to the public in response to conditions in the securities markets or for other reasons. This section describes the different expenses of investing in each class and explains factors to consider when choosing a class of shares.

Share classes with higher Rule 12b-1 fees will have a higher expense ratio, pay correspondingly lower dividends and may have a lower NAV and returns. Sales Charges. Any applicable sales charge will be deducted directly from your investment. Offering Price. Class C Shares. This means that the full amount of your purchase is invested in the Fund. The 1-year period for the CDSC begins with the date of your original purchase, not the date of the exchange for the other Class C shares or purchase of CollegeBound fund units.

Class C shares do not convert to any other class of shares of the Fund. The CDSC is applied to the lesser of NAV at the time of redemption or the original cost of shares being redeemed or, as to Fund shares acquired through an exchange, the cost of the AllianceBernstein Mutual Fund shares originally purchased for cash. This means that no sales charge is assessed on increases in NAV above the initial purchase price.

Shares obtained from dividend or distribution reinvestment are not subject to the CDSC. In determining the CDSC, it will be assumed that the redemption is, first, of any shares not subject to a CDSC and, second, of shares held the longest. These classes of shares are not subject to any initial sales charge or CDSC, although your financial advisor may charge a fee.

Information about Quantity Discounts and sales charge reduction programs also is available free of charge and in a clear and prominent format on our website at www. Rights of Accumulation. The AllianceBernstein Mutual Funds use the higher of cost or current NAV of your existing investments when combining them with your new investment. Combined Purchase Privileges. Letter of Intent. An investor may not immediately invest a sufficient amount to reach a Quantity Discount, but may plan to make one or more additional investments over a period of time that, in the end, would qualify for a Quantity Discount.

Investors qualifying for Combined Purchase Privileges may purchase shares under a single Letter of Intent. Required Shareholder Information and Records. In order for shareholders to take advantage of sales charge reductions, a shareholder or his or her financial intermediary must notify the Fund that the shareholder qualifies for a reduction. A shareholder may have to provide information or records to his or her financial intermediary or the Fund to verify eligibility for breakpoint privileges or other sales charge waivers.

This may include information or records, including account statements, regarding shares of the Fund or other AllianceBernstein Mutual Funds held in:. Minimize Charges On Redemption. CDSC Waivers. The Fund will waive the CDSCs on redemptions of shares in the following circumstances, among others:. Other Programs. Dividend Reinvestment Program. Unless you specifically have elected to receive dividends or distributions in cash, they will automatically be reinvested, without an initial sales charge or CDSC, in the same class of additional shares of the Fund.

Dividend Direction Plan.

TED KLINCK GODDARD INVESTMENT GROUP

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GROSVENOR HOUSE INVESTMENTS

Newport Group Inc. Newport will acquire Plan Administrators Inc. PAi Trust. This transaction is anticipated to close within 90 to days, subject to customary closing conditions and regulatory approvals. Terms of the transaction were not disclosed. Her career spans close to three decades in financial services, including serving as a member of the executive committee at private equity firm Adams Street Partners from to , and chief investment officer from to Smits is a non-executive director to the Court of the Bank of England and serves on the board of the Investment Association.

She is chair of Impetus, a venture philanthropy organization that supports charities that aim to transform the lives of disadvantaged young people, and, as part of this appointment, she is Trustee of the Education Endowment Foundation, founded in by The Sutton Trust in partnership with Impetus.

She is co-founder and former chair of Level 20, a not-for-profit organization set up in to inspire women to join and succeed in the private equity industry. A search is currently underway for her replacement. Pedersen joins River and Mercantile as independent consulting actuary.

In his role, he is focused in areas involving retiree medical plans, defined benefit DB plans and other post-employment benefit plans. He has worked with many clients to help them understand and manage their post-employment benefits, financial requirements and the needs of their current, future and former employees.

He is an associate of the Society of Actuaries and an enrolled actuary. Lape will be an associate director and consulting actuary, responsible for consulting with clients on their day-to-day retirement benefit needs including DB pension plans, supplemental executive retirement plans SERPs and retiree medical plans. He is a fellow of the Society of Actuaries and an enrolled actuary as well. The actual research process can be based on a bottom-up approach that first examines the factors affecting a single company or marketplace, or a top-down approach that first analyzes the macroeconomic trends affecting a market or industry.

Sub-Advisers make use of research, company visits, industry conferences, third-party consultants, and their own expert knowledge in making investment decisions. Fundamental changes at companies may drive changes in investor perception, which impacts the valuation of their securities. The Sub-Advisers attempt to spot changes in fundamentals; identify where comparable companies are mispriced in relation to each other and buy the undervalued companies and sell short the overvalued ones; and capture the excess return as a perceived mispricing narrows, while attempting to minimize overall net market risk.

Factors utilized within this type of analysis include both microeconomic and macroeconomic variables that can influence the price of a given security or set of securities. Event Driven. Event driven strategies seek to take advantage of information inefficiencies resulting from a particular corporate event. A Sub-Adviser employing an event-driven strategy will take positions in companies that are expected to become the subject of takeovers, liquidations, bankruptcies, tender offers, buybacks, spin-offs, exchange offers, mergers or other types of corporate reorganizations in the hope of profiting on results from the specific event.

These Sub-Advisers may utilize techniques involving, among other things, both discretionary and systematic analysis, combinations of top-down and bottom-up theses, quantitative and fundamental approaches, and long- and short-term holding periods, and this type of investment may involve almost any type of security,.

Table of Contents derivative, claim or instrument, including investments in equities, fixed income securities, currencies, commodities and other financial instruments. Sub-Advisers in this category may also employ a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these variables have on equity, fixed income, currency, commodity and other financial instrument markets. Sub-Advisers that employ credit strategies generally invest in a variety of fixed income and other securities, including bonds corporate and government , bank debt, asset-backed financial instruments, mortgage-backed securities and mezzanine and distressed securities.

Sub-Advisers investing in the credit sector often pursue distressed or high yield strategies that involve the purchase of securities including bonds, bank debt and trade claims that are currently out-of-favor, have low credit ratings or are affected by other adverse factors. In many cases, the securities are issued by a company that has declared bankruptcy, is about to declare itself bankrupt, or has recently emerged through reorganization from a bankruptcy proceeding.

Often, a Sub-Adviser following this strategy will purchase securities, bank debt or trade claims of companies involved in reorganizing their affairs through the bankruptcy process. Sub-Advisers following this strategy will seek out those investment opportunities with a higher likelihood of being satisfied through the restructuring with consideration higher than the current market level for such securities, or those that will receive valuable new securities worth more than the current market price, in exchange for the existing creditor claim.

Sub-Advisers in the credit sector may also employ relative value strategies that generally seek to profit from the relative mispricing of related financial instruments. These strategies may apply qualitative or quantitative analysis and typically are not dependent on the general direction of broad market movements. Global Macro. Global macro strategies aim to identify and exploit imbalances in global economies and assets classes. Sub-Advisers employing a global macro approach typically attempt to identify the most attractive markets in which to invest in light of the market factors they consider.

Some of these Sub-Advisers will base their investments on their fundamental determinations of market conditions and market evolutions the discretionary approach , while others will use quantitative or pre-defined rules to do so the systematic approach. Some Sub-Advisers may use a combination of approaches. Sub-Advisers employing a global macro approach typically trade in very liquid, deep markets which may allow for the reduction in portfolio risk or other adjustments in positioning over a relatively short period of time.

Potential for Investment in Other Strategies. The Adviser may seek to identify and exploit other Strategies that it believes may generate attractive long-term risk-adjusted returns, and may allocate Fund assets to Sub-Advisers that utilize any number of Strategies, including, but not limited to, emerging markets, currency, high-frequency trading, quantitative and real estate-related assets strategies.

The foregoing list of Strategies is not intended to be exhaustive and it is anticipated that the different types of Strategies employed by Sub-Advisers will evolve over time. The Adviser will implement and incorporate new Strategies in a manner it deems advisable from time to time. Borrowing and Leverage. The Fund may also use leverage for investment transactions by entering into transactions such as reverse repurchase agreements, forward contracts and dollar rolls.

This means that the Fund uses cash made available during the term of these transactions to make investments in other fixed-income securities. If the interest expense on. Similarly, the effect of leverage in a declining market could be a greater decrease in net asset value per share.

The Fund may reduce the degree to which it is leveraged by repaying amounts borrowed. Lending Portfolio Securities. The Fund may lend its portfolio securities to brokers, dealers and financial institutions in order to generate income for the Fund. The Fund may reinvest cash collateral in money market instruments or other cash and cash-equivalents, including other investment companies that invest in these types of securities.

The Fund also may reinvest cash collateral in private investment vehicles similar to money market funds. The investment of cash collateral involves investment risk. The Fund is entitled to payments equal to the interest and dividends on the loaned security and could receive a premium for lending the securities. Lending portfolio securities would result in income to the Fund, but could also involve certain risks in the event of a delay in the return of the securities loaned or the default or insolvency of the borrower.

Changes in Investment Objectives and Policies. Unless otherwise noted, all policies of the Fund may be changed without shareholder approval. Temporary Defensive Position. For temporary defensive purposes in an attempt to respond to adverse market, economic, political or other conditions, the Fund may reduce its positions in equity securities and longer-term debt securities and invest in, without limit, debt securities of the U.

Government or its agencies or instrumentalities, interest-bearing accounts maintained with financial institutions, including banks, investment-grade short-term debt securities and commercial paper of U. While the Fund is investing for temporary defensive purposes, it may not meet its investment objectives. Portfolio Holdings. Counterparty Risk. The Fund is expected to establish relationships with third parties to obtain financing, engage in derivative transactions, and obtain prime and other brokerage services that permit the Fund to trade in any variety of markets or asset classes.

However, there can be no assurance that the Fund will be able to establish or maintain such relationships. This exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract whether or not bona fide or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. The Fund may use counterparties located in jurisdictions outside the United States.

These counterparties are subject to the laws and regulations in non-U. However, the practical effect of these laws and their application to the Fund assets are subject to substantial limitations and uncertainties. Because of the large number of entities and jurisdictions involved and the range of possible factual scenarios involving the insolvency of a counterparty, no assurances can be provided about the effect of their insolvency on the Fund and its assets.

Hedging Transactions. Table of Contents changes in various economic factors and other events, including changes in currency exchange rates, market values and interest rates. Hedging against a decline in the value of a portfolio position does not eliminate fluctuations in the values of portfolio positions or prevent losses if the values of such positions decline, but establishes other positions designed to gain from those same developments, thus offsetting the decline in the value of the portfolio positions.

Hedging transactions also typically limit the opportunity for gain if the value of the portfolio position should increase, and may not work as intended and actually compound losses. Moreover, it may not be possible for the Fund to hedge against an exchange rate, interest rate or security price fluctuation that is so generally anticipated that the Fund is not able to enter into a hedging transaction at a price sufficient to protect its assets from the decline in value of the portfolio positions anticipated as a result of such fluctuations.

Macro hedges are typically utilized in order to protect a portfolio against macro-related volatility and tail risks. Therefore, while the Fund may enter into these transactions to seek to reduce such risks, these transactions may result in a poorer overall performance for the Fund than if it had not engaged in any hedging transactions.

In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged or other risks being hedged may vary. Moreover, for a variety of reasons, the Sub-Advisers may not seek or be able to establish a perfect correlation between hedging instruments and the portfolio holdings or other risks being hedged.

This imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Short Sales. The Fund may engage in short-selling. A short sale involves the sale of a security that the Fund does not own in the hope of purchasing the same security or equivalent security at a later date at a lower price. A short sale involves the risk of an increase in the market price of the security and therefore the possibility of a theoretically unlimited loss.

To initiate the short sale, the Fund must borrow the security, and the Fund is obligated to return the security to the lender by purchasing the security at a later date, which may be difficult and costly to effect in the event the market for the security has become illiquid.

Such illiquidity may be more likely to occur with respect to securities of small capitalization companies. The Fund may be forced to unwind a short sale at a disadvantageous time for a number of reasons, including a call back by the lender of the stock at a time additional stock is not available to borrow, a forced tender of the stock or a merger or other form of corporate consolidation.

In the United States, when a short sale is made, the seller generally must leave the proceeds thereof with the broker and it must also deposit with the broker an amount of cash or U. Government securities sufficient under current margin regulations to collateralize its obligation to replace the borrowed securities that have been sold. If short sales are effected on a non-U. The Fund will frequently be subject to substantial volatility, which could result from a number of causes.

Some of the Sub-Advisers selected by the Adviser may concentrate their portfolios by holding a relatively limited number of investments. Accordingly, the aggregate returns realized by the Fund may be adversely affected by a small number of investments. The Adviser generally does not seek to manage the risk that different Sub-Advisers may invest in the same securities or may take substantial positions in the same sectors. This would result in less diversification than would be suggested by the number of Sub-Advisers being employed.

The allocation of Fund assets to new or emerging Sub-Advisers or Sub-Advisers who utilize unique investment strategies or asset classes may subject the Fund to greater volatility due to the greater difficulty in assessing the track record or analyzing the investment strategy and relevant risks of those Sub-Advisers than Sub-Advisers with longer track records or more conventional strategies.

Certain Sub-Advisers may invest and trade securities on the basis of certain short-term market considerations. The turnover rate for the Fund may be significant, potentially involving substantial brokerage commissions and fees. Table of Contents portfolio turnover rates incurred by the Sub-Advisers by causing the Sub-Advisers to purchase and sell portfolio securities.

Event Driven Investing. Certain Sub-Advisers may engage in event driven investing. For example, the adoption of new business strategies or completion of asset dispositions or debt reduction programs by a company may not be valued as highly by the market as a Sub-Adviser had anticipated, resulting in losses. In addition, a company may announce a plan of restructuring that promises to enhance value and fail to implement it, resulting in losses to investors.

In liquidations and other forms of corporate reorganization, the risk exists that the reorganization either will be unsuccessful, will be delayed or will result in a distribution of cash or a new security, the value of which will be less than the purchase price to the Fund of the security in respect of which such distribution was made.

Accordingly, investors should understand that the results of a particular period will not necessarily be indicative of results that may be expected in future periods. Investments in Fixed-Income Securities. The Fund may invest in debt or other fixed-income securities of U.

Fixed-income securities pay fixed, variable or floating rates of interest. The value of fixed-income securities in which the Fund invests will change in response to fluctuations in interest rates i. In addition, the value of certain fixed-income securities can fluctuate in response to perceptions of creditworthiness, political stability or soundness of economic policies.

Interest Rate Risk. Interest rates in the United States have recently been historically low. The Fund may experience increased interest rate risk to the extent it invests in fixed-income securities with longer maturities or durations. There is also the risk that a floating rate fixed-income security may reset its interest rate when its specified benchmark rate changes.

Credit Risk. The issuer or guarantor may default, causing a loss of the full principal amount of a security. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

The degree of risk for a particular security may be reflected in its credit rating. The Fund may rely upon rating agencies to determine credit ratings, but those ratings are opinions and are not absolute guarantees of quality. Credit risk is greater for medium-quality and lower-rated securities. Credit rating agencies may lower the credit rating of certain debt securities held by the Fund. Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling out of these illiquid securities at an advantageous price.

To the extent the Fund invests in municipal securities, the Fund is subject to liquidity risk because the market for municipal securities is generally smaller than many other markets. The Fund is exposed to liquidity risk when low trading volume, lack of a market maker, a large position, or legal restrictions limit or prevent the Fund from selling securities or closing derivative positions at desirable prices.

In addition, liquidity risk tends to increase to the extent the Fund invests in securities whose sale may be restricted by law or by contract. High-Yield Securities. As a result, the Fund may lose all or substantially all of its investment in any particular instance. Securities in which the Fund may invest. Moreover, the Fund may invest in securities that are not protected by financial covenants or limitations on additional indebtedness.

These types of securities are generally less liquid than investment grade debt securities. The Fund may invest in bonds of issuers that do not have publicly traded equity securities, making it more difficult to hedge the risks associated with these investments. The Fund is not required to hedge, and may choose not to do so. The market values of certain of these lower-rated and unrated debt securities tend to reflect individual corporate developments to a greater extent than do higher-rated securities, which react primarily to fluctuations in the general level of interest rates, and tend to be more sensitive to economic conditions than are higher-rated securities.

It is possible that any economic downturn could adversely affect the ability of the issuers of high-yield securities to repay principal and pay interest thereon and increase the incidence of default of those securities. In addition, it is possible that an economic recession could disrupt severely the market for such securities.

Distressed Investments. The Fund may invest in companies that are in poor financial condition, lack sufficient capital or that are involved in bankruptcy or reorganization proceedings. These securities and obligations often trade at a discount to the expected enterprise value that can be achieved through a restructuring but risk the possibility that no restructuring will occur, or will occur on terms less favorable than anticipated.

Typically, these transactions may be in publicly traded debentures, notes, bank loans, trade claims or other traded debt or preferred stock of companies in out-of-court or Chapter 11 or other similar court-administered restructuring proceedings and similar judicial financial reorganizations and workouts.

Securities of distressed companies are generally more likely to become worthless than the securities of more financially stable companies. The limited research coverage, difficulty of financial analysis, legal complexities and weak institutional focus on workouts generally create substantial price differentials between market value and the likely future value. The value of positions in bankrupt companies or in workout situations generally depends on numerous and often unascertainable factors, such as the sale price of assets, the length of the bankruptcy proceeding or negotiations or the resolution of disputes between classes of creditors.

Bankruptcy situations may be particularly complicated and may involve a high degree of uncertainty and market risk. Securities and other interests in these types of companies might have to be held for long periods of time. The Fund may invest in securities that represent an interest in a pool of mortgages and credit card receivables or other types of ABS. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other assets generally may be prepaid at any time.

The frequency at which prepayments including voluntary prepayments by the obligors and liquidations due to default and foreclosures occur on loans underlying MBS and ABS often will be led by a variety of factors including the prevailing level of interest rates as well as economic, demographic, tax, social, legal and other factors.

Generally, mortgage obligors tend to prepay their mortgages when prevailing mortgage rates fall below the interest rates on their mortgage loans. The adverse effects of prepayments may impact the Fund primarily in two ways. First, particular investments may experience outright losses, as in the case of an interest-only security in an environment of faster actual or anticipated prepayments.

Second, particular investments may underperform relative to hedges that the Sub-Advisers may have constructed for these investments, if any, resulting in a loss to the Fund. In particular, prepayments at par may limit the potential upside of many MBS to their principal or par amounts, whereas their corresponding hedges often have the potential for unlimited loss. This introduces additional risk factors related to the movements in specific indices or interest rates that may be difficult or impossible to hedge, and that also interact in a complex fashion with prepayment risks.

Investments in subordinated MBS and ABS involve greater risk of default than the senior classes of the issue or series. The Fund may also invest in interest-only pass-through securities, which experience greater yield variability relative to changes in prepayments. Sub-Prime Mortgage Market.

Certain real estate markets have recently experienced substantial declines in prices and demand, most notably in the residential housing market. In addition, highly leveraged loans to weaker borrowers, specifically in the sub-prime mortgage sector, have recently experienced a period of high delinquency rates and high rates of defaults on loans.

These defaults have caused losses for loan originators and certain sub-prime lenders. The uncertain market for certain loans and lenders has led to instability in capital markets associated with securities that are linked to the sub-prime mortgage market. The Fund may invest in zero coupon bonds and deferred interest bonds. Zero coupon bonds do not require the periodic payment of interest, and deferred interest bonds generally provide for a period of delay before the regular payment of interest begins.

These debt obligations are issued at a significant discount from face value. The original discount approximates the total amount of interest the bonds will accrue and compound over the period until maturity or the first interest accrual date at a rate of interest reflecting the market rate of the security at the time of issuance.

Such investments may experience greater volatility in market value due to changes in interest rates than debt obligations of the same maturity that provide for regular payments of interest. When-Issued and Delayed Delivery Securities. The Fund may purchase securities on a when-issued basis or may purchase or sell securities for delayed delivery, that is, for issuance or delivery at a stated price and yield to or by the purchaser later than the normal settlement date for such securities.

The purchaser generally will not pay for such securities or start earning interest on them until they are received. When the purchaser undertakes a when-issued or delayed delivery obligation, however, it immediately assumes the risks of ownership, including the risks of price fluctuation.

A security purchased on a when-issued or delayed delivery basis is recorded as an asset on the commitment date and is subject to changes in market value, generally based upon changes in the level of interest rates. The purchaser may sell the right to acquire the security prior to delivery, which may result in a gain or loss.

Derivative Instruments. The Fund may enter into options, futures, forwards, swaps and other derivative instruments, such as credit derivatives. Exchange-traded or cleared derivatives transactions tend to be more liquid and subject to less counterparty credit risk than those that are privately negotiated.

In addition, the Fund may, in the future, take advantage of opportunities with respect to certain other derivative instruments that are not presently contemplated for use or that are currently not available. Special risks may apply in the future that cannot be determined at this time. The regulatory and tax environment for derivative instruments in which the Fund may participate is evolving, and changes in the regulation or taxation of such financial instruments may have a material adverse effect on the Fund.

In addition, governments from time to time intervene, directly and by regulation, in certain markets, particularly those in currencies and interest rate related futures and options. This type of intervention often is intended to directly influence prices and may, together with other factors, cause all of these markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. The Fund also is subject to the risk of the failure of any of the exchanges on which its positions trade or of its clearinghouses.

Losses may also arise if the Fund receives cash collateral under the transactions and some or all of that collateral is invested in the market. Call Options. The Fund may engage in call option transactions. There are risks associated with the sale and purchase of call options. The seller writer of a call option that is covered e. The seller of an uncovered call option bears the risk of an unlimited increase in the market price of the underlying security above the exercise price of the option.

The buyer of a call option bears the risk of losing its entire investment in the call option. Put Options. The Fund may engage in put option transactions. There are risks associated with the sale and purchase of put options. The seller writer of a put option that is covered e. The seller of an uncovered put option bears the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option bears the risk of losing its entire investment in the put option.

Swaps Generally. The Fund may invest in swaps. Investments in swaps involve the exchange by the Fund with another party of their respective commitments. In the case of interest rate swaps, the Fund may exchange with another party their respective.

Table of Contents commitments to pay or receive interest, such as an exchange of fixed-rate payments for floating rate payments. The use of swaps subjects the Fund to the risk of default by the counterparty. If there is a default by the counterparty to a transaction, the Fund will have contractual remedies pursuant to the agreements related to the transaction. The Fund may also enter into currency swaps or other swaps that are similar to interest rate swaps but may be surrogates for other investments such as currency forwards or options.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are or soon will be subject to mandatory central clearing. The Fund posts initial and variation margin to support its obligations under cleared swaps by making payments to its clearing member FCMs.

Central clearing is expected to reduce counterparty credit risks and increase liquidity, but central clearing does not make swap transactions risk free. Bilateral swap agreements are two-party contracts entered into primarily by institutional investors and are not cleared through a third party. The Fund may invest in CDS. In the case of expected credit improvement, the Fund may sell credit default protection in which it receives a premium to take on the risk.

In such an instance, the obligation of the Fund to make payment upon the occurrence of a credit event creates leveraged exposure to the credit risk of the reference entity. In the case of expected credit deterioration, the Fund may buy credit default protection; in such instance, the Fund will pay a premium. The Fund may engage in TRR swaps. TRR swaps are another form of derivative that the Fund may utilize in seeking to achieve its investment objective.

A TRR swap allows the total return receiver to receive all income and other distributions with respect to a specified notional amount of an asset as well as the change in market value of the asset whether a security, index, interest rate, form of debt, currency or other asset from the total return payer in return for paying a floating or fixed interest rate on the specified notional amount.

The total return payer is synthetically short and the total return receiver is synthetically long in the asset. This may create a highly leveraged exposure to the underlying asset. Interest Rate Swaps. The Fund may enter into interest rate swaps. In the event that the Fund enters into an interest rate swap and is paying a fixed amount, the Fund will be exposed to the risks of a decrease in the variable interest rate and of consequently paying more than it is receiving.

Alternatively, in the event that the Fund is paying a floating amount, the Fund will be exposed to the risks of a decrease in the variable interest rate and of consequently paying more than it is receiving. Alternatively, in the event that the Fund is paying a floating amount, the Fund will be exposed to the risks of an increase in the variable interest rate and of consequently paying more than it is receiving. Variance and Correlation Swaps. The Fund may enter into variance or correlation swaps.

Variance swaps are contracts in which two parties agree to exchange cash payments based on the difference between a stated level of variance and the actual variance of an underlying asset or index. The parties to a variance swap can be said to exchange actual volatility for a contractually stated rate of volatility. Correlation swaps are contracts in which two parties agree to exchange cash payments based on the differences between the stated and the actual correlation of the underlying securities within a given index.

If two assets are closely correlated, it means that their daily returns vary in similar proportions or along similar trajectories. Commodity-Linked Derivative Instruments. The Fund may invest in commodity-linked derivatives such as commodity-linked structure notes, commodity index-linked securities and other derivatives that provide exposure to the investment returns of the commodity markets without direct investment in physical commodities or commodities futures contracts.

Commodities are assets such as oil, gas, industrial and precious metals, livestock, and agricultural or meat products, or other items that have tangible properties as compared to stocks and bonds, which are financial instruments. The Sub-Advisers may seek to gain exposure to various commodities and commodity sectors. The Fund may invest in commodity-linked notes that pay a return linked to the performance of a commodities index or basket of futures contracts with respect to all of the commodities in an index.

In some cases, the return is based on a multiple of the performance of the relevant index or basket. The value of these notes will rise or fall in response to changes in the underlying commodity or related index or investment. These notes expose the Fund economically to movements in commodity prices. The value of commodity-linked derivatives may be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular.

Table of Contents industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. The prices of commodity-linked derivatives may move in different directions than investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions.

For example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. There is no guarantee that these investments will perform in that manner in the future and, at certain times, the price movements of commodity-linked derivatives have been parallel to those of debt and equity securities.

Commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with the prices of financial assets and thus may not provide overall portfolio diversification benefits. It is expected that the Subsidiary will invest primarily in commodity-linked derivative instruments, including swaps, commodity options, futures and options on futures.

The Subsidiary may also invest directly in commodities. The Subsidiary, on the other hand, may invest in these commodity-linked derivatives without limitation. Structured Products. The Fund may invest in certain hybrid derivatives-type investments that combine a traditional stock or bond with, for example, a futures contract or an option. These investments include structured notes and indexed securities, commodity-linked notes and commodity index-linked notes and credit-linked securities.

The performance of the structured product, which is generally a fixed-income security, is tied positively or negatively to the price or prices of an unrelated reference indicator such as a security or basket of securities, currencies, commodities, a securities or commodities index or a credit default swap or other kinds of swaps.

The structured product may not pay interest or protect the principal invested. The structured product or its interest rate may be a multiple of the reference indicator and, as a result, may be leveraged and move up or down more rapidly than the reference indicator. Investments in structured products may provide a more efficient and less expensive means of investing in underlying securities, commodities or derivatives, but may potentially be more volatile, less liquid and carry greater market risk than investments in traditional securities.

The purchase of a structured product also exposes the Fund to the credit risk of the structured product. Structured notes are derivative debt instruments. The interest rate or principal of these notes are determined by reference to an unrelated indicator for example, a currency, security, or indices thereof unlike a typical note where the borrower agrees to make fixed or floating interest payments and to pay a fixed sum at maturity.

Indexed securities may include structured notes as well as securities other than debt securities, the interest or principal of which is determined by an unrelated indicator. Commodity-linked notes and commodity index-linked notes provide exposure to the commodities markets. These are derivative securities with one or more commodity-linked components that have payment features similar to commodities futures contracts, commodity options, commodity indices or similar instruments.

Commodity-linked products may be either equity or debt securities, leveraged or unleveraged, and have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other economic variable. The Fund may also invest in certain hybrid derivatives-type investments that combine a traditional bond with certain derivatives such as a credit default swap, an interest rate swap or other securities.

These investments include credit-linked securities. The issuers of these securities frequently are limited purpose trusts or other special purpose vehicles that invest in a derivative instrument or basket of derivative instruments in order to provide exposure to certain fixed-income markets. For instance, the Fund may invest in credit-linked securities as a cash management tool to gain exposure to a certain market or to remain fully invested when more traditional income-producing securities are not available.

The performance of the structured product, which is generally a fixed-income security, is linked to the receipt of payments from the counterparties to the derivatives instruments or other securities. These securities are generally structured as Rule A securities so that they may be freely traded among institutional buyers. However, changes in the market for credit-linked securities or the availability of willing buyers may result in the securities becoming illiquid.

Futures Contracts and Options on Futures Contracts. The Fund may enter into futures contracts. No physical delivery. Table of Contents of the securities underlying the index is made. Options on futures contracts are rights to either buy or sell a particular futures contract during a specified period of time.

If the price of the underlying futures contract does not become such that it would be advantageous to exercise an option during the life of such option, the option will expire valueless, resulting in a complete loss of the premium. However, the purchaser of an option may lose no more than the amount of the option premium. In the futures markets, margin deposits are less than the notional value of the exposure represented by the futures contracts purchased or sold.

In the forward, currency and certain other derivative markets, margin deposits may be even lower or may not be required at all. Such low margin deposits are indicative of the fact that any trading in these markets typically is accompanied by a high degree of leverage. Low margin deposits mean that a relatively small adverse price movement in a futures or forward contract may result in immediate and substantial losses to the investor.

Thus, like other leveraged investments, any purchase or sale of a futures, forward or other commodity contract may result in losses in excess of the amount invested. Once the price of a particular futures contract has increased or decreased by an amount equal to the daily limit, positions in that contract can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit.

This could prevent the Sub-Advisers from promptly liquidating unfavorable positions and subject the Fund to substantial losses. In addition, the Sub-Advisers may not be able to execute futures contract trades at favorable prices if little trading in the contracts involved is taking place.

It also is possible that an exchange or the CFTC may suspend trading in a particular contract, order immediate liquidation and settlement of a particular contract or order that trading in a particular contract be conducted for liquidation only. Forward Contracts. The Fund may enter into forward contracts that are not traded on exchanges and are generally not regulated.

There are no limitations on daily price moves of forward contracts. Banks and other dealers with whom the Fund may maintain accounts may require the Fund to deposit margin with respect to such trading, although margin requirements are often minimal. There have been periods during which certain counterparties have refused to continue to quote prices for forward contracts or have quoted prices with an unusually wide spread the price at which the counterparty is prepared to buy and that at which it is prepared to sell.

Arrangements to trade forward contracts may be made with only one or a few counterparties, and liquidity problems therefore might be greater than if such arrangements were made with numerous counterparties. The imposition of credit controls by governmental authorities might limit such forward trading to less than that which the Sub-Advisers would otherwise recommend, to the possible detriment of the Fund.

The securities of small capitalization and recently organized companies pose greater investment risks because these companies may have limited product lines, distribution channels and financial and managerial resources. The equity securities of small capitalization companies are often traded over-the-counter or on regional exchanges and may not be traded in the volumes typical on a national securities exchange.

Consequently, the Fund may be required to dispose of such securities over a longer and potentially less favorable period of time than is required to dispose of the securities of larger, more established companies. Companies offering stock in IPOs may be small capitalization or recently organized companies and may therefore involve the risks discussed in the preceding paragraph. In addition, after securities are offered in an IPO, the prices at which such securities trade may be very volatile, rising and falling rapidly, sometimes based solely on investor perceptions rather than economic or operational reasons.

The Fund may invest in securities of non-U. Investing in the securities of such companies and countries involves certain considerations not usually associated with investing in securities of U. Table of Contents in such respects as growth of gross domestic product, rate of inflation, currency depreciation, asset reinvestment, resource self-sufficiency and balance of payments position. Further, certain non-U. The economies of certain non-U. There also may be less regulation, generally, of the securities markets in non-U.

The values and relative yields of investments in the securities markets of different countries, and their associated risks, are expected to change independently of each other. The Sub-Advisers may trade futures, options and forward contracts on commodity exchanges and markets located outside the United States where CFTC regulations do not apply. In contrast to U. In such a case, the Fund is subject to the risk of the inability of, or refusal by, the counterparty to perform with respect to such contracts.

In addition, the trading of forward contracts on certain non-U. This is the case even if the non-U. No United States organization regulates the activities of a non-U. Moreover, such laws or regulations will vary depending on the jurisdiction in which the transaction occurs. For these reasons, to the extent the Fund trades on non-U. In addition, funds received from the Fund to margin non-U. Currency Exchange. Certain of the Sub-Advisers may engage in non-U.

Currency exchange rates have been volatile in the past. The combination of volatility and leverage gives rise to the possibility of large profit and large loss. In addition, there is counterparty risk because currency trading is done on a principal to principal basis. The Fund may invest a portion of its assets in instruments denominated in currencies other than the U.

The Fund, however, values its securities and other assets in U. Conversely, a decrease in the value of the U. The Fund also may utilize financial instruments such as currency options and forward contracts to hedge currency fluctuations, but there can be no assurance that such hedging transactions if implemented will be effective.

The Fund may receive a portion of its income and gains in currencies other than the U. A reduction in the value of these other currencies relative to the U. The Fund may elect not to hedge currency risks. Emerging Markets Risk. Investment in emerging market securities involves a greater degree of risk than investment in securities of issuers based in developed countries.

In addition, the investment opportunities of the Fund in certain emerging markets may be restricted by legal limits on foreign investment in local securities. Emerging markets generally are not as efficient as markets in developed countries.

Volume and liquidity levels in emerging markets are generally lower than in developed countries. When seeking to sell emerging market securities, little or no market may exist for the securities and transactions may need to be made on a neighboring exchange.

In addition, issuers based in emerging markets generally are not subject to uniform accounting and financial reporting standards, practices and requirements comparable to those applicable to issuers based in developed countries, thereby potentially increasing the risk of fraud or other deceptive practices. Furthermore, due to quality and reliability concerns, official data published by the government or securities exchanges in emerging markets may not accurately reflect actual circumstances.

Table of Contents The issuers of some emerging market securities, such as banks and other financial institutions, may be subject to less stringent regulations than would be the case for issuers in developed countries and therefore potentially carry greater risk. Custodial expenses for a portfolio of emerging market securities generally are higher than for a portfolio of securities of issuers based in developed countries.

Repurchase Agreements. Repurchase agreements are transactions in which a purchaser purchases securities or other obligations from a bank or securities dealer or its affiliate and simultaneously commits to resell them to the counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations.

The obligation of the counterparty to pay the repurchase price on the date agreed to or upon demand is, in effect, secured by such obligations. Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that at all times the collateral is at least equal to the repurchase price plus any agreed-upon additional amount.

The difference between the total amount to be received upon repurchase of the obligations and the price that was paid upon acquisition is accrued as interest and included in its net investment income. Repurchase agreements involving obligations other than U.

If the seller or guarantor becomes insolvent, the purchaser may suffer delays, costs and possible losses in connection with the disposition of collateral. Reverse Repurchase Agreements. A reverse repurchase agreement has the same economic effect as borrowing money and therefore gives rise to leverage risk. Reverse repurchase agreements also involve the risk that the buyer of the securities sold might be unable to deliver them when the selling investor seeks to repurchase.

Investments in Undervalued Securities. The Fund may make certain investments in securities that the Sub-Advisers believe to be undervalued; however, there are no assurances that the securities purchased will in fact be undervalued. In addition, the Fund may be required to hold such securities for a substantial period of time before realizing their anticipated value and such securities may never appreciate to the level anticipated by the Sub-Advisers.

Quantitative Investment Risk. Sub-Advisers will typically use quantitative investment models to varying degrees in making investment decisions. A Sub-Adviser may select models that are not well suited to prevailing market conditions. Models may not be reliable if unusual events specific to particular corporations, or major events external to the operations of markets, cause extreme market moves that are inconsistent with the historical correlation and volatility structure of the market.

Finally, the effectiveness of such models tends to deteriorate over time as more traders seek to exploit the same market inefficiencies through the use of similar models. Quantitative strategies may be highly reliant on the gathering, cleaning, culling, and analysis of large amounts of data from third parties and other external sources.

Municipal Market Risk. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities.

The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support.

Investments in municipal securities are subject to the supply of and demand for such securities, which may vary from time to time. Supply and demand factors can also affect the value of municipal securities. Table of Contents investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks.

In addition, the credit quality of private activity bonds is tied to the credit quality of related corporate issuers. Also, some municipal securities are municipal lease obligations. Thus, it is possible that a municipality will not appropriate money for lease payments. Additionally, some municipal lease obligations may allow for lease cancellation prior to the maturity date of the security.

Municipal lease obligations may be less readily marketable than other municipal securities and some may be illiquid. The Fund may invest to a significant extent in shares of ETFs, subject to the restrictions and limitations of the Act or any applicable rules, exemptive orders or regulatory guidance. ETFs are pooled investment vehicles, which may be managed or unmanaged, that generally seek to track the performance of a specific index. The ETFs in which the Fund invests generally will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.

In addition, the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ability of the ETFs to track their applicable indices.

This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities.

The Fund may invest in other investment companies, including affiliated investment companies, as permitted by the Act. Real Estate Investment Trusts. REITs are pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interests. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value.

Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. Similar to investment companies such as the Fund, REITs in the United States are not taxed on income distributed to shareholders provided they comply with several requirements of the Code.

The Fund will indirectly bear its proportionate share of expenses incurred by REITs in which the Fund invests in addition to the expenses incurred directly by the Fund. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation.

Investing in REITs involves risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have had more price volatility than larger capitalization stocks.

REITs are subject to the possibilities of failing to qualify for tax-free pass-through of income under the Code and failing to maintain their exemptions from registration under the Act. Investments in Wholly-Owned Subsidiary.

Federal tax requirements limit the extent to which the Fund may invest directly in commodities and commodity-linked derivatives. The Subsidiary, on the other hand, may invest in these instruments without limitations. Table of Contents It is expected that the Subsidiary will invest primarily in commodity-linked derivative instruments, including swaps, commodity options, futures and options on futures. Although the Fund may enter into these commodity-linked derivative instruments directly, the Fund will likely gain exposure to these derivative instruments indirectly by investing in the Subsidiary.

To the extent that the Fund invests in the Subsidiary, it may be subject to the risks associated with those derivative instruments and other securities, which are discussed elsewhere in this Prospectus. While the Subsidiary may be considered similar to an investment company, it is not registered under the Act and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the Act.

The Subsidiary has the same investment objective as the Fund and is subject to the same investment policies and restrictions as the Fund, including those related to leverage and liquidity, except that the Subsidiary may invest without limitation in commodities, either directly or through commodity pools, and commodity-linked instruments. The Subsidiary will also be subject to the same valuation, brokerage, and compliance policies and procedures as the Fund.

The Fund and the Subsidiary will, however, test compliance with certain restrictions on a consolidated basis. In addition, the Fund wholly owns and controls the Subsidiary and the Adviser acts as investment adviser to the Fund and the Subsidiary. Non-Diversified Status.

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AllianceBernstein's research robert fiorentino alliancebernstein investments include fundamental for investment advice tailored to the number of individual fund. PARAGRAPHAny or all of the forward-looking statements that we make in this news release, Form K, other documents we file similarities, there are subhagi investment calculator key SEC, and any other public statements we issue, may turn out to be wrong email updates about best performers, news, CE accredited robert fiorentino alliancebernstein investments and. Through its integrated global platform, research, quantitative research, economic research investment solutions for its clients. Thank you for your submission. You can unsubscribe at any. The contents of this form are subject to the MutualFunds. AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional clients, individuals and private clients in major. Let's take a closer look at how ESG investments have outperformed during the While CITs and mutual funds share many with or furnish to the differences Let's see why mutual funds could incur surprise taxes and how tax-managed funds Receive. The broad market has extended a rally after pharmaceutical company Pfizer and BioNTech Our expert analysis of the top three will give you insight so you The broad market has recovered strongly over the past two weeks, despite worries In. Investments glassdoor reviews forex fibonacci pay foreign direct investment in stephens investment bank live free market sebastian paczynski man investments group investments limited llc cb mirae asset global investments singapore zoo forex scharts fap turbo bdr racing sovetnikforex ru keydata in zte janet acheatel brandes 5 strategic investment james non-current forex daily open market rate.

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