AC Alternatives® Emerging Opportunities Total Return Fund


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Expenses and Dividends

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Lipper Rankings

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Important Information

The Board of Directors has approved a plan of liquidation for the AC Alternatives Emerging Opportunities Total Return Fund. Under the plan, the liquidation date of the fund will be August 23, 2019.

The fund will be closed to all new investments, except reinvested distributions, as of the close of the New York Stock Exchange on July 15, 2019.

To prepare for the closing and liquidation of the fund, the fund’s portfolio managers plan to increase the portion of assets held in cash and similar investments to pay expenses and meet redemption requests. In doing so, the portfolio managers may sell securities to increase cash and cash equivalents exposure up to 100% of the portfolio. As a result, the fund will not be pursuing its stated investment objectives.

About the Fund

AC Alternatives® Emerging Opportunities Total Return Fund seeks to diversify and enhance returns of a core fixed income portfolio through comprehensive exposure to the asset class, while striving for lower volatility than the overall emerging markets debt category.

The management team is led by seasoned professionals with deep emerging markets debt experience. They average more than 16 years of investment experience and have a track record of managing through different market and economic environments.

Potential Benefits of the Fund

Offers a single-fund solution for emerging markets debt (EMD) exposure:

  • Attractive diversification, with low correlations to U.S. and global fixed income indexes
  • Emphasis on risk-adjusted returns that draws on an expanded opportunity set, including long and short positions, unconstrained by benchmark allocations
  • Total return approach that seeks to improve performance of fixed-income allocations over a full market cycle

How to Use this Fund

  • The AC Alternatives Emerging Opportunities Total Return Fund's opportunistic, low-volatility approach makes it an attractive complement to U.S. and global core fixed income holdings.
  • The fund may be useful for investors seeking a risk-managed approach to emerging markets debt.


  • Average annual total returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized.

    For periods prior to the inception of a class, performance is for the oldest class, restated with applicable fees, if any.


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        John Lovito

        John Lovito

        Co-Chief Investment Officer — Global Fixed Income, Senior Vice President

        Margé Karner

        Margé Karner

        Vice President, Senior Portfolio Manager

        Abdelak Adjriou

        Abdelak Adjriou

        Vice President, Portfolio Manager

        Alessandra Alecci

        Alessandra Alecci

        Vice President, Portfolio Manager and Senior Sovereign Analyst

        Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value fluctuates. Redemption value may be more or less than original cost. Obtain performance data current to the most recent quarter end. For additional share class information, consult the prospectus.

        Returns or yields for the fund would have been lower if a portion of the management fee had not been waived. Review the annual or semiannual report for the most current information.

        Alternative mutual funds that hold a variety of non-traditional investments also often employ more complex trading strategies than traditional mutual funds. Each of these different alternative asset classes and investment strategies have unique risks making them more suitable for investors with an above average tolerance for risk.

        There is no guarantee that the investment objectives will be met.

        Diversification does not assure a profit nor does it protect against loss of principal.

        Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.

        International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks.

        Because the fund may invest in securities denominated in foreign currencies, the fund may be subject to currency risk, meaning the fund could experience gains or losses based solely on changes in the exchange rate between foreign currencies and the U.S. dollar.

        The lower rated securities in which the fund invests are subject to greater credit risk, default risk and liquidity risk.

        Generally, as interest rates rise, the value of the securities held in the fund will decline. The opposite is true when interest rates decline.

        The fund takes long and short positions in securities that its managers believe will enhance the performance of the fund. The fund also may take short positions in securities for hedging purposes. A conventional short position arises when a fund sells a security that it does not own but was borrowed in anticipation that the market price of the security will decline. If the market price declines, the fund can replace the borrowed security at a lower price and capture the value represented by the difference between the higher sale price and the lower replacement price. Conversely, if the price of the security goes up after a fund borrows the security, the fund will lose money because it will have to pay more to replace the borrowed security than it received when it sold the security short. Any loss will be increased by the amount of compensation, interest or dividends, and transaction costs the fund must pay to the lender of the borrowed security. Because a fund's loss on any short sale stems from increases in the value of an underlying security, the extent of such loss, like the price of the security, is theoretically unlimited. By contrast, the fund's loss on a long position arises from decreases in the value of the underlying security and therefore is limited by the fact that its value cannot drop below zero. A long position is the opposite of a short position. A long position is the buying of a security with the expectation that it rise in value.

        Short positions can also be obtained through derivatives. Depending on the characteristics of the derivative instrument, the risk of loss to the fund can be more like a conventional short position or more like a long position. This fund's short positions are generally in the form of derivatives and are generally structured more like long positions. This fund, however, can also take conventional short positions, which could expose the fund to conventional short position risk of loss.

        The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments. Derivatives can be highly illiquid and difficult to unwind or value, and changes in the value of a derivative held by the fund may not correlate with the value of the underlying instrument. Derivatives are subject to a number of other risks, including interest, market and credit risk.

        The fund is classified as nondiversified. Because it is nondiversified, it may hold large positions in a small number of securities. To the extent it maintains such positions; a price change in any one of those securities may have a greater impact on the fund's share price than if it were diversified.

        Only Investor Class shares are made available to investors directly. Advisor, A, C, I, and Y Classes of shares are only available for purchase by institutions or other financial intermediaries. R, R5, and R6 Classes of shares are only available for purchase by group employer-sponsored retirement plans. Review definitions and minimums for all share classes.


        Please see the prospectus for details about sales charges.


        Net expense ratio is the total annual operating expense ratio for the fund, net of any fee waivers or expense reimbursements. Gross expense ratio is the total annual operating expense ratio for the fund, gross of any fee waivers or expense reimbursements. Expense ratios are as of the funds' most current prospectus. This is the actual ratio that investors paid during the fund's most recent fiscal year.

        Lipper rankings are based on average annual total returns. Portions of the mutual fund performance information contained on this page were supplied by Lipper, a Thomson Reuters Company, subject to the following: Copyright ©2019 Thomson Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Performance data is preliminary and subject to revision. Rankings are based on all classes available within the classification as of the date shown. Rankings are based only on the universe shown.

        For detailed descriptions of indices or investing terms referenced above, refer to our glossary.