AC Alternatives® Income Fund

Summary

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FUND FACTS

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Expenses and Dividends

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FUND DOCUMENTS & RESOURCES

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Investment Objective

Seeks to provide diverse sources of income.

Risk & Additional Details

Performance

  • CUMULATIVE
  • 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.

    Cumulative

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  • CALENDAR YEAR
  • Calendar Year

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  • YIELDS
  • Yields

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  • RISK/RETURNS
  • Risk/Returns

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    Composition

    • STRATEGY
    • Strategy Allocation

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    • Subadvisors
    • Subadvisors

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    • Sector Weightings
    • Sector Weightings

    • Fixed Income Sector Weightings
    • Fixed Income Sector Weightings

    • Exposure
    • Exposure

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    • Net Investment Blend
    • Investment Blend

      Geography

        Management

        Kent Muckel, CFA

        Kent Muckel

        Partner at Perella Weinberg Partners

        Darren Myers, CFA

        Darren Myers

        Partner at Perella Weinberg Partners

        Chris Bittman

        Chris Bittman

        Portfolio Manager, Partner at Perella Weinberg Partners

        Cleo Chang

        Cleo Chang

        Senior Vice President and Head Of Alternatives

        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 month end.

        Returns or yields for the fund would have been lower if .08% of the management fee had not been waived. The advisor expects this waiver to continue until July 31, 2018. Review the annual or semiannual report for the most current information.

        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.

        Alternative mutual funds generally hold a variety of non-traditional investments, and generally employ more complex trading strategies than traditional mutual funds. Specifically, the fund may invest in, among other securities, lower-rated debt securities; securities backed by other assets (like mortgages or auto loans); companies engaged in the real estate industry; and entities that must invest in energy infrastructure, financial services or real estate to obtain special tax status. The fund may invest in these strategies directly, through short positions (effectively borrowing and then selling a security with a future delivery date in hopes that it will decline in price in the interim), or through other derivatives, such as futures or options.

        Each of these alternative asset classes and investment strategies has unique risks typically making them more suitable for investors with an above average tolerance for risk or longer investment horizon. Specifically, among other risks, lower-rated debt securities may be subject to greater default and liquidity risk; asset-backed securities may be subject to prepayment, credit and default risk; real estate securities may be subject to changes in economic conditions and interest rates; and special tax entities may be subject to a change in tax status and the risks of concentrating in a particular region or industry.

        In addition, these investments may be executed through investment strategies with unique risks. One of the risks of investing through short positions includes that the stock price will go up, exposing the short seller to potentially unlimited price risk. One of the risks of investing in derivatives is volatility. Specifically, derivatives investing can be typically executed for less than investing directly in the underlying asset. Small movements in the underlying asset's price, however, can result in significant volatility in the related derivative investment. In addition, most derivative investments involve a counterparty, which subjects the investment to the credit risk of each counterparty to a derivatives transaction.

        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.

        B

        Please see the prospectus for details about sales charges.

        C

        Expense ratios provided are the funds' total annual operating expense ratios, gross of any fee waivers or expense reimbursements. Expense ratios are as of the funds' most current prospectus.

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