Alternative Investing

Diversification does not assure a profit nor protect against loss.
International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards. Prices of emerging-markets securities can be significantly more volatile than the prices of securities in developed countries, and currency risk and political risks are accentuated in emerging markets.
Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.
Alternative portfolios may engage in strategies that involve additional risks, such as increased volatility.
The Prudent Bear Fund and the Prudent Absolute Return Fund may make short sales of securities, which involves unlimited risk including the possibility that losses may exceed the original amount invested.
Investments in gold and precious metals may be subject to additional risks.
The prices of gold and other precious metals may be subject to substantial price fluctuations over short periods of time and may be adversely affected by unpredictable international monetary and political developments.
Investors should carefully consider the fund's investment objectives, risks, charges and expenses before investing. To obtain a summary prospectus or prospectus containing this and other information, contact us or view the prospectus provided on this website. Please carefully read the summary prospectus or prospectus before investing.
See the fund fact sheets for more specific risks associated with investing in each of the funds.
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