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market countries may be more likely to experience political turmoil or rapid changes in market <br />or economic conditions than more developed countries. It is sometimes difficult to obtain and <br />enforce court judgments in such countries and there is often a greater potential for <br />nationalization or expropriation of assets by the government of an emerging market country. In <br />addition, the financial stability of issuers (including governments) in emerging market countries <br />may be more precarious than in developed countries. Investments in securities issued by <br />companies located in emerging market countries tend to be more volatile than investments in <br />securities issued by companies located in developed foreign countries and may be more <br />difficult to value. <br />Equity Income /Interest Rate Risk —A Fund's distributions to shareholders may decline when <br />interest rates fall or when dividend income from investments in stocks declines. <br />Exchange- Traded Fund ( "ETF ") Risks —In addition to the risks associated with investing in other <br />investment companies, an investment in an ETF may be subject to the following risks: (1) an <br />ETF's shares may trade above or below their net asset value; (2) an active trading market for <br />the ETF's shares may not develop or be maintained; (3) secondary market trading in an ETF's <br />shares may be halted; (4) an ETF may not accurately track the performance of the reference <br />index; and (5) an ETF might hold troubled securities if those securities are held in the reference <br />index. <br />Floating Rate Loans Risk — Investments in floating rate loans have risks that are similar to those <br />of fixed income securities, and carry the risk of impairment of collateral. The value of the <br />collateral securing a floating rate loan can decline, be insufficient to meet the obligations of the <br />borrower, or be difficult to liquidate. As such, a floating rate loan may not be fully collateralized <br />and can decline significantly in value. <br />Foreign Currency Risk— Investments in foreign currencies or securities denominated in foreign <br />currencies (including derivative instruments that provide exposure to foreign currencies) may <br />experience gains or losses solely based on changes in the exchange rate between foreign <br />currencies and the U.S. dollar. <br />Foreign Securities Risk— Investments in foreign securities may involve the risk of loss due to <br />political, economic, legal, regulatory, and operational uncertainties; differing accounting and <br />financial reporting standards; limited availability of information; currency fluctuations; and <br />higher transaction costs. <br />High Yield Securities Risk— Securities that are rated below investment grade" (commonly <br />known as "high yield securities" or "junk bonds ") or, if unrated, are considered by a subadviser <br />to be of equivalent quality, are speculative and involve a greater risk of default than <br />"investment grade" securities. The values of these securities are particularly sensitive to <br />changes in issuer creditworthiness, and economic and political conditions. The market prices of <br />these securities may decline significantly in periods of general economic difficulty, may be <br />harder to value, and may be less liquid than higher rated securities. <br />Vantage"Frust 11 Funds <br />Disclosure Memorandum <br />2016.01.13 _10- <br />