The Impact Equity Fund may be suitable for investors with a long-term investment horizon and a relatively high risk tolerance. The Fund attempts to achieve its objective by combining a greater percentage of equity securities with a smaller, targeted allocation to illiquid alternative investments.
The Fund’s impact investing criteria could cause it to perform differently compared to funds that do not apply such standards. Successful application of the Fund’s impact investing strategy will depend upon the Adviser’s and each sub-adviser’s skill in properly identifying and analyzing impact investing issues. Investments made may not generate the amount of positive impact that was intended when the investment was initiated. Economic, market, political and other conditions and events can cause the value of equity securities to fluctuate. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Investing in emerging markets may involve greater risks than investing in more developed foreign markets because, among other things, emerging markets often have more political and economic instability. The Fund’s investments in private funds and similar vehicles may be difficult to value and are generally illiquid, leveraged, concentrated in an industry or group of industries, non-diversified, small- or micro-cap in size, and involve a substantial degree of risk. This description of risks is provided as a summary of the principal investment risks associated with this mutual fund. Refer to the Fund’s prospectus for more detailed risk information.
