Emerging Income Fund Class

A, Series I

Fund Investment Objectives

The main investment objective of the Fund is investing in high yielding fixed income opportunities while at all times focusing on preserving investors capital. The fund invests primarily in publicly traded debt of issuers in emerging markets, with a focus on corporate debt, convertible bonds, quasi-state debt, municipal bonds and sovereign debt with above average yielding potential. The Fund may invest in emerging markets throughout the world, however, the initial focus is on Eastern Europe, Russia, and Latin America. The Adviser's philosophy can best be explained by the following principles for fundamental analysis: Targeting high yielding corporate and sovereign debt with careful analysis of the company operations, management, balance sheet, cash flow and P&L, comparable analysis of similar companies and sovereigns in various emerging markets with their corresponding yields and the relative value of the their underlying currency and detailed analysis of the political risk as well as monetary and fiscal policies of the sovereign. (Weekly and Daily redemptions available upon request.)