1 The Fund invests in alternatives by way of liquid investment vehicles (i.e., 1940 Act Mutual Funds with a daily NAV). These vehicles offer access to investments including (but not necessarily limited to) long/short equity, global macro, event-driven/special situations, options strategies, managed futures, long-short credit and market neutral. Some examples of niche strategies that the Fund might consider in certain market environments or to fit a particular function within the Fund’s portfolio construction include investments such as targeted exposures within the equity or fixed income markets or alternatively weighted exchange-traded funds (ETFs) in high-conviction sectors. Alternative funds invest a significant proportion of their assets in non-traditional asset classes, which may involve riskier types of securities or investments than those offered by other asset classes. Asset class definitions: Long/Short equity refers to equity strategies that take long positions in stocks that are expected to appreciate and short positions in stocks that are expected to decline in price. Global Macro refers to hedging strategies that base their investment decisions and positioning on macroeconomic and political movements within various economies and countries. Event-driven strategies are hedging strategies that attempt to take advantage of significant event such as mergers, acquisitions, and restructuring of debt that may have a significant impact on the short-term pricing of a particular stock. Options strategies invest in stock or bond options--these are agreements between parties allowing right or obligations to buy or sell a security at a stipulated price. Managed Futures strategies may include commodity, currency, interest rate and equity futures. Market neutral is a strategy that seeks to profit from both increasing and decreasing prices in one or multiple markets--this is often obtained by assuming matching long and short positions in the markets.
Diversification does not ensure a profit or protect against a loss in a declining market.
There are special risks associated with selling securities short. A short position will lose value as the security's price increases. Theoretically, the loss on a short sale can be unlimited.
Investing in mutual funds involves risk, including possible loss of principal. There is no assurance that the investment objective of any fund will be achieved.
Fixed income securities are subject to certain risks including, but not limited to: interest rate (changes in interest rates may cause a decline in the market value of an investment), credit (changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral), prepayment (debt issuers may repay or refinance their loans or obligations earlier than anticipated), and extension (principal repayments may not occur as quickly as anticipated, causing the expected maturity of a security to increase). Noninvestment- grade debt securities (high yield/ junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities. Derivatives are speculative and may hurt an investment's performance. They present the risk of disproportionately increased losses and/or reduced gains when the financial asset or measure to which the derivative is linked changes in unexpected ways. Foreign securities are more volatile, harder to price and less liquid than U.S. securities; and are subject to different accounting and regulatory standards, and political and economic risks. These risks are enhanced in emerging markets countries. Alternative funds are subject to different levels and combinations of risk, based on the actual allocations among various asset classes and underlying funds. Alternative funds will be affected by stock and bond market risks, among others. Alternative funds invest a significant proportion of their assets in non-traditional asset classes, which may involve riskier types of securities or investments than those offered by other asset classes.
Equity stocks of small-cap companies carry greater risk, and more volatility than equity stocks of larger, more established companies.
Investors should carefully consider a fund's investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 866-667-9231 to request a summary prospectus and/or prospectus, or download at www.aberdeen-asset.us. Please read the summary prospectus and/or prospectus carefully before investing any money.
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