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</LabelSeparator><Level>0</Level><ElementName>rr_OtherExpensesOverAssets</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer>[1]</FootnoteIndexer><Cells><Cell FlagID="0" ContextID="S000041227Member_C000127851Member" UnitID="pure"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>true</DisplayZeroAsNone><NumericAmount>0.0063</NumericAmount><RoundedNumericAmount>0.0063</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="S000041227Member_C000127850Member" UnitID="pure"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>true</DisplayZeroAsNone><NumericAmount>0.0063</NumericAmount><RoundedNumericAmount>0.0063</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>rr:NonNegativePure4Type</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]).  "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Other Expenses</Label></Row><Row FlagID="0"><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><EmbedRequirements><EmbedCommands><CommandIterator><Type>Row</Type><SelectionString>primary</SelectionString><Selection>Element</Selection><Style>Compact</Style><Filter>*</Filter></CommandIterator></EmbedCommands><ElementRow FlagID="0"><Id>6</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>rr_ExpensesOverAssets</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells /><ElementDataType>rr:NonNegativePure4Type</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund.  Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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</LabelSeparator><Level>4</Level><ElementName>rr_FeeWaiverOrReimbursementOverAssets</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells /><ElementDataType>rr:NonPositivePure4Type</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>Total Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Net Annual Fund Operating Expenses</Label></Row></Rows><Footnotes><Footnote><NoteId>1</NoteId><Note>Based on estimated amounts for the current fiscal year.</Note></Footnote><Footnote><NoteId>2</NoteId><Note>In order to limit the Fund's expenses, the Fund's adviser has contractually agreed through February 28, 2015 to pay or reimburse the Fund to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, other indirect acquired fund expenses, interest, taxes, and extraordinary expenses), for the Fund's Investor Shares, exceed 0.90% of Investor Shares' average daily net assets and, for the Fund's Advisor Shares, exceed 1.15% of Advisor Shares' average daily net assets. If there are Acquired Fund Fees and Expenses, other indirect acquired fund expenses, interest, taxes, or extraordinary expenses other than estimated amounts included in Total Annual Fund Operating Expenses above, the Net Annual Fund Operating Expenses of the Fund will be higher than shown. The expense limitation may only be terminated during its term by the Board of Trustees.</Note></Footnote></Footnotes><IsEquityReport>false</IsEquityReport><ReportName>Annual Fund Operating Expenses



Schroder Emerging Markets Multi-Sector Bond Fund</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI /><NumberOfCols>2</NumberOfCols><NumberOfRows>6</NumberOfRows></InstanceReport><duprows>6</duprows><dupcols>10</dupcols><colcnt>2</colcnt><rowcnt>6</rowcnt><recurs1>0</recurs1><recurs2>18</recurs2><ColumnIterators><CommandIterator><Type>Column</Type><SelectionString>period</SelectionString><Selection>Period</Selection><Style>Compact</Style><Filter>*</Filter></CommandIterator><CommandIterator><Type>Column</Type><SelectionString>dei_LegalEntityAxis</SelectionString><Selection>Axis</Selection><Style>Compact</Style><Filter>ck0000908802_S000041227Member</Filter></CommandIterator><CommandIterator><Type>Column</Type><SelectionString>rr_ProspectusShareClassAxis</SelectionString><Selection>Axis</Selection><Style>Compact</Style><Filter>*</Filter></CommandIterator><CommandIterator><Type>Column</Type><SelectionString>unit</SelectionString><Selection>Unit</Selection><Style>Compact</Style><Filter>*</Filter></CommandIterator></ColumnIterators><RowIterators><CommandIterator><Type>Row</Type><SelectionString>primary</SelectionString><Selection>Element</Selection><Style>Compact</Style><Filter>*</Filter></CommandIterator></RowIterators></EmbeddedReport><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Contains a command for the SEC Viewer for the role corresponding to OperatingExpensesData.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Annual Fund Operating Expenses [Table]</Label></Row><Row FlagID="0"><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>rr_ExpenseExampleHeading</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="S000041227Member" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>Example.</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Heading for Expense Example.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Expense Example [Heading]</Label></Row><Row FlagID="0"><Id>12</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>rr_ExpenseExampleNarrativeTextBlock</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="S000041227Member" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p align="left" style="margin:0pt 0pt 6pt 0pt;"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year, and the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, the Example shows what your costs would be based on these assumptions. The Example is based, for the first year, on the Net Annual Fund Operating Expenses and, for all other periods, on Total Annual Fund Operating Expenses.&lt;/font&gt; &lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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</LabelSeparator><Level>4</Level><ElementName>rr_ExpenseExampleByYearCaption</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="S000041227Member" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>Investor Shares - Advisor Shares (whether or not shares are redeemed)</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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Bonds in which the Fund may invest may be obligations of governments or government agencies or instrumentalities, supra-national issuers, or corporate issuers. They may pay fixed, variable, or floating interest rates and may include government securities, debt securities of corporations, asset-backed securities, mortgage-backed securities, zero-coupon securities, convertible securities, inflation-indexed bonds, structured notes, including credit-linked notes and hybrid or "indexed" securities, event-linked bonds, and loan participations, delayed funding loans and revolving credit facilities, and short-term investments. The notional value of the Fund's investments in derivatives or other synthetic instruments described below that provide exposure comparable, in the judgment of the sub-adviser, to investments in bonds may be counted toward satisfaction of the 80% policy described above.&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 6pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;The Fund's adviser will allocate the Fund's assets actively among sectors within the fixed-income market based on its assessments of their relative values and the risks and rewards they present. Asset-backed and mortgage-backed securities will not exceed 20% of the net assets of the Fund. In selecting investments for the Fund, the Fund's adviser seeks to identify bonds that offer what it considers the best possible risk/reward profile. Securities may be denominated in emerging market currencies, in the US dollar, or in other developed-market currencies, depending on the adviser's views of the relative values and risks of investments in the various currencies. The Fund may invest in securities rated in any rating category and in unrated securities, and it may invest any portion of its assets in securities rated below investment grade or in unrated securities considered by the Fund's adviser to be of comparable quality (so-called "junk bonds"). The adviser's investment process may result in frequent trading of the Fund's portfolio securities.&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 6pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;Emerging market countries include countries that the Fund's adviser considers to be emerging market countries based on its evaluation of their level of economic development or their size and experience of their securities markets. Countries considered by the Fund's adviser not to be emerging market countries include: the United States, Canada, the United Kingdom, Denmark, Sweden, Norway, Switzerland, Japan, Australia, New Zealand, and all countries within the Euro zone. The Fund will consider an issuer to be located in a country if it is organized under the laws of that country, if it is domiciled in that country, if it is principally traded in that country, or if the adviser determines that the issuer has more than 50% of its assets in or derives more than 50% of its revenues from that country.&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 6pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;The Fund may enter into exchange-traded or over-the-counter derivatives transactions that generally consist of futures contracts, options on futures, and swap contracts (including interest rate swaps, total return swaps, and credit default swaps). The Fund also may enter into exchange-traded or over-the-counter foreign currency exchange transactions including currency futures, forwards, and option transactions. The Fund generally expects to enter into any of these transactions to hedge various risks such as credit risk, interest rate risk, currency risk, and liquidity risk; take a net long or short position in certain investments or markets; provide liquidity in the Fund; equitize cash; minimize transaction costs; generate income; adjust the Fund's sensitivity to interest rate risk, currency risk, or other risk; replicate certain direct investments; and for asset and sector allocation purposes. The Fund may invest in warrants or options to purchase debt securities, equity securities, or commodities.&lt;/font&gt; &lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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The values of investments held by the Fund may fluctuate in response to actual or perceived issuer, political, market, and economic factors influencing the financial markets generally, or relevant industries or sectors within them. Fluctuations may be more pronounced if the Fund invests substantially in one country or group of &lt;font style="font-size: 11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;countries or in companies with smaller market capitalizations. Other principal risks of investing in the Fund include:&lt;/font&gt;&lt;br/&gt; &lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 5pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&amp;#8226;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&lt;b&gt;Emerging Markets Securities Risk:&lt;/b&gt;&lt;/font&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, and certain special risks associated with smaller companies;&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 5pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&amp;#8226;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&lt;b&gt;Foreign Securities/Currencies Risk:&lt;/b&gt;&lt;/font&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;investments in non-U.S. issuers, directly or through use of depositary receipts, may be affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding taxes;&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 5pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&amp;#8226;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&lt;b&gt;Interest Rate Risk:&lt;/b&gt;&lt;/font&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;fixed income, or debt, securities may decline in value due to changes in interest rates, extended duration of principal payments at below-market interest rate, or prepayment;&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 5pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&amp;#8226;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&lt;b&gt;Credit/High-Yield Risk:&lt;/b&gt;&lt;/font&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;the ability, or perceived ability, of the issuer of a debt security to make timely payments of interest and principal will affect the security's value, especially for speculative securities below investment grade ("high-yield bonds" or "junk bonds");&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 5pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&amp;#8226;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&lt;b&gt;Valuation Risk:&lt;/b&gt;&lt;/font&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;certain securities may be difficult to value, and to the extent the Fund sells a security at a price lower than that used to value the security, its net asset value will be adversely affected;&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 5pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&amp;#8226;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&lt;b&gt;Inflation/Deflation Risk:&lt;/b&gt;&lt;/font&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;the value of the Fund's investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests;&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 5pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&amp;#8226;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&lt;b&gt;Mortgage-Backed and Asset-Backed Securities Risk:&lt;/b&gt;&lt;/font&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;investing in mortgage- and asset-backed securities involves interest rate, credit, valuation, extension and liquidity risks and the risk that payments on the underlying assets are delayed, prepaid, subordinated or defaulted on;&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 5pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&amp;#8226;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&lt;b&gt;Convertible Securities Risk:&lt;/b&gt;&lt;/font&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;debt securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities;&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 5pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&amp;#8226;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&lt;b&gt;Liquidity Risk:&lt;/b&gt;&lt;/font&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;illiquid securities may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times. Investments in foreign securities, including emerging market securities, tend to have greater exposure to liquidity risk;&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 5pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&amp;#8226;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&lt;b&gt;Derivatives Risk:&lt;/b&gt;&lt;/font&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;investing in derivative instruments may be considered speculative and involves leverage, liquidity, and valuation risks and the risk of losing more than the principal amount invested;&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 5pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&amp;#8226;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&lt;b&gt;Portfolio Turnover Risk:&lt;/b&gt;&lt;/font&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;if the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may lower investment performance;&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 5pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&amp;#8226;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&lt;b&gt;Limited Operating History Risk:&lt;/b&gt;&lt;/font&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;the risk that a newly formed fund has no or a limited operating history to evaluate and may not attract sufficient assets to achieve or maximize investment and operational efficiencies; and&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 5pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&amp;#8226;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;&lt;b&gt;Warrants Risk:&lt;/b&gt;&lt;/font&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;warrants involve the market risk related to the underlying securities, the counterparty risk with respect to the issuing broker, and risk of illiquidity within the trading market for warrants.&lt;/font&gt; &lt;/p&gt; &lt;br/&gt;&lt;p style="margin:0pt 0pt 6pt 0pt;" align="left"&gt; &lt;font style="font-size:11pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"&gt;Please see "Principal Risks of Investing in the Funds" in the Fund's full prospectus for a more detailed description of the Fund's risks. 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