did not specify a trading symbol or expense ratio in the initial filing.
Principal Investment Strategies
The Fund normally invests at least 80% of its total assets in securities that comprise the Fund’s benchmark index. The Fund’s benchmark index is comprised of publicly issued high yield bonds denominated in Euros, U.S. dollars, Canadian dollars, pound sterling or local currencies and issued by corporations in developed and emerging market countries outside the United States. [The Index includes taxable corporate bonds that have a remaining maturity of at least one year, are rated Ba1/BB+ or lower by either Moody’s Investors Service, Inc. (“Moody’s”) or Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”), and have $[ ] million or more of outstanding face value. Securities must be registered or issued under Rule 144A of the Securities Act of 1933, as amended (“Securities Act”).] As of the date of this Prospectus, the Index included securities issued by corporations in the following countries: [ ]. The Fund’s 80% investment policy is non-fundamental and requires 60 days’ prior written notice to shareholders before it can be changed.
The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Index. The Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index before fees and expenses will be 95% or better. A figure of 100% would indicate perfect correlation. Because of the practical difficulties and expense of purchasing all of the securities in the Index, the Fund does not purchase all of the securities in the Index. Instead, the Adviser utilizes a “sampling” methodology in seeking to achieve the Fund’s objective. As such, the Fund may purchase a subset of the bonds in the Index in an effort to hold a portfolio of bonds with generally the same risk and return characteristics of the Index.
The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries. As of the date of this Prospectus, the [ ] sector[s] represent[s] a significant portion of the Index.
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