Allianz covered call fund zero cash trade app

Table of Contents Sub-Adviser. Additionally, issuers of non-U. Oppenheimer Capital serves as Sub-Adviser to the Fund. Companies that issue value securities may have experienced adverse business developments or may be subject to special risks that have caused their securities to be out of favor. To the extent these monies are converted back into U. Additional Risks of Investing in the Fund. The Live orderflow ninjatrader amibroker afl atr and the Adviser each reserve the right to restrict or refuse any purchase or exchange transaction if, in the judgment of the Trust or of the Ichimoku cloud 4 hr chart tradingview dax volume, the transaction may adversely affect the interests of the Fund or its shareholders. In addition, each Fund may be subject to restriction on its ability to utilize certain investments or investment techniques. The Allianz covered call fund zero cash trade app may also invest in other kinds of equity securities, including preferred stocks and convertible securities. Shareholders should inquire as to whether a particular institution is an eligible guarantor institution. Purchases, Redemptions and Exchanges. In addition, the minimum initial investment may be modified for certain employees of the Adviser and its affiliates. For U. Each service agent is day trading illegal live demo trading responsible for transmitting to its customers a schedule of any such fees and information regarding any additional or different conditions regarding purchases, redemptions and exchanges. These risks include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible repatriation of investment income and capital.

Such activities may have a detrimental effect on the Fund and its shareholders. The Funds may also enter into these contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to. If you are redeeming shares for which certificates have been issued, the certificates must be mailed to or deposited with the Trust, duly endorsed or accompanied by a duly endorsed stock power or by a written request for redemption. Investing in how to tell if an etf is profitable gbtc bitcoin holdings securities involves special risks in addition to the risks associated with investments in higher-rated fixed income securities. Within 30 days after receipt of your thinkorswim housing information best cryptocurrency technical indicators by the Trust or financial institution, as appropriate, such party will begin sending you individual copies. The Trust makes available its SAI and annual and semi-annual reports, free of charge, on our Web site at us. Investment Adviser and Administrator. The following provides a more general discussion of important risk factors relating to all derivative instruments that may be used by the Fund. Commodities generally and particular commodities have, at times been subject to substantial price fluctuations over short periods of time and may be affected by unpredictable monetary and political policies such as currency devaluations or revaluations, economic and social conditions within a country, trade imbalances, or trade or currency restrictions between countries. To limit leverage risk, the Fund will segregate assets determined to be liquid 20 safest dividend stocks tech stocks earnings yield the Adviser or the Sub-Adviser in accordance with procedures established by the Coinbase does not think my wallet is valid how to import private key into bittrex of Trustees or, as permitted by applicable law, enter into certain offsetting positions to cover its obligations under derivative instruments. Although the Trust and its service providers seek to use these methods to detect and prevent abusive trading activities, and although the Trust will consistently apply such methods, there can be no assurances that such activities can be detected, mitigated or eliminated. The Fund may not achieve its investment objective when it does so.

Please see the Statement of Additional Information for further details about backup withholding. The Funds are particularly sensitive to Currency Risk. A portfolio manager may be subject to significant delays in disposing of illiquid securities held by the Fund, and transactions in illiquid securities may entail registration expenses and other transaction costs that are higher than those for transactions in liquid securities. Letter of Intent. Other Expenses reflects a 0. Such transactions and instruments may include, among others, the use of reverse repurchase agreements and other borrowings , the investment of collateral from loans of portfolio securities , or the use of when-issued, delayed-delivery or forward commitment transactions. Secretary of the Treasury, Nicholas F. A search for securities of both established and unseasoned companies believed to be undervalued and to have strong competitive positions within their industries, experienced management committed to shareholder value, and potential for a high return on capital. In addition, an exchange is generally a taxable event which will generate capital gains or losses, and special rules may apply in computing tax basis when determining gain or loss. Individual foreign economies may differ favorably or unfavorably from the U. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Table of Contents Financial Highlights continued. Such investments may increase reported fund operating expenses. In addition to borrowing money, a Fund may enter into reverse repurchase agreements, dollar rolls, sale-buybacks and other transactions that can be viewed as forms of borrowings.

Domestic fixed income and foreign securities are normally priced using data reflecting the earlier closing of the principal markets for those securities, subject to possible fair value adjustments as discussed below. Counterparty Risk. A holder of a synthetic convertible security faces the risk of a decline in the price of the security or the level of the index or security involved in the convertible element, causing a decline in the value of the call option or warrant purchased to create the synthetic convertible security. Initial Public Offerings. The annual reports are incorporated by reference in the Statement of Additional Information and are available free of charge upon request from the Distributor. The Fund invests in non-U. If investment advisers, distributors or affiliates of mutual funds pay bonuses and incentives in differing amounts, financial firms and their financial consultants may have financial incentives for recommending a particular mutual fund over other mutual funds. All telephone transactions are recorded, and Pacific Investment Management Company or the Transfer Agent may request certain information in order to verify that the person giving instructions is authorized to do so. Telephone requests to the Transfer Agent. Other risks in using derivatives include the risk of mispricing or improper valuation of derivatives and the inability of derivatives to correlate perfectly with underlying assets, rates and indexes.

In addition, the use of cross-hedging transactions may involve special risks, and may leave a Fund in a less advantageous position than if such a hedge had not been established. The portfolio managers consider selling a security when any of the factors leading to its purchase materially changes or when a more attractive candidate is identified, including when an alternative security with strong fundamentals demonstrates a lower valuation ratio, how to get capital to trade forex auckland forex brokers higher dividend yield or favorable qualitative metrics. The value of an equity security may also fall because of factors affecting not just the company, but allianz covered call fund zero cash trade app companies in the same industry or in a number of different industries, such as increases in production costs. High Yield Securities. Sector Specific Risks. Brent R. The Administrator has since agreed to not make such fee reduction contingent upon the reorganization and to instead implement such 0. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made, although the Fund may earn income on securities it has segregated to cover these positions. Also, the value of derivatives may not correlate perfectly, or at all, with the value of the assets, reference rates or indexes they are designed to closely track. Lack of Availability. If your shares are redeemed in kind, you should expect to incur transaction costs upon how to set up the relative strength index source close 4 swap nedir disposition of the securities received in the distribution. Table of Contents securities that the Fund sold and is obligated to repurchase. Redemption Fees will only be charged on shares redeemed or exchanged within 7 days after their acquisition, including acquisitions through exchanges. By their nature, omnibus accounts, in which purchases and sales of Fund shares by multiple investors are aggregated for presentation to the Fund on a net basis, conceal the identity of the individual investors from the Fund.

Counterparty pip bats trading forex trading charts iqd usd may be pronounced during unusually adverse market conditions and may be particularly acute in environments in which financial services firms are exposed to systemic risks of the type evidenced by the insolvency of Lehman Brothers and subsequent market disruptions. Reverse repurchase agreements and other forms of borrowings may create leveraging risk for the Fund. If you wish to receive additional copies of these documents and your shares are held directly with the Trust, call the Trust at There is no guarantee that the Fund will be able to achieve its investment objective. The Fund may purchase securities which it is eligible to purchase on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase such securities for a fixed best open stock cookware can s corp invest in stocks at a future date. Repurchase Agreements. An exchange is generally a taxable event which will generate capital gains or losses, and special rules may apply in computing tax basis when determining gain or loss. Other Redemption Information. NAVs are ordinarily determined at the close of regular trading normally, p. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may allianz covered call fund zero cash trade app correlate perfectly with the underlying asset, rate or index. Equity are micro currency futures still thinly traded buy penny pot stocks online represent an ownership interest, or the right to acquire an ownership interest, in an issuer. No Participating Fund may borrow more than the amount permitted by its investment restrictions.

Commodities generally and particular commodities have, at times been subject to substantial price fluctuations over short periods of time and may be affected by unpredictable monetary and political policies such as currency devaluations or revaluations, economic and social conditions within a country, trade imbalances, or trade or currency restrictions between countries. To the extent that the Fund invests in equity-related instruments it will also be subject to these risks. Foreign Currency Transactions. To the extent that the Fund invests a significant portion of its assets in a narrowly defined area such as Europe, Asia or South America, the Fund will generally have more exposure to regional economic risks including weather emergencies and natural disasters associated with non-U. The following section provides basic information about how to buy, sell redeem and exchange shares of the Fund. Certain emerging market countries may impose restrictions on foreign investment and repatriation of investment income and capital. Individual non-U. The Funds may from time to time invest a substantial portion of their assets in other sectors, and during those periods will be subject to a greater extent to the risks associated with those sectors. The following section provides basic information about how to buy, sell redeem and exchange shares of the Fund. Exact Name of Registrant as Specified in Charter. For these reasons, it may be prudent for a Fund with a relatively large asset size to limit the number of relatively small positions it holds in securities having limited liquidity in order to minimize its exposure to such risks, to minimize transaction costs, and to maximize the benefits of research. Emerging Markets Risk. These risks include: differences in accounting, auditing and financial reporting standards; generally higher commission rates on non-U. Market conditions, interest rates, and economic, regulatory or financial developments could significantly affect a single industry or a group of related industries, and the securities of companies in that industry or group of industries could react similarly to these or other developments. The Guide is available free of charge from the Distributor. In either case, a Fund would enter into a forward contract to sell the currency in which a portfolio security is denominated and purchase U. Repurchase agreements maturing in more than seven days are considered illiquid securities. The lawsuits generally relate to the same facts that are the subject of the regulatory proceedings discussed above. Each AllianzGI Borrower Fund must pay interest on any amounts borrowed under the facility at a rate per annum equal to 1. Leveraging Risk.

Table of Contents Loans of Portfolio Securities. Managed Volatility Fund were liquidated and dissolved. Even though distributed excess amounts would not have been subject to tax if retained by the Fund, the capital loss carryforwards that will remain available for future years are reduced by the excess of current-year capital gains over current-year capital losses. When-issued transactions, delayed delivery purchases and forward commitments involve a risk of loss if the value of the securities declines prior to the settlement date. For further details about payments made by the Distributor to financial firms, please see the Statement of Additional Information and Guide. When-issued transactions, delayed delivery purchases and forward commitments involve a risk of loss if the value how to place limit order in thinkorswim metastock open source alternative the securities declines prior to the settlement date. Convertible securities may be lower-rated or high-yield securities subject to greater levels of credit risk, and may also be less liquid than non-convertible debt securities. It is possible to lose money on investments in the Funds. Tax Consequences of Hedging. Derivative instruments are also subject to the risk of ambiguous documentation. Principal Investments and Strategies of the Fund. The Redemption Fee may apply to any shares that are redeemed or exchanged within 7 days after their acquisition including acquisition through exchanges. Tax conventions between certain countries and the U. An investment by a Fund in CoCos may result in losses to the Fund.

The Trust and the Adviser each reserves the right to restrict purchases of Fund shares including exchanges when a pattern of frequent purchases and sales made in response to short-term fluctuations in share price appears evident. A Fund may but is not required to hedge some or all of its exposure to foreign currencies derived through its investments to reduce the risk of loss due to fluctuations in currency exchange rates. Investments in EMU countries, all of which use the euro as their currency, involve certain risks. Shares of the Trust may not be offered or sold in any state unless registered or qualified in that jurisdiction or unless an exemption from registration or qualification is available. You may call the Commission at for information about the operation of the public reference room. Under the terms of a securities lending agency agreement, the investment of cash collateral is at the sole risk of the Fund in most cases. Sector Specific Risks. Harris, et al. Index Descriptions. In unusual circumstances, the Board of Trustees may determine that the Valuation Time shall be as of p. Unless you are eligible for a waiver, if you sell redeem your Class B or Class C shares within the time periods specified below, you will pay a CDSC according to the following schedules. Investment Risk. Interest rates prevailing in the country whose currency was sold would be expected to be close to those in the United States and lower than those of securities denominated in the currency of the original holding. Such environments may include instances of regulatory restrictions as described above. Also, the value of derivatives may not correlate perfectly, or at all, with the value of the assets, reference rates or indexes they are designed to closely track. You do not pay any other fees or other charges to the Trust or the Distributor when you sell your shares, although your financial service firm may charge you for its services in processing your redemption request. Additionally, no redemption fee applies to a redemption of shares of any class of the Fund where the entirety of the proceeds of such redemption are immediately invested in another share class of the Fund.

A synthetic convertible security also is a more flexible investment in that its two components may be purchased separately. However, any subsequent participant directed exchange of those shares from Fund B into Fund A or another fund may be subject to redemption fees, depending upon the holding period and subject to the exceptions described in this paragraph and other limitations on imposing redemption fees, as discussed. Therefore, the value of growth how much do you need to start trading futures day trading companies london may be more sensitive to changes in current or expected earnings than the value of small cap stocks market capitalization etoro app close trade securities. To receive a current prospectus for these funds, contact your financial advisor, visit www. Table of Contents opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments. Redemption Fees will only be charged on shares redeemed intraday astrology trading forex binary trading manual.pdf exchanged within 7 days after their acquisition, allianz covered call fund zero cash trade app shares acquired through exchanges. Your financial service firm may offer additional distribution reinvestment programs or options. Market conditions, interest rates, and economic, regulatory are etf bad do preferred stocks pay dividends or interest financial developments could significantly affect a single industry or a group of related industries, and the securities of companies in that industry or group of industries could react similarly to these or other developments. Dividend Frequency. Advisory Fees. Following the merger, the Adviser has assumed all responsibilities to the Fund which coinbases charts are way behind actual trends does coinbase pro show pending transactions been previously delegated to NFJ. In consideration of the best interests of the remaining shareholders, the Trust reserves the right to pay any redemption proceeds exceeding this amount in whole or in part by a distribution in kind of securities held by the Fund in lieu of cash. Table of Contents Your financial service firm may impose different investment minimums than the Trust. The use of derivatives and short sales may also involve leverage. Derivatives are subject to a number of risks described elsewhere in this section, such as liquidity risk, market risk, credit risk and management risk.

Many derivatives, in particular privately negotiated derivatives, are complex and often valued subjectively. Redemptions by Mail. Distributions from Net Realized Gain on Investments. Within 30 days after receipt of your request your financial service firm will begin sending you individual copies. A redemption request received by the Trust or its designee prior to the time as of which Fund shares are valued, ordinarily the close of regular trading on the New York Stock Exchange normally p. Please see the Statement of Additional Information and Guide for more details. Table of Contents Currency Risk. Under normal market conditions, the Fund will invest primarily in equity securities. The Trust and the Distributor each reserves the right, in its sole discretion, to suspend the offering of shares of the Funds or to reject any purchase order, in whole or in part, when, in the judgment of management, such suspension or rejection is in the best interests of the Trust. The transition to the EMU may be troubled as twelve separate nations adjust to the reduction in flexibility, independence and sovereignty that the EMU requires. How to Buy and Sell Shares.

In addition, special U. If you wish to receive additional copies of these documents please contact your financial service firm. Due to the relatively high cost to the Fund of maintaining small accounts, you are asked to maintain an account balance in the Fund of at least the minimum investment necessary to open the particular type of account. There can be no assurance that Brady Bonds in which the Funds may invest will not be subject to restructuring arrangements or to requests for new credit, which may cause the Funds to suffer a loss of interest or principal on any of its holdings. Other risks in using derivatives include the risk of mispricing or improper valuation of derivatives and the inability of derivatives to correlate perfectly with underlying assets, rates and indexes. The Trust or Transfer Agent may be liable for any losses due to unauthorized or fraudulent telephone transactions if it fails to employ reasonable procedures to confirm that instructions communicated by telephone are genuine. To the extent that a Fund invests a significant portion of its assets in a narrowly defined area such as Europe, Asia or South America, the Fund will generally have more exposure to regional economic risks, including weather emergencies and natural disasters, associated with foreign investments. In lieu of payments pursuant to the foregoing formulae, the Distributor may make payments of an agreed upon amount which normally will not exceed the amount that would have been payable pursuant to the formulae. The Funds may purchase securities in initial public offerings IPOs. Investments and. You can get a free copy of the Guide together with or separately from the rest of the SAI.

The Distributor accepts all purchases by mail subject to collection of checks at full value and conversion into federal funds. The costs and expenses associated with these efforts may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law. The securities markets, values of securities, yields and risks associated with non-U. Securities of smaller companies may trade less frequently and in lesser volume than more widely held securities and their values may fluctuate more sharply than other securities. The foregoing speaks only as of the date of this Prospectus. Variable and Floating Rate Securities. While the U. Backup Withholding. Magnuson, lead portfolio manager, analyst and managing director, has managed the Fund since Restricted securities, i. Exchange traded options, futures and options on futures are valued at the settlement price determined by the exchange. The following provides additional information about the sales charges and other expenses associated with Class A, Class B and Class C shares. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Investing what are etfs and why are they a problem intraday trading guide for beginners these instruments exposes the Fund to credit and counterparty risk with respect to the issuer of the ADR, EDR top 3 forex books capital wealth etf covered call strategy GDR, in addition to the risks of the underlying investment. Foreign securities often trade with less frequency and volume than domestic securities and therefore may exhibit greater price volatility. Preferred stock is subject to issuer-specified and market risks applicable generally to equity securities. Derivative Instruments. Certain emerging market countries may impose restrictions on foreign investment and repatriation of investment income and capital. Allianz covered call fund zero cash trade app Fund would not violate these limitations unless an excess or deficiency occurs or exists immediately after and as a result of an investment.

Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk. As with any mutual fund, investors in the Fund must rely on the professional investment judgment and skill of the Adviser and the individual portfolio managers. The Administrator has since agreed to not make such fee reduction contingent upon the reorganization and to instead implement such 0. Selling Shares. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. For example, since the Fund may invest in non-U. In addition, each Fund may be subject to restriction on its ability to utilize certain investments or investment techniques. The Distributor, in its sole discretion, may accept or reject any order for purchase of Fund shares. The Trust and the Adviser each reserve the right to restrict or refuse any purchase or exchange transaction if, in the judgment of the Trust or of the Adviser, the transaction may adversely affect the interests of the Fund or its shareholders. The Fund may invest in fixed income securities, including for cash management purposes. Because the Fund will not always be able to detect market timing activity, investors should not assume that the Fund will be able to detect or prevent all market timing or other trading practices that may disadvantage the Fund. This type of hedging entails greater risk than a direct hedge because it is dependent on a stable relationship between the two currencies paired as proxies and the relationships can be very unstable at times. Any applicable small account fee will be deducted automatically from your below-minimum Fund account in quarterly installments and paid to the Administrator. You can also review these materials in person at the. The Fund pays for the administrative services it requires under what is essentially an all-in fee structure. Because a synthetic convertible security includes the income-producing element as well, the holder of a synthetic convertible security also faces the risk that interest rates will rise, causing a decline in the value of the income-producing element. Seeks long-term growth of capital and income. The value of investments in the real estate sector also may be affected by macroeconomic developments, and social economic trends.

Other Investments and Techniques. To the extent that the Fund invests a significant portion of its assets in a narrowly defined area such as Europe, Asia or South America, the Fund will generally have more exposure to regional economic risks including weather emergencies and natural disasters associated with non-U. The Fund intends to declare and distribute income dividends to shareholders of record at least annually. The Funds generally have substantial exposure to this risk. Repurchase agreements maturing in more than seven days are considered illiquid securities. The sale of shares will be suspended during any period in which the NYSE is closed for other than weekends or holidays, or. Shareholders should inquire as to whether a particular institution is an eligible guarantor institution. In addition, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or the creation of government monopolies. Table of Contents Filed pursuant to Rule e. Securities of smaller companies may trade less frequently and in lesser volume than more widely held securities and their values may fluctuate more sharply than other securities. Foreign Currency Transactions. Counterparty risk may be pronounced during unusually adverse market conditions and may be particularly acute in environments in which financial services firms are exposed to systemic risks of the type allianz covered call fund zero cash trade app by the insolvency of Lehman Brothers and subsequent market disruptions. The Funds may also purchase synthetic convertible anz etrade new account afg stock dividend created by other parties, including convertible structured notes. Difference between stock manipulation and algo trading td ameritrade fatal error Securities Risk. A Fund that invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies will be subject to currency risk. Such activities may have a detrimental effect on the Fund and its shareholders. The use of a derivative requires an understanding not only of the underlying instrument but also of the derivative itself, without the benefit of observing the performance of the derivative under all td ameritrade empower 401k roth ira fidelity investments nerdwallet market conditions.

Short sales are transactions in which the Fund sells a security or other instrument such as an option, forward, future or other derivative contract that it does not own. The writer of an option on a security has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price or to pay the exercise price upon delivery of the underlying security. The Fund may invest in some emerging markets through trading structures or protocols that subject them to risks such as those associated with illiquidity, custodying assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets. Service agents may impose additional or different conditions than the Trust on purchases, redemptions or exchanges of Fund shares by their customers. Magnuson, lead portfolio manager, analyst and managing director, has managed the Fund since The Trust or Transfer Agent may be liable for any losses due to unauthorized or fraudulent telephone transactions if it fails to employ reasonable procedures to confirm that instructions communicated by telephone are genuine. No dealer compensation is paid from Fund assets on sales of Class R6 shares. The Funds may invest the cash collateral received or receive a fee from the borrower. Please see the Statement of Additional Information for further details about backup withholding. See the SAI and the Guide for details. The Funds are particularly sensitive to Currency Risk. The Fund may invest in fixed income securities, including for cash management purposes. The Fund also may close your account and redeem your shares or take other appropriate action if it is unable to verify your identity within a reasonable time. The general risks associated with investing in equity securities and liquidity risk are particularly pronounced for securities of companies with smaller market capitalizations.

If the portfolio managers incorrectly forecast the values of securities, currencies or interest rates or other economic factors in using derivatives for the Fund, the Fund might have been in a better position if it had not entered into the transaction at all. In addition, corporations, trusts, and other institutional organizations are required esignal efs reference day trading candle types furnish evidence of the authority of the persons designated on the Client Registration Application to effect transactions for the organization. Newport Beach, CA Management Risk. The timing of purchase and sale transactions in debt obligations may result in capital appreciation or depreciation because the allianz covered call fund zero cash trade app of debt obligations varies inversely with prevailing interest rates. Furthermore, interruptions in service may mean that a shareholder will be unable to effect a redemption by telephone or e-mail when desired. The full amount of your purchase payment is invested initially. Providence, RI Tax Consequences of Hedging. Table of Contents iii an employee benefit plan of a single employer. Because the Funds invest a substantial portion of their assets in foreign securitiesthey may experience more rapid and extreme changes in value than Funds that invest exclusively in securities of U. Table of Contents Foreign currency exchange rates may fluctuate significantly over short periods of time. Fund Descriptions, Performance and Fees. Table of Contents Financial Highlights. Federal law prohibits the Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed. The Fund is also subject to the risk that a counterparty to a derivatives contract, repurchase agreement, a loan of portfolio securities or an unsettled transaction may be unable or unwilling to make timely settlement payments or otherwise honor its obligations to the Fund. Due to continuing adverse conditions in the mortgage and credit markets, liquidity and related problems in the broader markets for commercial what is an etf exchange traded fund purchase stocks without a broker and other factors, any investments of securities lending collateral by the Funds, including investments in asset-backed commercial paper and notes issued by structured investment vehicles, would present increased credit and liquidity risks. Please contact your financial service firm to exchange your shares and for additional information about the exchange privilege. Chen is a Senior Portfolio Manager. This Prospectus explains what you should know about the Funds before you invest. While offering a greater potential opportunity for capital appreciation and higher yields, these securities allianz covered call fund zero cash trade app be subject to greater levels of interest rate, credit and liquidity risk, may entail greater potential price volatility and may be less liquid than higher-rated securities. Tax conventions between certain countries and the U. PFPC, Inc. Depending upon the relationship of the conversion price to the market value of the underlying security, a convertible security may trade more like an equity security than a debt instrument. Because many derivatives have a leverage component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative .

While convertible securities generally offer lower interest or dividend yields than non-convertible fixed income securities of similar quality, their value tends to increase as the market value of the underlying stock increases and to decrease when the value of the underlying. Institutional Class and Administrative Class shares of the Trust may not be qualified or registered for sale in all states. Fixed Income Securities. Dollar will decline in value relative to the currency being hedged. Changes in non-U. The Distributor reserves the right to require payment by wire or U. Suitable hedging transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in such transactions at any given time or from time to time. Lipper Average Descriptions. Reverse repurchase agreements and other forms of borrowings may create leveraging risk for the Fund. An investor may be asked to provide information or records, including account statements, regarding shares of the Funds or other Eligible Funds held in:. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. During the most recently completed fiscal year, the Funds paid monthly advisory fees to the Adviser at the following annual rates stated as a percentage of the average daily net assets of each Fund taken separately :. Credit Ratings and Unrated Securities. Under these and other unusual circumstances, the Trust may suspend redemptions or postpone payments for more than seven days, as permitted by law.