Summary of Fund Objective

A master feeder fund which seeks to provide investors with as high a level of current income and preservation of capital as is consistent with investing primarily in floating rate or variable rate senior secured corporate loans or senior secured debt securities.

What are the Key Risks?

All Funds are subject to market or currency fluctuations and to the risks inherent in all investments. Therefore, no assurance can be given that the invested capital will be preserved, or that capital appreciation will occur. The principal objective of the fund is to provide a high level of current income and preservation of capital by investing in secured and unsecured debt obligations that include U.S. government securities, U.S. government agency securities, money market instruments, corporate and commercial obligations and repurchase agreements. Since the Fund may invest up to 100% of its portfolio in senior secured Debt Obligations that may he high yield, high risk, debt securities that are rated less than investment grade (i.e. less than BBB), the fundamental risks include illiquid securities, credit, currency fluctuations, borrowing, political and economic factors, emerging markets, pricing, and decline in NAV due to redemptions risks. Please consult the Prospectus for a full discussion of these risks.