Logan Circle Partners Funds - High Yield Fund

Fixed income securities. Fixed income securities are subject to certain risks including, but not limited to, interest rate risk (changes in interest rates may cause a decline in the market value of an investment),  credit risk (changes in the financial condition of the issuer, borrower, counterparty or underlying collateral), prepayment risk (debt issues may repay or refinance their loans or obligations earlier than anticipated, call risk (some fixed income securities allow the issuer to call a bond for redemption before it matures), and extension and default risk (principal repayments may not occur as quickly as anticipated or may not occur at all, resulting in a loss of market value and/or an increase to the expected maturity of the security). A fund’s investment in high yield bonds and other lower rated securities will subject the fund to substantial risk of loss.

Emerging Markets. Investments in foreign securities may be more volatile, harder to price, and less liquid than US securities.  These securities may be subject to different accounting and regulatory standards as well as political and economic risks.  These risks are enhanced in emerging market countries.

Past performance. Past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. The information presented is only available for institutional client use and should not be distributed to any person other than the intended party.