The value of an investment in a mutual fund could decline, so you could lose money. Bond funds are subject to interest rate risk, credit risk and prepayment risk. When interest rates rise, bond prices generally fall, and when interest rates fall, bond prices generally rise. Currently, interest rates are at relatively low levels. In this kind of environment the risk that bond prices may fall is potentially greater. High yield bond investing includes special risks. Investments in lower rated and unrated debt securities are subject to a greater loss of principal and interest than investments in higher rated securities. The value of mortgage-backed securities depends on the credit quality and adequacy of the underlying assets or collateral and may be highly volatile. Floating rate investments issued in connection with leveraged transactions are subject to greater credit risk than many other investments. Derivative transactions can create leverage and may be highly volatile. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility.

CLO securities are subject to special risks, such as less liquidity, limited market, transfer restrictions, and other risks. Prospective investors in CLO securities must have knowledge and experience in financial and business matters and expertise in assessing credit and other financial risks such that they can evaluate the merits, risks, and suitability of such investments in the context of their financial situation. Investment in CLO securities is suitable only for investors who can bear the risks associated with a lack of liquidity in, and the financial and other risks associated with, such investments.

Mutual funds are sold by prospectus only. You should carefully consider the investment objectives, risks, charges and expenses of the mutual fund before making an investment decision. The prospectus contains this and other important information. Please read it carefully before investing or sending money.

Information about CLO securities is contained in the offering statement, which is distributed only to investors that meet certain criteria.

Park Avenue Institutional Advisers LLC (PAIA) is registered with the Securities and Exchange Commission as an investment adviser and has its principal business address at 10 Hudson Yards, New York, NY 10001. PAIA is a wholly-owned subsidiary of Guardian Investor Services LLC, which in turn is a wholly-owned subsidiary of The Guardian Life Insurance Company of America, New York, NY.

Not a Deposit | Not FDIC or NCUA Insured | May Lose Value | No Bank or Credit Union Guarantee

The information contained on this website should not be considered investment advice, nor a recommendation to purchase any security. Prospective investors should consult their financial advisor to determine whether a particular investment or strategy is suitable for their specific investment goals and risk tolerance.