Market risk may affect a single issuer, industry or section The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund The Fund could experience losses if these judgments prove to be incorrect. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments madeįor the Fund’s portfolio. As a result, they tend to be more sensitive to changes in, or investors’ expectations of, the issuing company’s earnings and can be more volatile. Growth stocks tend to be more expensive relative toĮarnings or assets compared with other types of stock. Strategies, if used, are not always successful.
Currency exchange rates may fluctuate significantly over short periods of time. Securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value.
Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption ofįoreign governmental restrictions such as exchange controls. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased
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