RISKS

Equity Securities Risk:

Equity securities are volatile and can decline significantly in response to broad market and economic conditions.

Value Investing Risk:

Value investing carries the risk that a security can continue to be undervalued by the market for long periods of time.

Foreign Securities Risk:

Foreign securities may involve heightened risk due to currency fluctuations. Additionally, they may be subject to greater political, economic, environmental, credit, and information risks. Foreign securities may be subject to higher volatility than US securities, due to varying degrees of regulation and limited liquidity.

Concentration Risk:

Concentrated investments in a particular industry may be more vulnerable to adverse changes in that industry or the market as a whole.

Fixed Income Securities Risk:

Fixed income securities may carry one or more of the following risks: credit, interest rate (as interest rates rise bond prices usually fall), inflation and liquidity.

Below Investment Grade Securities Risk:

Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities.