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 and Emerging Market Securities Risk:

Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities, due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.

Currency Risk:

Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund's investments to decline.

Concentration Risk:

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