Fund Risks
Investing in the Fund involves risk, including possible loss of principal invested. There can be no assurance that the Fund will achieve its investment objective.
The Fund will be closely linked to the real estate market. Property values may fall due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments. A REIT’s performance is dependent on management skills, and REITs generally are not diversified. REITs are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. The Fund invests in small- and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility.
Since the Fund will invest more than 25% of its total assets in securities in the real estate industry, the Fund may be subject to greater volatility than a fund that is more broadly diversified.
The Fund invests in foreign securities, which involve greater volatility and political, economic and currency risks, and differences in accounting methods. These risks are magnified in emerging markets.
Some securities held may be difficult to sell, particularly during times of market turmoil. If the Fund is forced to sell an illiquid asset to meet redemption, the Fund may be forced to sell at a loss.
Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Debt securities rated below investment grade are commonly referred to as "junk bonds," and they are generally more volatile and less liquid, and they are considered speculative.
