As with all equity funds, the Fund's share price may decline in value due to a decline in the overall stock market, weakness in a particular industry or events that adversely affect a specific company in which the Fund owns stock. A decline in a single holding will have a greater impact on the overall value of the Fund than it would if the Fund were more diversified, that is, if it held a greater number of securities.

There is the possibility that a security the Fund holds and believes to be undervalued may not have its intrinsic value recognized by the market for long periods of time, or the Fund may have been mistaken in its intrinsic value analysis. In either case, the Fund might not perform as well as certain market indices or other funds, particularly when performance is measured over short time intervals.

Finally, as is the case for any mutual fund, the Fund may not succeed in achieving its investment objective.