The Portfolio invests in domestic common stocks, ADRs and U.S.-listed foreign securities. The value of the Portfolio's units will fluctuate with changes in the value of these common stocks. Common stock prices fluctuate for several reasons including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as the current market volatility, or when political or economic events affecting the issuers occur. The Portfolio will generally hold, and may continue to buy, the same securities even though a security's outlook, rating, market value or yield may have changed. As with all investments, you may lose some or all of your investment in the Portfolio.
The Portfolio invests in securities issued by small- and mid-cap companies. These securities customarily involve more investment risk than securities of large-cap companies. Small- and mid-cap companies may have limited product lines, markets or financial resources and may be more vulnerable to adverse general market or economic developments.
The Portfolio invests significantly in water and industrial companies. Companies involved in the potable water and wastewater business are subject to environmental considerations, taxes, government regulation, price and supply fluctuations, competition and conservation. General risks of industrial companies include the general state of the economy, intense competition, consolidation, domestic and international politics, excess capacity and consumer demand and spending trends.
The Portfolio may invest in U.S.-listed foreign securities and ADRs which presents additional risk. Securities of foreign issuers present risks beyond those of domestic securities due to such factors as adverse economic, currency, political, social or regulatory developments in a country, including government seizure of assets, excessive taxation, limitations on the use or transfer of assets, the lack of liquidity or regulatory controls with respect to certain industries or differing legal and/or accounting standards. Foreign security risk may be more pronounced in emerging markets due to trading limitations, liquidity concerns, delays and disruptions in settlement transactions, political uncertainties and dependence on international trade and development assistance.
Read the Portfolio's prospectus carefully before investing. It contains the Portfolio's investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing.