An investment in the Fund could lose money over short or long
periods of time. You should expect the Fund's share price and total
return to fluctuate within a wide range. The Fund is subject to the
following risks, which could affect the Fund's performance:
concentration risk, which is the chance that there will be
particular problems affecting an entire industry. Any fund that
concentrates in a particular industry will generally be more
volatile than a fund that invests more broadly. Because the Fund
normally invests at least 80% of its assets in the common stocks of
companies principally engaged in activities in the energy industry,
the Fund’s performance largely depends—for better or for worse—on
the overall condition of the energy industry. The energy industry
could be adversely affected by energy prices, supply-and-demand for
energy resources, and various political, regulatory, and economic
factors. Additionally, commodity prices may have a significant
impact on the stock prices of energy companies.
• Stock market
risk, which is the chance that stock prices overall will
decline. Stock markets tend to move in cycles, with periods of
rising prices and periods of falling prices. The Fund’s investments
in foreign stocks can be riskier than U.S. stock investments.
Foreign stocks may be more volatile and less liquid than U.S.
stocks. The prices of foreign stocks and the prices of U.S. stocks
may move in opposite directions.
• Manager risk,
which is the chance that poor security selection will cause the
Fund to underperform relevant benchmarks or other funds with a
similar investment objective.
• Country risk,
which is the chance that world events—such as political upheaval,
financial troubles, or natural disasters—will adversely affect the
value of securities issued by companies in foreign countries.
• Currency risk,
which is the chance that the value of a foreign investment,
measured in U.S. dollars, will decrease because of unfavorable
changes in currency exchange rates.
• Asset concentration
risk, which is the chance that, because the Fund tends to
invest a high percentage of assets in its ten largest holdings, the
Fund's performance may be hurt disproportionately by the poor
performance of relatively few stocks.
An investment in the Fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency.