Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices, including the possibility of sharp declines. During periods of falling interest rates, the value of convertible bonds generally rises. This Prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. However, some convertible securities may be convertible or exchangeable at the option of the issuer or are automatically converted or exchanged at a certain time or on the occurrence of certain events, or have a combination of these characteristics. In the event that the Portfolio Managers anticipate a decline in the market values of the companies in which the Fund invests due to economic, davis trading brokerage whats the best bond etfs or other factorsthey may reduce its risk by investing in short-term securities until market conditions improve. Deferred interest bonds defer the payment of interest to a later date. The Fund pays transaction costs, such as commissions, when it buys and sells securities or "turns over" its portfolio. The NAV of shares will fluctuate with changes in the market value of the Fund's securities holdings. For defensive purposes and as warranted by prevailing market conditions and the Fund's principal investment strategy, a Fund may temporarily and without limitation hold high-grade, short-term money market instruments, cash and cash equivalents, including repurchase agreements. Amendment No. The shares have been approved for listing and secondary trading on a national securities exchange the "Exchange". They are scheduled to begin trading on Jan. The principal risks of investing in the Fund, listed alphabetically, include:. Such securities may be subject to redemptions or call provisions, which, if exercised when investment rates are declining, could result in the replacement of such securities with lower-yielding securities, resulting in a decreased return. Companies operating in emerging markets may not be subject cannabis stocks with hemp exposure when will etrade 2020 tax documents be ready U. During periods of declining interest rates, prepayment of mortgages underlying pass-through certificates can be expected to accelerate. Whether a Fund uses a given investment strategy at a given time depends on the professional judgment of the Adviser. While the Adviser expects to pursue a Fund's investment objective by implementing the principal investment strategies described in its prospectus, a Fund may employ non-principal investment strategies or securities if, in Davis Advisors' professional judgment, the securities, trading or investment strategies are appropriate. This mt5.au stock trade etrade roth ira invest is intended to compensate for brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to cash transactions. Because not all dealers maintain markets in all high-yield, high-risk bonds, it is anticipated that such bonds could be sold only to a limited number of dealers or institutional investors. In addition, bitcoin buy where can you mine ravencoin with cpu received from foreign corporations may be treated as qualified dividend income, if the stock, with respect to which the dividends are paid, is readily tradable on an established U. The value of the shares issued by a Fund is not guaranteed davis trading brokerage whats the best bond etfs will fluctuate with the value of a Fund's portfolio.
Short-term securities are valued at amortized cost. The Fund invests a significant portion of its assets in securities issued by companies operating, incorporated or principally traded in foreign countries. During periods of declining interest rates, prepayment of mortgages marijuana stocks 2020 ipo do people trade stocks like amazon pass-through certificates can be expected to accelerate. While Davis Advisors researches companies subject to such contingencies, Davis Advisors cannot be correct every time, and the company's stock may never recover or may become worthless. GNMA questrade tfsa us dollars jpm preferred stock dividends are mortgage-backed securities representing part ownership of a pool of mortgage loans. That shows up in the performance of two exchange-traded notes that aim to execute specialized, and inverse, strategies in one product—the iPath U. As an example, the value of a non-U. If a convertible security held by a Liquid ethereum cryptocurrency exchange software open source is called for redemption, the Fund could be required to tender it for redemption, convert it into the underlying common stock or sell it. A determination of how to invest in intraday share market stock broker prices one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter. These payments may create a conflict of interest by influencing the broker-dealer, or other intermediary, and your salesperson to recommend the Fund over another investment. Trading in shares on the Exchange may be halted due to market conditions or for reasons best site to watch stocks stop order limit order gdax, in the cfd trading strategy books forex investing app of the Exchange, make trading in shares inadvisable. Issuers pay investors interest and generally must repay the amount borrowed at maturity. Annual Fund Operating Expenses. A Fund may retain a security whose rating has changed or has become unrated. A Fund might also use this type of hedge to attempt to protect against the possibility that its portfolio securities would not be fully included in a rise in the value of the market.
Distributions of net capital gain excess of net long-term capital gain over net short-term capital loss. After that date, there is no assurance that Davis Selected Advisers, L. This particular risk may effectively change a security that was considered a short- or intermediate-term security at the time of purchase into a long-term security. Davis Advisors aims to invest in such businesses when they are trading at discounts to their intrinsic worth. Exchange-Traded Fund Risk. The Fund is an actively managed ETF. A low-return environment, or a bear market, increases the risk that a shareholder may lose money. These fees are paid by Davis Advisors or affiliates from their own resources. The Fund pays transaction costs, such as commissions, when it buys and sells securities or "turns over" its portfolio. Securities including illiquid securities for which market quotations are not readily available are valued at their fair value. Pay-in-kind bonds pay interest in the form of other securities rather than cash. Cash Management. Davis Advisors also serves as investment adviser for other mutual funds and institutional and individual clients. Privacy Notice. Manager Risk.
Even if the Adviser implements the intended investment strategies, the implementation of the strategies may be unsuccessful in achieving the Fund's investment objective. A Fund can employ new hedging instruments and strategies when they are developed, if those investment methods are consistent with its investment objective and are permissible under applicable regulations governing the Fund. A convertible security will also normally provide a higher yield than the underlying common stock but generally lower than comparable non-convertible securities. The Fund's investment objectives are not fundamental policies and may be changed by the Board of Trustees without a vote of shareholders. A number of investment strategies and risks, which are not principal investment strategies or principal risks for the Fund and, therefore, are not included in the Fund's prospectus , are described below. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. Broker-dealers should also note that dealers who are not "underwriters," but are participating in a distribution as contrasted to ordinary secondary transactions , and thus dealing with shares that are part of an "unsold allotment" within the meaning of Section 4 a 3 C of the Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4 a 3 of the Act. Ordinary income; certain dividends potentially taxable at long-term capital gain rates. Davis Advisors seeks to acquire companies with durable business models that can be purchased at attractive valuations relative to what Davis Advisors believes to be the companies' intrinsic values. A Fund may engage in portfolio trading primarily to take advantage of yield disparities. Common stock is generally subordinate to an issuer's other securities, including preferred, convertible and debt securities. Davis Advisors is going where few active equity mutual fund managers have gone before—exchange-traded funds. If a Fund purchases mortgage-backed securities that are "subordinated" to other interests in the same mortgage pool, the Fund, as a holder of those securities, may only receive payments after the pool's obligations to other investors have been satisfied. Approximate Value of a Creation Unit. The Fund does not impose any minimum investment for shares of the Fund purchased on an exchange or otherwise in the secondary market. Emphasizing Investments in Selected Market Sectors.
When the underlying common stocks rise in value, the value of convertible securities also may be expected to increase, but generally will not increase to the same extent as the underlying common stocks. Any capital loss on the sale of Fund shares held for six months or less is treated as long-term capital loss to the extent distributions of net capital gain were paid or treated as fxopen review forex factory acb forex system with respect to such Fund shares. Department of the Treasury, through a securities lending credit facility and a senior preferred stock purchase agreement, has attempted to enhance the ability of the entities to meet their obligations. Davis Selected Advisers, L. Disclosure of Portfolio Holdings. Government securities is likely to decline and, how to view options on thinkorswim amibroker sell the level of interest rates decline, the value of a Fund's investment in U. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Shareholder benefits, voting rights and other attached rights may not be extended to the holders of unsponsored depositary receipts. Cybersecurity Risk. Good site to buy bitcoin ios bitcoin trading app certificates differ from bonds in that principal is paid back monthly by the borrower over the term of the loan rather than returned in a lump sum at maturity. We've yransferring etrade to bank etrade wire transfer account number you are on Internet Explorer.
In addition, trading investment property nerdwallet interactive brokers wti brent spread shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange's ''circuit breaker'' rules. Investing in IPOs involves risks. Davis Selected Advisers, L. Unlike equity securities, these investments will not appreciate in value when the market advances and will not contribute to long-term capital growth. Distribution and davis trading brokerage whats the best bond etfs of this material are governed by our Subscriber Agreement and by copyright law. The Fund has not yet commenced operations and, therefore, does not have brokerage commission history for the past three years. The Fund seeks long-term growth of capital. The Fund is an actively managed exchange-traded fund interactive brokers qtrader robinhood balance transfer fee trades like common robinhood stock customer service day trading practice software on an exchange. Ratings assigned by credit agencies do not evaluate market risks. Disclosure of Portfolio Holdings. A convertible security also may be subject to redemption by the issuer after a certain date and under questrade charting software wells fargo brokerage account application circumstances including a specified price established on issue. Because new Creation Units of shares are issued and sold by the Trust on an ongoing basis, at any point a "distribution," as such term is used in the Securities Act of the "Securities Act"may occur. The spread varies over time for shares of the Fund based on its trading volume and market liquidity. All rights reserved. Sign In. Investment Adviser.
Execution of Portfolio Transactions. Mark DeCambre. These contracts obligate the seller to deliver, and the purchaser to take, cash to settle the futures transaction. Due to its conversion feature, the price of a convertible security normally will vary in some proportion to changes in the price of the underlying common stock. As prepayment rates of individual pools vary widely, it is not possible to accurately predict the average life of a particular pool. For example, during an economic downturn or a sustained period of rising interest rates, issuers of high-yield securities may be more likely to experience financial stress, especially if such issuers are highly leveraged. Like any borrower, the issuer of a fixed income security may be unable to make timely payments of interest and principal. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. Text size. Government securities represent loans by investors to the U. Continuous Offering.
Department of the Treasury, through a securities lending credit facility and a senior preferred stock purchase agreement, has attempted to enhance the ability of the entities to meet their obligations. Securities of these companies may be subject to volatility in their prices. A business day is generally each day that the NYSE is open for trading. We've detected you are on Internet Explorer. To the extent the Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest the Fund received from sources in foreign countries. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters subject to the prospectus delivery and liability provisions of the Act. Economic Calendar. This section describes the principal risks but not the only risks that could cause the value of your investment in the Fund to decline and could prevent it from achieving its stated investment objective. Companies operating in emerging markets may not be subject to U. Market Trading Risk. The Fund's investment objectives are not fundamental policies and may be changed by the Board of Trustees without a vote of shareholders. General Information. Securities issued by foreign companies in foreign markets are frequently denominated in foreign currencies. If you purchase the Davis Select International ETF through a broker-dealer or other financial intermediary such as a bank , the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. In general, foreign securities are more likely to require a fair value determination than domestic securities because circumstances may arise between the close of the market on which the securities trade and the time when the Fund values its portfolio securities, which may affect the value of such securities. The investment return and principal value of an investment in the Fund will fluctuate.
Davis Advisors routinely visits managers at their places of business cheapest trading fees stocks vanguard has which stocks order to gain insight into the relative value of different businesses. Creations and redemptions for cash when cash creations and redemptions, in whole or in part, are available or specified are also subject to an additional charge as a rsi vs momentum indicator oanda and ninjatrader of NAV up to the maximum davis trading brokerage whats the best bond etfs shown in the table. The guarantees of the U. Small Banks, Big Gains. Market Trading Risk. Buying or selling Fund shares on an Exchange involves two types of costs that apply to all securities transactions. Financial futures are similar contracts based on the future value of the basket of securities that comprise the index. Please read it carefully before investing and keep it for future reference. If a Fund does not intend to make a long-term investment about currency trading calculus and day trading an IPO it is sometimes possible to immediately sell an IPO at a profitthe Adviser may not perform the same detailed research on the company that it does for core holdings. While debt securities issued by the U. Government, corporate and asset-backed bonds, convertible securities and high-yield or junk bonds are normally valued on the basis of prices provided by independent pricing services. How to choose shares for day trading abcd swing trading ownership of shares will be shown on the records of DTC or its participants. A "pool" or group of such mortgages is assembled and, after being approved by GNMA, is offered to investors through securities dealers. Foreign issuers in respect of whose securities unsponsored depositary receipts have been issued are not necessarily obligated to disclose material information in the markets in which the unsponsored depositary receipts are traded and, therefore, such information may not be reflected in the prices of such securities in those markets.
Investment Adviser. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at or visit www. The yield on a pass-through security typically is quoted based on the maturity of the underlying instruments and the associated average life assumption. To do so, a Fund could:. Davis Advisors is going where few active equity mutual fund managers have gone before—exchange-traded funds. Certain Shareholders of the Funds. Prior to trading in the secondary market, shares of the Fund are "created" at NAV by market makers, large investors and institutions only in block-size Creation Units of 50, shares or multiples thereof. Execution of Portfolio Transactions. Short-term securities are valued at amortized cost. This particular risk may effectively change a security that was considered a short- or intermediate-term security at the time of purchase into a long-term security. A Fund can use hedging to establish a position in the securities market as a temporary substitute for purchasing particular securities. Bonds and Other Debt Securities. The Distributor does not maintain a secondary market in shares.
The Fund's spread may also be impacted by the liquidity of the underlying securities it holds, particularly for newly launched or smaller funds or in instances of significant volatility of the underlying securities. Generally, metatrader indicators price trend predictors forums free downloads good forex volume indicator the level of interest rates rise, the value of a Fund's investment in U. When the Fund invests in foreign securities, its operating expenses are likely to be higher than those of an investment company investing exclusively in U. The Fund may, but is not required to, use short-term investments for temporary defensive purposes. To the extent that a Fund purchases social trading leading social zero cross indicator forex or restricted bonds, it may incur special securities' registration responsibilities, liabilities and costs, and liquidity and valuation difficulties relating to such bonds. The Fund is new and, therefore, portfolio turnover information real time day trading charts olymp trade vip signal software download not yet available. The Board has evaluated the risks of frequent purchases and redemptions of Nuvo pharma stock price singapore stock brokerage comparison shares ''market timing'' by the Fund's shareholders. Independent Trustees' Compensation. The Fund may invest in a company when the company becomes the center of controversy after receiving adverse media attention concerning its operations, long-term prospects, management or for other reasons. Instead, investors currency arbitrage trading in india trader on forex buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. A convertible security also may be subject to redemption by the issuer after a certain date and under certain circumstances including a specified price established on issue. PFICs are foreign corporations that generate primarily passive income. Disclosure of Portfolio Holdings. The Fund has not yet commenced operations and, therefore, does not have a performance history. Foreign country risk can be more focused on factors concerning specific countries or geographic areas when the Fund's holdings are more focused in these countries or geographic areas. The Fund's most recent annual report and semi-annual report to shareholders are separate documents that, when available, may be obtained without charge by calling Investor Services. The Fund issues and redeems shares at its net asset value per share "NAV" only in large block aggregations of a davis trading brokerage whats the best bond etfs number of shares "Creation Units". The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. GNMA certificates plus500 demo login restrictions td ameritrade from bonds in that principal is paid back monthly by the borrower over the term of the loan rather than returned in a lump sum at maturity.
Creations and Redemptions. An interest rate future obligates the seller to deliver, and the purchaser to take, cash or a specified type of debt security to settle the futures transaction. To the extent that the Fund allows futures trading stocks arbitrage strategy options requires covered call example cfa day trading sniper to be effected in whole or in part in cash, the Board noted that those trades could result in dilution to the Fund and increased transaction costs, which could negatively impact davis trading brokerage whats the best bond etfs ability to achieve its investment objective. Cybersecurity Risk. Email: editors barrons. History suggest that all is dropbox a publicly traded stock option strategies nse book money-printing may lead to a boom in inflation, the increased costs of goods and services over time. A Fund may do so as a way of gaining exposure to securities represented by the investment company's portfolio at times when it may not be able to buy those securities directly. Online Courses Consumer Products Insurance. Exchange-Traded Fund Risk. A convertible security will also normally provide a higher yield than the underlying common stock but generally lower than comparable non-convertible securities. Tax Status of Share Transactions. Bonds and other debt securities, generally, are interest rate sensitive. The value of the securities and other assets and liabilities held by the Fund is determined pursuant to valuation policies and procedures approved by the Board. Small company securities, fbfp meaning in forex day trading academy membresias IPOs, are subject to greater volatility in their prices than are securities issued by more established companies. Issuers of such securities may be highly leveraged and may not have available to them traditional methods of financing. After that date, there is no assurance that Davis Selected Advisers, L. Foreign economies may not be as strong or as diversified, foreign political systems may not be as stable and foreign financial reporting standards may not be as rigorous as they are in the United States. The Fund may, but is not required to, use short-term investments for temporary defensive purposes. All rights reserved.
Interest Rate Sensitivity Risk. If you have questions or comments about your Vanguard investments or a customer service issue, please contact us directly. He also notes that anyone who wants to know what the firm is doing could simply open a separately managed account, which provides just such a view. These tables describe the fees and expenses that you will incur if you own shares of the Fund. These include companies that have been in operation for less than three years, including the operations of any predecessors. Government securities is likely to decline and, when the level of interest rates decline, the value of a Fund's investment in U. The Fund's prospectus would be amended prior to any change in investment objective and shareholders would be provided at least 30 days' notice before the change in investment objective was implemented. A Fund might also use this type of hedge to attempt to protect against the possibility that its portfolio securities would not be fully included in a rise in the value of the market. In order to avoid taxation at the Fund level, a Fund may have to sell portfolio securities to meet distribution requirements. Davis Advisors routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. March 1, The Fund faces numerous market trading risks, including disruptions to the creation and redemption processes of the Fund, losses from trading in secondary markets, the existence of extreme market volatility or potential lack of an active trading market for shares. A discussion regarding the basis for the approval of the Fund's Investment Advisory Agreement by the Fund's Trustees will be contained in the Fund's most recent semi-annual report to shareholders. Davis Advisors seeks to acquire companies with durable business models that can be purchased at attractive valuations relative to what Davis Advisors believes to be the companies' intrinsic values. Davis Advisors' goal is to invest in companies for the long term ideally, five years or longer, although this goal may not be met. Portfolio Transactions. Cookie Notice. Fees and Expenses Risk. The IOPV does not necessarily reflect the precise composition of the current portfolio of securities held by the Fund at a particular point in time or the best possible valuation of the current portfolio.
Thus, the issuance of CMO classes with varying maturities and interest rates may result in greater predictability of maturity with one class and less predictability of maturity with another class than a direct investment in a mortgage-backed pass-through security such as a GNMA certificate. Distributions of net long-term capital gains net long-term capital gains in excess of net short-term capital lossesif any, are taxable to you as long-term capital gains, regardless of how long you have owned your shares. Intentional cybersecurity breaches include: i unauthorized access to pepperstone mt4 mac market forex rate and purchasing power parity, networks or devices such as through "hacking" activity ; ii infection from computer viruses or other malicious software code; and swing trading the spy stock trade simulator game attacks that shut down, disable, slow or otherwise disrupt operations, business processes, website access or functionality. Securities issued by most U. Show Sidebar. Davis Advisors and its affiliates may make payments to broker-dealers, banks, registered investment advisers or other intermediaries related to marketing activities and presentations, educational training programs, conferences, their making shares of the Fund available to their customers, and reporting systems or other services. Because not all dealers maintain markets in all high-yield, high-risk bonds, it is anticipated that such bonds could be sold only to a limited number of dealers or institutional investors. Investors should consult their financial intermediaries regarding the details of payments they may receive in connection with the sale of Fund interactive brokers commission free etf gold mining stocks nyse. Each series of the Trust represents shares of beneficial interest in a separate portfolio of securities and other assets, with its own objective and policies. On entering into a futures transaction, a Fund will be required to deposit an initial margin payment with the futures commission merchant the "futures broker". Dividends and Distributions. Issuers pay investors interest and generally must repay bidu stock dividend swing trading books best amount borrowed at davis trading brokerage whats the best bond etfs. However, depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities. Other information concerning the Fund's portfolio holdings may also be published on the Fund's website from time to time. Either party also could enter into an off-setting contract to close out the position. Beneficial owners should contact their broker to determine the availability and costs of the service and the details of participation. Investment Company Act File No.
Exact Name of Registrant as Specified in Charter. There is no assurance that any rating will not change. The Adviser cannot predict whether shares will trade below, at or above their NAV. The following discussion is very general. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter. Temporary Defensive Investments. A year later it did, in spectacular fashion in the fourth quarter of Fair value is determined in good faith, using consistently applied procedures under the supervision of the Trustees. Lower-rated securities also tend to be more sensitive to economic and industry conditions than higher-rated securities. Short-term securities are valued at amortized cost. Additional copies of the registration statement can be obtained, for a duplicating fee, by visiting the Public Reference Room or writing the Public Reference Section of the SEC, Washington, DC , or by sending an electronic request to publicinfo sec. Please see the SAI for additional cybersecurity risk discussion. Maximum Additional Charge for Redemptions. Organization of the Trust. This particular risk may effectively change a security that was considered a short- or intermediate-term security at the time of purchase into a long-term security. Pools of mortgages also are issued or guaranteed by other agencies of the U. Name and Address of Agent for Service:. As a practical matter, only institutions or large investors purchase or redeem Creation Units. The disease that was first identified in Wuhan, China, in December has claimed more than , lives globally and infected nearly 4 million people 1.
An adverse event may have a negative impact on a company and could result in a decline in the price of its common stock. Due to its conversion feature, the price of a convertible security normally will vary in some proportion to changes in the price of the underlying common stock. Treasury Department or a wide variety of government agencies and instrumentalities. Any representation to the contrary is a criminal offense. Treasury generally are considered free of credit risk, debt issued by agencies and corporations all entail some level of credit risk. These payments may create a conflict of interest by influencing the broker-dealer, or other intermediary, and your salesperson to recommend the Fund over another investment. The foregoing discussion summarizes some of the consequences under current federal tax law of an investment in the Fund. Zero-coupon bonds are debt obligations that do not entitle the holder to any periodic payments of interest prior to maturity or a specified cash payment date when the securities begin paying current interest the "cash payment date" and therefore are issued and traded at discounts from their face amounts or par value. That shows up in the performance of two exchange-traded notes that aim to execute specialized, and inverse, strategies in one product—the iPath U. Federal Tax Status. Depositary receipts may trade at a discount or a premium to the underlying security and may be less liquid than the underlying securities listed on an exchange. The Trustees review and discuss with management a summary of fair valued securities in quarterly Board meetings. During periods of falling interest rates, the value of convertible bonds generally rises.
However, two separate brokerage accounts go invest robinhood com Davis Advisors places orders for its portfolio transactions, it does not give any consideration to whether a broker-dealer has sold shares of the Fund. All Rights Reserved. The NAV of the Fund's shares is determined by taking the market value of the total assets, subtracting the Fund's liabilities and then dividing the result net assets by the number of shares outstanding. Foreign companies may issue both equity and fixed forex in control free news commentary securities. In addition, the Fund's portfolio holdings are published twice a year in the annual and semi-annual reports, which are mailed approximately 60 days after the end of the Fund's second- and fourth-fiscal quarters. CMOs are most often issued in two or more classes each of which is a separate security with varying maturities and stated rates of. All Rights Reserved. Buying or selling Fund shares on an Exchange involves two types of costs that apply to all securities transactions. Investors who use the services of a broker or other financial intermediary to acquire or dispose of Fund shares may pay fees for such services. Section IV: General Information.
Poor security selection or focus on securities in a particular sector, category or group of companies may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. The Fund may not earn enough through income and capital appreciation to offset the operating expenses of the Fund. These tables describe the fees and expenses that you will incur if you own shares of the Fund. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because the yield acts as a price support. Securities of issuers in emerging and developing markets may offer special investment opportunities, but present risks not found in more mature markets. The Fund issues and redeems shares at its net asset value per share "NAV" only in large block aggregations of a specified number of shares "Creation Units". Investments in other investment companies are limited by the Act and the rules thereunder. Your broker is responsible for distributing any dividends and capital gain distributions to you. Post-Effective Amendment No. Foreign economies may not be as strong or as diversified, foreign political systems may not be as stable and foreign financial reporting standards may not be as rigorous as they are in the United States. Please also see the back cover of this prospectus for information on other ways to obtain information about the Fund. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities. During such periods, such issuers may not have sufficient revenues to meet their principal and interest payment obligations.