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Luxury-Related Sector Risk

The Fund invests in companies in luxury-related sectors that may face intense competition and be dependent on their ability to maintain brand image. These companies may be subject to changes in consumer preferences and the spending of a relatively small segment of the general population, and technologies employed by the companies that may become obsolete. The companies can be especially sensitive to a decline in consumer confidence or any downturns in the broader economy. Demand for luxury products may be seasonal, and incorrect assessment of future demand can lead to overproduction or underproduction, which can impact company profitability.

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