| Investment Risk / General Market Risk: The Sub-Fund is an investment fund. There is no guarantee of the repayment of principal. The instruments invested by theSub-Fund may fall in value. The Sub-Fund invests directly or indirectly in securities, and is exposed to various general trends and tendencies in themarkets, especially in the securities markets, which are partially attributable to irrational factors. Such factors could lead tosubstantial and longer-lasting drops in prices affecting the entire market. Securities from top-rated issuers are subject toessentially the same general market risk as other securities and assets. Country Risk: The Sub-Fund’s investments focus on the United States, which may reduce risk diversification. Consequently, the Sub-Fund isparticularly dependent on the development of the United States, or of companies based and/or operating in the United States. Economic or political instability in countries in which the Sub-Fund is invested may lead to a situation in which the Sub-Funddoes not receive part or all of the monies owed to it in spite of the solvency of the issuer of the respective security or otherassets. Currency or transfer restrictions or other legal changes, for example, may be significant in this regard. Company-specific Risk: The assets of the Sub-Fund may be affected by company-specific factors, such as the issuer’s business situation. If acompany-specific factor deteriorates, the price of the respective asset may drop significantly and for an extended period oftime, possibly even without regard to an otherwise generally positive market trend. Derivatives Risk: The Sub-Fund may invest in derivatives, which may expose the fund to higher counterparty, liquidity and market risks. Given the leverage effect embedded in derivatives, in the worst case scenario, the entire value of your investment in the Sub-Fund may be lost. |