Investment Risks - COMSTOCK CAPITAL VALUE FUND
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Apr. 30, 2025 |
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You May Want to Invest in the Fund if:
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you are pursuing a long term investment goal |
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you are seeking current income and appreciation of capital |
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you are seeking to preserve assets in “down” markets |
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you are seeking a fund with a flexible investment strategy that can invest in either equity or debt securities as part of your overall investment strategy |
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you are able to tolerate the risks associated with significant investments in foreign securities, high yield bonds, derivatives, and convertible securities |
The Fund’s share price will fluctuate with changes in the market value of the Fund’s portfolio securities. 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. When you sell Fund shares, they may be worth more or less than what you paid for them.
Investing in the Fund involves the following risks:
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| Convertible Securities Risk [Member] |
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Convertible Securities Risk. Convertible securities provide higher yields than the underlying common stock, but generally offer lower yields than nonconvertible securities of similar quality. The value of convertible securities fluctuates in relation to changes in interest rates and, in addition, fluctuates in relation to the underlying common stock. |
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| Derivatives Risk [Member] |
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Derivatives Risk.
Derivatives risk is a combination of several risks, including the risks that: (1) an investment in a derivative instrument will
not correlate well with the performance of the securities or asset class to which the Fund seeks exposure, (2) a derivative instrument
entailing leverage may result in a loss greater than the principal amount invested, and (3) derivatives not |
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traded
on an exchange may be subject to credit risk, as well as liquidity risk and the related risk that the instrument is difficult or impossible
to value accurately. The methodology the Fund uses to establish the fair value of a derivative may result in a value materially different
from the value obtained using an alternative methodology. |
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| Equity Risk [Member] |
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Equity Risk. Equity risk is the risk that the prices of the securities held by the Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer companies’ particular circumstances. |
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| Event Driven Risk [Member] |
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Event Driven Risk. Event driven investments involve the risk that certain of the events driving the investment may not happen or the market may react differently than expected to the anticipated transaction. In addition, although an event may occur or is announced, it may be renegotiated, terminated or involve a longer time frame than originally contemplated. Event driven investment transactions are also subject to the risk of overall market movements. Any one of these risks could cause the Fund to experience investment losses impacting its shares negatively. |
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| Foreign Securities Risk [Member] |
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Foreign Securities Risk. Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards,currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets. |
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| Inflation Risk [Member] |
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Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. |
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Inflation
often is accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other
hardships and may cause the value of securities to go down generally. Inflation risk is greater for fixed-income instruments with
longer maturities. In addition, this risk may be significantly elevated compared to normal conditions because of recent monetary policy measures and the current interest rate environment. |
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| High Yield Securities Risk [Member] |
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High Yield Securities Risk. High yield securities may have fewer protective provisions and are generally riskier and less liquid than higher rated securities. Issuers of these securities may have difficulty making principal and interest payments when due in the event of a downturn in the economy or unanticipated corporate developments. |
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| Interest Rate Risk Maturity Risk And Credit Risk [Member] |
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Interest Rate Risk, Maturity Risk, and Credit Risk. When interest rates decline, the value of the portfolio’s debt securities generally increases. Conversely, when interest rates rise, the value of the portfolio’s debt securities generally declines. The magnitude of the increase or decline will often be greater for longer term debt securities than shorter term debt securities. It is also possible that the issuer of a debt security will not be able to make interest and principal |
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payments
when due. Rises in interest rates may increase certain risks associated with investing in the Fund, including generating the potential
for longer periods of volatility and increased redemptions. |
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| Management Risk [Member] |
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Management Risk. If the portfolio managers are incorrect in their assessment of the growth prospects of the securities the Fund holds, then the value of the Fund’s shares may decline. |
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| Market Risk [Member] |
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Market Risk. Global economies and financial markets are increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. For example, the U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs,
investment restrictions and adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of
the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The current political
climate, including political and diplomatic events within the U.S. and abroad, may adversely affect the U.S. regulatory landscape, the
general market environment and/or investor sentiment, which could have an adverse impact on the Fund’s investments
and operations. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global
events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics
or pandemics. For example, the ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant
groups in the Middle East have caused and may continue to cause significant market disruptions. As a result, there is significant uncertainty
around how these conflicts will evolve, which may result in market volatility and may have long-lasting impacts on both the U.S. and global
financial markets. |
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| Merger Risk [Member] |
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Merger Risk. In general, securities of companies which are the subject of a tender or exchange offer or a merger, consolidation, liquidation, or reorganization proposal sell at a premium to their historic market price immediately prior to the announcement of an offer for the company. However, it is possible that the value of securities of a company involved in such a transaction will not rise and in fact may fall, in which case the Fund would lose money. It is also possible that the Adviser’s assessment that a particular company is likely to be acquired or acquired during a specific time frame may be incorrect, in which case the Fund may not realize any premium on its investment and could lose money if the value of the securities declines during the Fund’s holding period. |
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| Portfolio Turnover Risk [Member] |
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Portfolio Turnover Risk. High portfolio turnover may result in increased transaction costs to the Fund, which may result in higher fund expenses and lower total returns. The sale of portfolio securities also may result in the recognition of capital gain, which will be taxable to shareholders when distributed to them, or loss. |
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| Preferred Stock Risk [Member] |
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Preferred Stock Risk. Preferred stocks are susceptible to general market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The dividend on a preferred stock may be changed or omitted by the issuer, and participation in the growth of an issuer may be limited. |
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| Rising Stock Market Risk [Member] |
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Rising Stock Market Risk. The Fund currently anticipates seeking profits from a major U.S. equity market decline through a variety of investment practices. Accordingly, in rising markets its risk of loss will be greater than in declining stock markets. |
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| Short Sale Risk [Member] |
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Short Sale Risk. A “short sale” is the sale by the Fund of a security which has been borrowed from a third party on the expectation that the market price will drop. If the price of the security rises, the Fund may have to cover short positions at a higher price than the short sale price, resulting in a loss. |
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| U S Treasury Securities Risk [Member] |
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U.S. Treasury Securities Risk. The Fund, from time to time, may invest a portion of its assets in U.S. Treasury securities. U.S. Treasury securities may be subject to fluctuations and, as a result, the Fund may experience losses with respect to its holdings of U.S. Treasury securities. |
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| Geopolitical Risk [Member] |
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Geopolitical
Risk. Occurrence of global events, such as war, terrorist attacks, natural disasters, country instability, infectious disease
epidemics, pandemics, and other public health issues, market instability, debt crises and downgrades, embargoes, tariffs, sanctions
and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its
respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S.
and global financial markets. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, and some foreign
governments have instituted retaliatory tariffs on certain U.S. goods. These and any further actions that may be taken by the U.S. and
foreign governments with respect to trade policy may impair the value of your investment in the Fund. |
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| Infectious Illness Risk [Member] |
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Illness Risk. A widespread outbreak of an infectious illness may result in travel restrictions,
disruption of healthcare services, prolonged quarantines, cancellations, supply chain disruptions,
business closures, lower consumer demand, layoffs, ratings downgrades, defaults and other
significant economic, social and political impacts. Such events may adversely affect the
Fund, its investments, and the value of your investment in the Fund. |
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| Risk Not Insured Depository Institution [Member] |
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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.
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