· Market
risk: The value of the securities in which the fund invests may be affected by political,
regulatory, economic and social developments. In addition, turbulence in financial markets and reduced
liquidity in fixed-income markets may negatively affect many issuers, which could adversely affect the
fund. Global economies and financial markets are becoming increasingly interconnected, and conditions
and events in one country, region or financial market may adversely impact issuers in a different country,
region or financial market. These risks may be magnified if certain events or developments adversely
interrupt the global supply chain; in these and other circumstances, such risks might affect companies
world-wide. Local, regional or global events such as war, acts of terrorism, natural disasters, the
spread of infectious illness or other
public health issues, recessions, elevated levels of government debt, changes in trade regulation or
economic sanctions, internal unrest and discord, or other events could have a significant impact on the
fund and its investments.
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