use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund
to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and
pricing risk.
Interest rate risk is the risk of losses attributable to changes in interest rates.
In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments
tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates.
Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively
affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in
interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Leverage occurs when the Fund increases its assets available for investment using
borrowings, derivatives, or similar instruments or techniques. The use of leverage may produce volatility and may exaggerate changes in the Fund’s net asset value and in the return on the Fund’s portfolio, which may increase the risk that the Fund will lose more than it has invested. If the Fund uses leverage, through the purchase of particular instruments such as
derivatives, the Fund may experience capital losses that exceed the net assets of the Fund. Leverage can create an interest expense that may lower the Fund’s overall returns. Leverage presents the opportunity for increased net income and capital
gains, but may also exaggerate the Fund’s volatility and risk of loss. There can be no guarantee that a leveraging strategy will be successful.
Liquidity risk is the risk associated with a lack of marketability of investments
which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions
or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of a Fund’s investments. A Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more
appealing investment opportunity. Generally, the less liquid the market at the time a Fund sells a portfolio investment,
the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions,
which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is
forced to sell securities in a down market.
The Fund may incur losses due to declines in the value of one or more securities in
which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things,
political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition,
turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many
issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are
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 worldwide. As
a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks
and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions
and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity
markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to
predict but could continue to be significant. Market disruption caused by the Russian military action, and any countermeasures or
responses thereto (including international sanctions, a downgrade in a country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could continue
to have severe adverse impacts on regional and/or global securities and commodities markets, including markets for
oil and natural gas. These impacts may
