the Fund’s investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or
less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid
or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the
greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an increase in redemptions,
which may negatively impact Fund performance and, including, for example, if the Fund is forced to sell investments
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.
Municipal securities risk
Municipal securities are debt obligations generally issued to obtain funds for various
public purposes, including general financing for state and local governments, or financing for a specific project or
public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions such as Guam, Puerto
Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes.
The value of municipal securities can be significantly affected by actual or expected political and legislative changes at
the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government,
by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic
or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into
general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects
in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall
municipal market.
Issuers in a state, territory, commonwealth or possession in which the Fund invests
may experience significant financial difficulties for various reasons, including as the result of events that cannot be
reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict or unrest,
labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such
issuers which in turn, could affect the market values and marketability of many or all municipal obligations of issuers in
such state, territory, commonwealth or possession. The value of the Fund’s shares will be negatively impacted to the extent it invests in such securities. The Fund’s annual and semiannual reports show the Fund’s investment exposures at a point in time. The risk of investing in the Fund is directly correlated to the Fund’s investment exposures.
Securities issued by a particular state and its instrumentalities are subject to the
risk of unfavorable developments in such state. A municipal security can be significantly affected by adverse tax, legislative,
regulatory, demographic or political changes as well as changes in a particular state’s (state and its instrumentalities’) financial, economic or other condition and prospects.
Shareholder concentration risk
At November 30, 2024, affiliated shareholders of record owned 24.4% of the outstanding
shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant
effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments
at inopportune times, including its liquid
