General Portfolio Risks

Capital risk—The value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the portfolio and the currency in which you subscribed, if different. Counterparty risk—An entity with which the portfolio transacts may not meet its obligations to the portfolio. ESG and Sustainability risk - May result in a material negative impact on the value of an investment and performance of the portfolio Geographic concentration risk—To the extent that a portfolio invests a large portion of its assets in a particular geographic area, its performance will be more strongly affected by events within that area. Hedging risk—A portfolio’s attempts to reduce or eliminate certain risks through hedging may not work as intended. High Yield bond risk - ​High yield debt securities are generally subject to greater risk of issuer debt restructuring or default, higher liquidity risk and greater sensitivity to market conditions. Investment portfolio risk—Investing in portfolios involves certain risks an investor would not face if investing in markets directly. Management risk—The investment manager or its designees may at times find their obligations to a portfolio to be in conflict with their obligations to other investment portfolios they manage (although in such cases, all portfolios will be dealt with equitably). Market risk - Market risk may subject the fund to experience losses caused by unexpected changes in a wide variety of factors. Operational risk—Operational failures could lead to disruptions of portfolio operations or financial losses.