Investors should not rely solely on this document to make investment decision.The Fund may use derivatives for efficient portfolio management (EPM) and investment purpose which may be volatile, involve special risks such as risk of disproportionate loss due to leverage, counterparty/ credit risk, liquidity risk, valuation risk over-the-counter risk which could lead to a high risk of significant loss.Any such distributions may result in an immediate reduction of Net Asset Value per share. The Fund may pay dividend effectively out of capital which amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment.The Fund‘s investments are concentrated in United States and may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the United States.The Fund is exposed to risks associated with debt securities, including credit risk, interest rate and inflation risk, downgrading risk, credit rating risk and sub-investment grade debt securities risk.There are specific risks associated with certain municipal sectors that the Fund may invest, including general obligation bonds risk, revenue bonds risk, private activity bonds risk, moral obligation bonds risk, municipal notes risk and municipal lease obligations risk.Municipal bonds may also be subject to call and/or prepayment risk. The market is generally subject to a lesser degree of transparency which may possibly lead to higher trading costs for the Fund. Municipal bond markets may not be liquid and quoted prices for the same bond may materially differ.The federal government of the United States are not obliged to support any municipal bonds in default. This may lead to defaults on payment of principal or interest of the municipal bonds. Adverse economic, political or regulatory changes or adverse factors could result in adverse changes which can significantly affect the revenue generated and the overall market.The Fund’s investment portfolio may fall in value and there is no guarantee of the repayment of principal. The Fund invests primarily in municipal bonds, which are issued by a state, municipality, not-for-profit corporate issuers of United States to finance infrastructure sectors and projects conducted in the United States of America.
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