Investments in mid and small cap companies may be less liquid than investments in large cap companies

High-yield bonds (non-investment-grade bonds/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated bonds

Mid-yield bonds may be more speculative investments than bonds with a higher rating due to higher credit risk, higher price fluctuations, a higher risk of loss of capital deployed

Investments in emerging markets may be affected by political developments, currency fluctuations, illiquidity and volatility

Particular risks associated with Russia and countries of the former Soviet Union, such as underdeveloped banking system, more volatile performance of investments, possible illiquid investments, less efficient government supervision

Investments in foreign currencies are subject to currency fluctuations

Investment universe may involve investments in countries where the local stock exchanges may not yet qualify as recognised stock exchanges

Investment universe may involve investments in countries where the local capital markets may not yet qualify as recognised capital market

Interest rates may vary, bonds suffer price declines on rising interest rates

Price fluctuations of investments due to market, industry and issuer linked changes are possible