Investments in or exposure to securities of foreign companies may involve heightened risks
relative to investments in or exposure to securities of U.S. companies. For example, foreign markets can be
extremely volatile. Foreign securities may also be less liquid, making them more difficult to trade, than securities of
U.S. companies so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices.
Brokerage commissions, custodial costs and other fees are also generally higher for foreign securities. The Fund may
have limited or no legal recourse in the event of default with respect to certain foreign securities, including those
issued by foreign governments. In addition, foreign governments may impose withholding or other taxes on the Fund’s
income, capital gains or proceeds from the disposition of foreign securities, which could reduce the Fund’s return on
such securities. In some cases, such withholding or other taxes could potentially be confiscatory. Other risks include:
possible delays in the settlement of transactions or in the payment of income; generally less publicly available
information about foreign companies; the impact of economic, political, social, diplomatic or other conditions or
events (including, for example, military confrontations and actions, war, other conflicts, terrorism and disease/virus
outbreaks and epidemics), possible seizure, expropriation or nationalization of a company or its assets or the assets
of a particular investor or category of investors; accounting, auditing and financial reporting standards that may be
less comprehensive and stringent than those applicable to domestic companies; the imposition of economic and
other sanctions against a particular foreign country, its nationals or industries or businesses within the country; and
the generally less stringent standard of care to which local agents may be held in the local markets. In addition, it
may be difficult to obtain reliable information about the securities and business operations of certain foreign issuers.
Governments or trade groups may compel local agents to hold securities in designated depositories that are not
subject to independent evaluation. The less developed a country’s securities market is, the greater the level of risks.
Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities
and/or individuals. Economic sanctions and other similar governmental actions could, among other things, effectively
restrict or eliminate the Fund’s ability to purchase or sell securities, and thus may make the Fund’s investments in
such securities less liquid or more difficult to value. In addition, as a result of economic sanctions, the Fund may be
forced to sell or otherwise dispose of investments at inopportune times or prices, which could result in losses to the
Fund and increased transaction costs. These conditions may be in place for a substantial period of time and enacted
with limited advance notice to the Fund. The risks posed by sanctions against a particular foreign country, its
nationals or industries or businesses within the country may be heightened to the extent the Fund invests
significantly in the affected country or region or in issuers from the affected country that depend on global markets.
Additionally, investments in certain countries may subject the Fund to a number of tax rules, the application of which
may be uncertain. Countries may amend or revise their existing tax laws, regulations and/or procedures in the future,
possibly with retroactive effect. Changes in or uncertainties regarding the laws, regulations or procedures of a
country could reduce the after-tax profits of the Fund, directly or indirectly, including by reducing the after-tax profits of
companies located in such countries in which the Fund invests, or result in unexpected tax liabilities for the Fund. The
performance of the Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness
relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign