短期金融市场价格受到经济因素、政治因素、投资心理和交易制度等各种因素的影响，导致基金收益水平变化，产生风险，主要包括：

1、政策风险。因国家宏观政策（如货币政策、财政政策、行业政策、地区发展政策等）发生变化，导致市场价格波动而产生风险。

2、利率风险。金融市场利率的波动会导致证券市场价格和收益率的变动。利率直接影响着债券的价格和收益率，影响着企业的融资成本和利润。

3、信用风险。主要是指债务人的违约风险，若债务人经营不善，资不抵债，债权人可能会损失掉大部分的投资，这主要体现在企业债中。

4、债券收益率曲线变动风险。债券收益率曲线变动风险是指与收益率曲线非平行移动有关的风险，单一的久期指标并不能充分反映这一风险的存在。

5、再投资风险。再投资风险反映了利率下降对固定收益证券利息收入再投资收益的影响，这与利率上升所带来的价格风险（即前面所提到的利率风险）互为消长。具体为当利率下降时，基金从投资的固定收益证券所得的利息收入进行再投资时，将获得比之前较少的收益率

6、波动性风险。波动性风险主要存在于可转债投资中，表现为可转债的价格受到其对应股票价格波动的影响。

MARKET RISKS IN THE LEVEL OF FUND INCOMES

Prices on the short-term financial market are affected by economic factors, political factors, investment psychology, trading system and various other factors, which may lead to variation of the level of fund incomes and produce risks. The risks in this aspect will mainly include the follows:

1. Policy. Changes in the state's macro-economic policies (e.g. monetary policy, financial policy, industrial policy, regional development policy, etc.) may lead to the fluctuation of market prices and produce risks.

2. Interest Rate Change. The fluctuation of interest rate on the financial market may lead to the change of price and yield on the securities market. Interest rate directly affects the prices and yields of bonds and the financing costs and profits of enterprises.

3. Credit. This risk mainly means the risk of debtor's breach of contract. If a debtor becomes insolvent for poor operation, the creditor may lose most investment. This risk mainly exists in business debts.

4. Bond Yield Curve Change. The risk arising from the change of bond yield curve means the risk related to the non-parallel move of yield curve. The single duration index cannot fully show the existence of this risk.

5. Reinvestment. The risk of reinvestment reflects the impact of the drop of interest rate on income from reinvestment with the interest income of fixed-income securities. This risk and the price risk brought about by the rise of interest rate (i.e.

the interest rate risk referred to above) have a relation that this grows and the other declines. To be accurate, when interest rate drops, the Fund will get a lower yield when making reinvestment with the interest income from the fixed-income

securities in which the Fund has made investment.

6. Fluctuation. The risk of fluctuation mainly exists in investment in convertible bonds and shows itself as the impact of the fluctuation of the corresponding stock prices on the price of convertible bonds.