As a result of the investment risk of debt fund, there are: (1) interest rate risk. The change of the overall interest rate level, the change of the interest rate structure with different maturities and the change of the sensitivity of the overall market to interest rates are all risks that can have a negative impact on the investment portfolio of bond funds. (2) Credit risk. Both the change of investors' credit preference in the overall market and the deterioration of the credit of the specific portfolio products of the fund can have a negative impact on the return of the fund. (3) Risk of credit rating adjustment. When the credit rating agencies lower the credit rating of the bonds held by the fund, the price of the bonds will fall, which will lead to the decline of the fund's income. (4) The bond issuer pays the risk in advance. When the interest rate falls, bond issuers who have the right to pay in advance often exercise this right. In this case, bond fund managers have to reinvest the redemption funds in fixed-income securities with lower yield, thus affecting the overall rate of return of the portfolio. (5) Fund manager risk. Fund managers' market judgment, portfolio management ability, professional ethics and moral standards may also have a negative impact on fund returns.