There is no assurance that a mutual fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that the market values of securities owned by the fund will decline and that the value of fund shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this fund. Please be aware that this fund may be subject to certain additional risks. Interest rates. More bonds may be called by the issuer, which may decrease the overall income potential of the portfolio. Credit quality. Equity and Income Fund generally invests only in investment grade-quality debt securities. However, investments in securities rated below investment grade (commonly known as "junk bonds") present greater risk of loss to principal and interest than investment in higher-quality securities. Foreign securities. International Growth Fund does invest and the other funds may invest in foreign securities; the portfolios may be subject to additional currency, political, economic, and market risks. REITs. Equity and Income Fund and International Growth Fund may invest in REITs. The risks associated with ownership of real estate and the real estate industry in general include, fluctuations in the value of underlying property, defaults by borrowers or tenants, market saturation, decreases in market rents, interest rates, property taxes, increases in operating expenses and political or regulatory occurrences adversely affecting real estate. Nondiversification. Because the fund expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the funds' overall value to decline to a greater degree than a less concentrated portfolio. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund's performance. Fund of funds. The fund's ability to achieve its investment objective depends on the ability of the underlying funds to achieve their investment objectives. There can be no assurance that the underlying funds or the fund will achieve their investment objectives. The cost of this type of investment may be higher than a mutual fund that invests in stocks and bonds only.