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. Foreign and Emerging Markets. Investments in foreign markets entail special risks such as fluctuations in foreign currencies, foreign currency exchange controls, political and economic instability, differences in financial reporting, differences in securities regulation and trading, and foreign taxation issues. The risks of investing in emerging market countries are greater than the risks generally associated with foreign investments. Fixed-Income Securities.Fixed-income securities are subject to credit and income risk. Credit risk refers to the ability of an issuer to make timely payments of interest and principal. Income refers to the income that you receive from the fund, which is based on interest rates. Interest rates can vary widely over the short-term and long-term. In a declining interest-rate environment, the fund may generate less income. Extension Risk. In a rising interest-rate environment, bond prices fall. Inflation-Linked Fixed Securities. Unlike a conventional bond, whose issuer makes regular fixed interest payments and repays the face value of the bond at maturity, an inflation-indexed security provides principal payments and interest payments, both of which are adjusted over time to reflect a rise (inflation) or a drop (deflation) in the general price level. The inflation index generally used is the non-seasonally adjusted index, which is not statistically smoothed to overcome highs and lows observed at different points each year. The use of the non-seasonally adjusted index can cause the fund's income level to fluctuate. Real Estate Investment Trust (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. Derivative Instruments. Options, futures contracts, options on futures contracts, and currency related transactions involving options, futures contracts, forward contracts and swaps are examples of derivative instruments. These risks include imperfect correlation between the value of the instruments and the underlying assets; risks of default by the other party to certain transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the transactions may not be liquid. The Fund's investments in commodity-linked derivatives may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. The prices of precious metals and precious metal related securities, in particular, have historically been very volatile.

Asset allocation (diversification) does not eliminate risk of loss.