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. 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 risk 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 portfolio may generate less income. Extension risk. In a rising interest-rate environment, bond prices fall. 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 fund may enter into forward contracts for the purchase or sale of an amount of a foreign currency. Unanticipated changes in currency prices may result in poorer overall performance for the fund than if it had not entered into such contracts. The risks of investing in emerging market countries are greater than the risks generally associated with foreign investments. Credit quality. Investments in securities rated below investment grade (commonly known as "junk bonds") present greater risk of loss to principal and interest than investments in higher-quality securities. Derivative instruments. Options, futures contracts, options on futures contracts, forward contracts, swaps and structured products are examples of derivative instruments. Risks of derivative instruments 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. Please see the fund's prospectus for additional information.