Market Minute

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 these funds. Please be aware that these funds may be subject to certain additional risks, including those outlined below: 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. Fixed-income securities. Subject to credit and interest-rate risk. Credit risk refers to the ability of an issuer to make timely payments of interest and principal. Interest-rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. In a declining interest-rate environment, the portfolio may generate less income. In a rising interest-rate environment, bond prices fall. Tax treatment. The fund may invest a portion of its total assets in bonds that may subject certain investors to the federal Alternative Minimum Tax (AMT). Future laws could eliminate the tax exemption for municipal income. You should consult your tax advisor for further information on tax implications.