RISKS

Fixed Income Securities Risk:

Fixed income securities may carry one or more of the following risks: credit, interest rate (as interest rates rise bond prices usually fall), inflation and liquidity.

Below Investment Grade Securities Risk:

Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities.

Inflation Protected Securities/TIPS Risk:

Inflation protected securities move with the rate of inflation and carry the risk that in deflationary conditions (when inflation is negative) the value of the bond may decrease.

Derivatives Risk:

Derivatives involve risk of loss and may entail additional risks. Because derivatives depend on the performance of an underlying asset, they can be highly volatile and are subject to market and credit risks.

Foreign Securities Risk:

Foreign securities may involve heightened risk due to currency fluctuations. Additionally, they may be subject to greater political, economic, environmental, credit, and information risks. Foreign securities may be subject to higher volatility than US securities, due to varying degrees of regulation and limited liquidity.

Currency Risk:

Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund's investments to decline.

Commodity Risk:

Commodity-related investments, including derivatives, may be affected by a number of factors including commodity prices, world events, import controls, and economic conditions and therefore may involve substantial risk of loss.