Performance Considerations
Performance results assume the reinvestment of all dividends and capital gains, and are shown both with and without the effect of the maximum applicable sales charges. The investment return and principal value of an investment will fluctuate, and Fund shares, when redeemed may be worth more or less than their original cost. Accordingly, you can lose money investing in a Fund. Performance is historical and no guarantee of future results. Certain Funds were subject to certain fee waivers and/or expense reimbursements for certain reported periods. The performance of such Funds would have been lower if the Fund had borne all the expenses that were waived or reimbursed.

Risk information
There is no assurance that the Fund will achieve its investment objective. There are certain risks associated with investing in the Fund, which include: interest rate risk, credit risk, prepayment or call risk, political risk, focus risk, tax liability risk, US government securities risk, illiquidity risk, high yield bond risk, non-diversification risk, derivatives risk, leverage risk associated with financial instruments, management risk, and market risk. For detailed information about the Fund’s main risks, please refer to the Fund’s prospectus.

• Interest rate risk: An increase in prevailing interest rates typically causes the value of fixed income securities to fall. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher-quality securities more than lower-quality securities.

• Credit risk: The risk that the strategy could lose money if the issuer or guarantor of a fixed income security, or the counterparty to the guarantor of a derivative contract, is unable or unwilling to meet its financial obligations. This risk is greater for lower-quality investments than for investments that are higher quality.

Investor concerns and suitability
Investors in the Fund should be able to withstand short-term fluctuations in the fixed income markets in return for potentially higher returns over the long term. The value of the Fund’s portfolio changes every day and may be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the issuers and companies in whose securities the Fund invests. Shares of Funds are not deposits or obligations of any bank or government agency and are not guaranteed by the FDIC or any other agency. The Fund is not a money market fund.