Understanding Fund Documents

SUMMARY PROSPECTUS

You’ll receive an updated summary prospectus annually for each fund in which you’re invested, describing the fund’s investment goals, risks, sales charges and expenses.

SHAREHOLDER REPORTS

We’ll send you both an annual and semiannual shareholder report for the funds in which you are invested. These reports address how developments in the economy and financial markets may have impacted the fund. They also offer insights into the portfolio manager’s investment decisions and strategy for managing the fund. A list of the portfolio’s securities, and the fund’s complete financial statements are included in each report.

HOUSEHOLDING OF SHAREHOLDER REPORTS AND PROSPECTUSES

In an effort to reduce fund expenses and limit the mail shareholders receive, we identify shareholders of a fund who are members of the same family (have the same last name), and share the same address, so that the household receives only one copy of each shareholder report and prospectus. This process is called “householding” and is a common industry practice. If you’d like to opt-out of this service, please contact us.