Will You Be Ready for Retirement? Get prepared with your employer s retirement plan

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Will You Be Ready for Retirement?

Get prepared with your employer’s retirement plan



Call 1-800-345-3533 or visit www.americancentury.com/ workplace

“I’ll start in a couple of years. I have plenty of time.”

“I don’t need to worry about inflation.”

“I already invest in my pension/state plan.”

“I can live on Social Security.”

Your employer’s retirement plan can help you take the right step down the path toward retirement, whether that’s next year or in 40 years.

Achieving the retirement of your dreams may be possible with a solid plan and a commitment to invest for the long term. Fortunately, your employer gives you access to one of the best tools around—a workplace retirement plan.

If you’re just starting out, already building toward a nest egg, or approaching your retirement years, this booklet can show you how to take advantage of your retirement plan—no matter what stage you’re in.



Just Starting Out

Make a Choice for Your Future

Planning for your retirement has to start somewhere. We can help you determine which kinds of investments are right for your situation and put you on the right path toward retirement.

Building Toward Retirement

Stick With a Strategy

You’ve been investing for a while. Use our investment strategies and tools and the expertise of our Business Retirement Specialists to keep your retirement plan on track.

Approaching Retirement

Keep Investing in Retirement

You’ve almost reached retirement, but you don’t have to spend your money all at once or stop investing. We’ll help you with strategies designed to preserve your wealth and make your money last.

Retirement Solutions

One Choice Portfolios® from

American Century Investments®

One Choice Portfolios provide a broadly diversified portfolio in a single investment made up of American Century Investments funds.

Get Started We’re Here to Help Take advantage of our investment guidance services plus online account management tools, all at no additional cost.


Did you know?

More than half of workers (60%) report that the total value of their household’s savings and investments is less than $25,000, including 30% who have saved less than $1,000.

Source: Employee Benefit Research Institute’s 2012 Retirement Confidence Survey

“I’ll start in a couple of years. I have plenty of time.”

“I’m short on cash right now.”

I just got hired. Why should I start investing right away?

This is actually the best time to think about your retirement. Your employer’s retirement plan is one of the best places for you to set aside money for your future. With every paycheck, you can invest money in an account designed exclusively for retirement. Plus, participation in the plan lowers your current income taxes.

You probably have a lot of plans for your paycheck: bills, leisure and giving to others, so it may seem practical to choose today’s financial obligations over tomorrow’s retirement plan. But rather than put off planning for tomorrow, make investing in your retirement the priority for today. Don’t worry if you’re not sure how to get started. Business Retirement Specialists at American Century Investments are here to help you choose the right funds, help you create and manage your retirement plan and guide you every step of the way. I can only invest a small amount. Is that enough?

Our mutual funds are designed so that you can save for retirement no matter what your budget. Small amounts add up, too. For example, you may already spend $4 or $5 a day for your morning latté. You could save $20 to $25 a week right there, which is a great start. When you sign up for automatic payroll deductions, your employer will send your contributions to us, and we’ll invest the money the way you’ve decided. Additionally, your employer may match all or part of your contribution, up to a certain level. And it’s easy to increase your contributions later by contacting your payroll office. How do I choose investments? What about risk?

It’s best to invest in a mix of stocks, bonds and cash investments—known as asset allocation—to balance risk and reward, because each asset type performs differently. We can help you build a portfolio by choosing from more than 80 no-load American Century Investments mutual funds with the risk and return potential that meets your goals (e.g., conservative versus aggressive funds, stock funds versus bond funds). You can also choose a pre-diversified asset allocation option, where you select a ready-made portfolio that aligns with your investment goals.

> See p. 16 for more information about our One Choice Portfolios.

Make a Choice for Your Future



Try it yourself

Use the Time Value Calculator at www.americancentury.com/ workplace to see how different contribution amounts can grow over time.




Define your


Name it. Know what you’re investing for.

Date it. Determine when you’ll use your investment. Estimate the amount. Add up how much you may need for each goal.

Design a strategy

Evaluate your risk tolerance. Decide how much of the market’s ups and downs you’re comfortable with.

Diversify. Spread your investments across different types of assets to help lower your overall risk.

Run the numbers. Calculate how much you’ll need to invest to meet your goals or how much income you’ll need in retirement.

Know your decision-making style. Do the research yourself, or talk to a Business Retirement Specialist for free investment guidance.

Execute your plan

Take action. Set up accounts with investments that align with both your risk tolerance and goals.

Make it automatic. Set up periodic automatic investments so you are consistently building on your investment.

Three steps to create your retirement plan

This is a hypothetical example to show the benefits of making monthly investments over time. It assumes an initial investment of $2,500 and an average annual return of 7%. This chart does not represent any actual investment, and the projections are before taxes. The value and return may vary, and different investments may perform better or worse than this example.

Monthly Investments Can Add Up

$120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0

0 2 4 6 8 10 12 14 16 18 20

Years of Investing

Hypothetical Future V


of Investment

$200 per month $150 per month $100 per month


Did you know?

Inflation has averaged about 3% annually over the past 30 years. If that continues, 30 years from now it will take $243 to buy what $100 buys today.

Source: InflationData.com, 2011

How do I determine my risk tolerance?

The balance of risk versus return is a key consideration when you choose investments. Some types of investments have a higher growth potential over time—as well as a higher risk that you may lose money. On the other hand, some investments aren’t as likely to lose money, but they may present a different problem: inflation risk. Inflation has averaged about 3% a year over the last 30 years, and if your money can’t keep up, it will lose its purchasing power by the time you retire.

If you’re not sure how much risk you can handle, call a Business Retirement Specialist at 1-800-345-3533. They can help you determine your risk tolerance.

How often should I review my investments?

If you have created an investment strategy with a long-term goal in mind, we recommend that you review your investments at least annually, either on your own or with a Business Retirement Specialist. Over the course of the year, the value of your investments may have changed, and you may need to rebalance, that is, buy and sell investments to bring the asset mix in your portfolio back in

line with your original asset allocation plan.

>See asset allocation and rebalancing in action on the following page.

It’s also a good idea to reevaluate your investment plan every time your life situation changes—retirement, changing jobs, a home purchase, marriage, birth of a child, etc. Remember to maintain a long-term view and avoid making decisions based

on short-term market conditions. Buying stocks or funds based on their recent performance or selling them as soon as they begin to decline is a recipe for buying high and selling low—the exact opposite of successful investing. The more time you have for your investments to grow and compound, the more likely you are to reach your goals.


80% Stocks 15%


5% Cash

Original Allocation

You may have decided to allocate 60% of your portfolio to stocks, 30% to bonds and 10% to cash investments.

Out of Balance

If market activity causes the value of the stock portion of your portfolio to increase significantly, you’ll have a greater percentage of your portfolio invested in stocks, leaving you exposed to more risk than you intended.


Rebalancing—buying more bonds and cash investments and selling stocks—gets your portfolio back to your desired 60/30/10 percentage mix.

Next steps

Don’t want to worry about rebalancing your portfolio on your own? Let us do it for you with our professionally and actively managed asset allocation portfolios. Visit www.americancentury.com/ workplace to learn more.

Asset allocation and rebalancing in action

60% Stocks 30%

Bonds 10% Cash

60% Stocks 30%

Bonds 10% Cash


Did you know?

More than half of workers (56%) say they and/or their spouse haven’t tried to calculate how much money they will need to enjoy a comfortable retirement.

Source: Employee Benefit Research Institute’s 2012 Retirement Confidence Survey

“I already invest in my pension/state plan.”

“I’ll get Social Security benefits.”

I’m already investing. What’s next for me?

Investing in your workplace retirement plan puts you in control of how much you’ll have when you retire, so you don’t have to rely entirely on Social Security or a pension. If you’re already investing for retirement, you understand the potential benefits of saving now and getting a solid start on your goals.

Since you started investing, you may have experienced other changes—financially, within your family or at your job—which could result in new investment goals. When life changes, investment objectives should change, too. We can help you stay on track and make adjustments to your existing investment strategy.

I want to be comfortable in my retirement. How much will I need?

As a rule of thumb, you will need 70% to 80% of your current income to maintain a similar way of life after you retire. For example, if your annual salary is $50,000, you may need $35,000 to $40,000 a year in retirement to continue your existing lifestyle. The amount you’ll need also depends on your living expenses and how you’ll spend your time. Ask yourself these questions to plan how much you may need:

1. How many years do I have until I want to retire? 2. What do I want to do in retirement?

3. When will I receive Social Security benefits and how much will I get?

4. Will I have other income (e.g., a pension plan, a part-time job, inheritance

or the sale of my house)?

Our Planning for Your Retirement tool at www.americancentury.com/workplace can help you translate that information into dollars and cents. Simply answer a few questions and find out how much money you could have, how long it could last and how much you may be able to withdraw from your savings for retirement living expenses. We provide straightforward, easy-to-understand results, and we’ll recommend an action plan and next steps to move your plan forward.

As you put together your retirement plan and identify potential sources of income, remember that Social Security was never designed to be more than a supplement. In fact, it currently accounts for just over a third of a retiree’s income. That percentage is decreasing as baby boomers near retirement, so it’s up to you to make up the difference.

Stick With a Strategy

Source: Income of the Aged Chartbook 2010 (released March 2012) Note: Totals do not necessarily equal the sum of the rounded components.


Social Security 36.7% 30.2% 18.6% 11.4%

Retirement Income Sources

(Age 65 and Older)

Earnings Pensions

Asset Income

Other (including public assistance) 3.1%


$160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0


Contribute as much as possible

The more you can save, the better your chances of retiring comfortably. If you can, max out your contribution up to the IRS annual limit. Not only does your pre-tax contribution lower your taxable income, but your earnings grow tax deferred until you withdraw the money.

Whatever you’re contributing now, even a small increase can make a big difference, especially when you’re investing regularly over a long period. With a modest return, it’s possible to build a significant amount by the time you need it. Contact your payroll office to increase your contribution amount.

Try it yourself

Use the Contribution Calculator at www.americancentury.com/ workplace to see how different contribution percentages can grow over time.

Value of Hypothetical Investment

This is a hypothetical example to show the benefits of making monthly contributions for different periods of time with different contribution amounts. It assumes an annual salary of $35,000 and an average annual return of 7%. This chart does not represent any actual investment, and the projections are before taxes. The value and return may vary, and different investments may perform better or worse than this example. This strategy does not ensure a profit and does not protect against loss in a declining market.


Increasing Your Contributions Can Pay Off









15 20


Next steps

Our online Investment Planner tool can help you determine your risk tolerance and an investing profile for your goal. Visit www.americancentury.com/ workplace and simply answer a few questions.

Am I still in the right funds?

It’s important that you’re comfortable with your investments. They should match how long you have to invest and how much risk you’re willing to take, both of which have probably changed since you started investing.

How do I identify my current comfort with risk?

If you’re not sure how much risk you can handle, contact a Business Retirement Specialist at 1-800-345-3533. They can help you determine your risk tolerance. How often should I review my portfolio?

We recommend that you review your investments at least annually, either on your own or with a Business Retirement Specialist, and reevaluate your investment plan every time your life situation changes—retirement, changing jobs, a home purchase, marriage, birth of a child, etc.

During your review, identify funds that no longer fit your risk profile or time frame and consider adding new funds that do. Additionally, the value of your investments may have changed, and you may need to rebalance, that is, buy and sell investments, to bring your portfolio back in line with your original plan.

> See asset allocation and rebalancing in action on p. 7.

You can choose from more than 80 no-load American Century Investments mutual funds that align with your goals. Or choose an asset allocation option, where you select a ready-made portfolio that aligns with your time frame or your comfort with risk.

> See p. 16 for more information on our One Choice Portfolios.





Focus on

your goal

• Determine how much money you’ll need to

retire comfortably.

• Create a plan using our online Planning for

Your Retirement tool or talk with a Business Retirement Specialist.

• Maximize your contributions to help you meet your goal.

Invest appropriately

• Periodically use our Investment Planner tool to determine

your current comfort with risk.

• Receive fund suggestions that best meet your risk

comfort level.

Save more with IRAs or a Roth 401(k)/403(b)

• Open a Roth or Traditional IRA. An IRA can give you

additional tax benefits and potential earnings. Contact us to find out which IRA is right for you.

• Transfer any existing IRAs to American Century

Investments. We’ll help you with the paperwork and provide expert guidance. Plus, all your retirement accounts will be consolidated on one statement.

• Roll over your former employer’s retirement plan to

American Century Investments. We’ll help you keep control of your retirement money and possibly avoid paying taxes until you withdraw it.

• Consider a Roth 401(k) or 403(b). These accounts

offer higher contribution limits, tax-free withdrawals and no income restrictions. Check with your administrator to determine if your plan offers this option.

Keep your investment plan on track

IRA investment earnings are not taxed. Depending on the type of IRA and certain other factors, these earnings, as well as the original contributions, may be taxed at your ordinary income tax rate upon withdrawal. A 10% penalty may be imposed for early withdrawal before age 59½. This information is for educational purposes only and is not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.

IRS Circular 230 Disclosure: American Century Companies, Inc. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with American Century Companies, Inc. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.

Try it yourself

Take advantage of our complimentary investment guidance tools and services to prepare for the retirement lifestyle you imagine. Call a Business Retirement Specialist at 1-800-345-3533 for more information.


Did you know?

A 65-year-old American, on average, can expect to spend 19.2 years in retirement. And since Social Security accounts for only about a third of total aggregate income for aged persons, Social Security alone may not be enough to see you through your retirement years.

Source: CDC report, “Health, United States, 2011” Data from 2009

Source: Fast Facts & Figures About Social Security, 2011, Social Security Administration

“I don’t need to worry about inflation.”

“I can live on Social Security.”

“I really don’t know how much I need, but I’ll probably be fine.”

I’ve worked hard for my retirement. Will I be ready?

Retirement may mean you’re finished working, but your money shouldn’t be. Now it’s time to put your investments to work for you through a personal retirement strategy. You’ll need to determine how you want to invest your money, how much you can withdraw and other goals you may have. We have the tools to help you put a plan together, and we’ll work with you throughout your retirement years to help you reach your goals.

How can I preserve my assets and make my money last?

You can time your withdrawals to get the most of your retirement income—no matter what the initial value. Ideally, your withdrawal rate should provide a steady source of income for 20 to 30 years—more if you’re retiring early.

How will taxes affect my withdrawals?

It’s best to withdraw from your accounts in a way that gives you the greatest tax advantage. In general, you’ll want to withdraw from taxable accounts first so your IRAs and employer-sponsored retirement plan(s) continue to grow tax deferred. When you reach age 70½, you’ll have to take required minimum distributions (RMDs) from your employer’s retirement plan and your IRAs (except Roth IRAs). But if you work past age 70½, you can delay taking the RMDs from your employer’s plan.

Keep Investing in Retirement



Try it yourself

Our Planning for Your Retirement tool at www.americancentury.com/ workplace can help you choose your withdrawal rate. Take a few minutes to experiment with varying rates and periods. There are a number of risks that cause uncertainties for retirees.

Withdrawals Retirees must manage RMDs and determine a sustainable withdrawal rate to avoid depleting their accounts too soon.

Longevity Long retirement horizon: A couple aged 65 has a 25% chance of a survivor living to age 96.

Solvency Retirees must factor in the uncertainty of Social Security and Medicare payments and pension plans.

Savings Many Americans have an enormous savings gap and under-funded defined contribution accounts.

MarketVolatility Market returns—and when those returns occur—can greatly impact account balances and potential income.

Inflation Inflation erodes the value of savings and reduces returns, and inflation of health-care costs also chips away at savings.

Retiree Spending To avoid running out of money for your basic needs in retirement, it’s important to budget for essential expenses (e.g., medical bills) versus lifestyle spending.

Calculating an appropriate withdrawal rate

Your withdrawal rate needs to take into account many factors, including (but not limited to) your asset allocation, projected inflation rate, expected rate of return, annual income targets, investment horizon, and comfort with uncertainty. The higher your withdrawal rate, the more you’ll have to consider whether it is sustainable over the long term.

Call a Business Retirement Specialist at 1-800-345-3533 to create a withdrawal strategy to meet your needs, or complement that strategy with your other goals.



Switching all your assets to conservative cash investments may seem like the safest option, but some risk may be necessary. After all, you could be spending 20 to 30 years in retirement. For that, you need continued growth to outpace inflation, but worrying about dramatic swings from volatile investments is not an ideal scenario, either.

For example, our most conservative asset allocation portfolios allocate in the range of 25-45% to stock funds, 45-52% to bond funds and 10-23% to money market funds (cash alternatives). Keep in mind that these allocations may or may not be appropriate for your needs, and the overall risk for a portfolio also depends on which underlying investments you choose. A Business Retirement Specialist can help you weigh your options.

> See p. 16 for more information on our One Choice Portfolios.

Know how much risk to take

Next steps

A Business Retirement Specialist will help you evaluate your current portfolio and determine if your goals are more suited to moderate or more aggressive investments.

Examples of Conservative Asset Allocation

45% Stocks 45%

Bonds 10%

Cash 25%

Stocks 23%


52% Bonds


What if I have other goals?

You may also need to keep investing for other goals, such as a child or grandchild’s education, another house, a new hobby or activities you may not have factored into your initial plan. You may also be concerned about making up for previous investment losses. For each goal, you’ll need to determine your tolerance to balance the risk-reward equation.

How can I simplify my investment plan when I retire?

Consolidating your investments can help you reduce paperwork and simplify your financial and tax recordkeeping. And if you move your investments to one company, you only have one place to go when you have questions or concerns about your accounts. By consolidating to fewer accounts and/or financial companies, you can:

• Track statements and tax documents more efficiently.

• Calculate and withdraw your required minimum distributions more easily. • Make it less complicated for your heirs to settle your estate.

You can also roll over money from your employer’s plan to an IRA to further consolidate your retirement assets. Call a Business Retirement Specialist at 1-800-345-3533 to discuss rollovers and other ways to consolidate.

Did you know?

We offer dedicated resources to help you with college savings, rollovers and estate transfers. Call 1-800-345-3533 for more information.



American Century One Choice Portfolios are single-fund, pre-diversified asset allocation solutions designed to help you reach your long-term financial goals. You choose a target-date or target-risk portfolio and our investment teams do the rest:

• Professional portfolio management • Broad diversification

• Risk management Target date

With One ChoiceSM Target Date Portfolios, you choose the target date – the approximate

year when you plan to retire or start withdrawing your money. The principal value of the investment is not guaranteed at any time, including at the target date.

Each portfolio seeks the highest total return consistent with its asset mix. Over time, the asset mix and weightings are adjusted to be more conservative. In general, as the target year approaches, the portfolio’s allocation becomes more conservative by decreasing the allocation to stocks and increasing the allocation to bonds and money market instruments. By the time each fund reaches its target year, its asset mix will become fixed and will match that of One Choice In Retirement Portfolio.

One Choice Portfolios

® Making a difference

One Choice Target Date Portfolios invest in tobacco-free underlying funds, one of the many ways American Century Investments supports the fight against cancer.

%Stocks %Bonds Alternatives%Cash

One ChoiceSM 2055 Portfolio 85.00 15.00

-One ChoiceSM 2050 Portfolio 82.25 17.75

-One ChoiceSM 2045 Portfolio 80.00 20.00

-One ChoiceSM 2040 Portfolio 73.40 24.10 2.50

One ChoiceSM 2035 Portfolio 67.00 28.00 5.00

One ChoiceSM 2030 Portfolio 61.00 34.00 5.00

One ChoiceSM 2025 Portfolio 55.00 40.00 5.00

One ChoiceSM 2020 Portfolio 50.00 42.50 7.50

One ChoiceSM In Retirement Portfolio 45.00 45.00 10.00 Allocations are adjusted annually on December 1. The allocations above are as of 12/1/2014. See the prospectus for the most current allocations.


Target risk

With One Choice Target Risk Portfolios, you choose a portfolio based on your tolerance for risk. Our investment managers select the mix of stock, bond and money market investments and rebalance the portfolio when necessary to keep the investment mix consistent with the targeted risk level you chose. Each portfolio is a fund of funds, and its performance and risk characteristics are dependent on the underlying funds. A portfolio’s risk designation – ranging from very conservative to very aggressive – is intended to reflect its relative short-term price volatility compared to the other target risk portfolios.

When you invest in One Choice Portfolios, you’re putting your money in the hands of veteran investment professionals who have managed asset allocation funds since 1988. They oversee asset allocation strategies that investors use to prepare for retirement, save for college and pursue other major financial goals. The managers of your investment also benefit from the resources of a company with a track record that spans more than 50 years.

Neutral Mix

% Stocks % Bonds %

Cash Alternatives

One Choice Portfolios®: Very Conservative 25 67 8

One Choice Portfolios®: Conservative 45 47 8

One Choice Portfolios®: Moderate 64 31 5

One Choice Portfolios®: Aggressive 79 20 1

One Choice Portfolios®: Very Aggressive 96 3 1

The underlying funds do not invest in securities issued by companies assigned the Global Industry Classification Standard (GICS) for the tobacco industry. The performance of the portfolios is dependent on the performance of their underlying American Century Investments funds and will assume the risks associated with these funds. The risks will vary according to each portfolio’s asset allocation, and a fund with a later target date is expected to be more volatile than one with an earlier target date.



Staying focused on doing the right thing for you is part of what makes our story unique. Find out how we’ve been helping clients since 1958.

Who we are

When James E. Stowers, Jr. founded American Century Investments he wanted to help people become financially independent. That’s still why we’re in business today and why we relentlessly focus on delivering superior investment performance and building long-term client relationships. Mr. Stowers’ long-held belief is that we will only be successful when our clients are successful. The legacy of our founder is what inspires us to do the right thing for you every day.

As a privately controlled and independent company, we are empowered to do the right thing for our clients, and our success funds a greater purpose. Through our ownership structure, more than 40% of our profits support the Stowers Institute for Medical Research—a biomedical research organization dedicated to improving quality of life by researching and uncovering the causes, treatment, and prevention of gene-based diseases such as cancer.

What we offer

In order to help you achieve your investing goals, we provide a broad range of no-load mutual funds and other investments. Whether your goal is retirement, college savings or something else, we will work with you to build a diversified portfolio. Unlike most firms, our guidance services are available to you at no additional cost.

Our commitment to you

At American Century Investments, we strive to help you achieve your goals by partnering with you to develop customized solutions. The combination of our high-quality products, service and expert advice all add up to a great value for your money.

The ultimate measure of our performance is your success.

Stowers Institute for Medical Research


Meet our team

Our Business Retirement Specialists are focused on helping people like you achieve their financial goals. After all, we’re investors, too, and we understand that investing is not just about money—it’s also about your hopes for the future.

When you invest in your retirement at American Century Investments, you can take advantage of our guidance services plus account management tools, all at no additional cost.

Expert assistance

Our Business Retirement Specialists are here to help with your retirement plan—from helping you with account management to helping you make changes to your portfolio.

Personalized portfolio consultations

We’ll help you create an investment plan for your future. Learn how to manage your retirement money while you’re making contributions and when you’re ready to begin withdrawals. Business Retirement Specialists will work with you to find retirement investments that fit your comfort with risk.

Tools for investing

Choose from a variety of online educational articles and calculators to help you make informed investment decisions. Go to the Planning tab at www.americancentury.com and click on Library or Calculators.

Account information: 24/7

Your account information is as close to you as your computer, telephone or mailbox. We’ll send a statement every quarter so you’ll always stay connected to your investments.

We’re Here to Help

Visit www.americancentury.com/workplace or call 1-800-345-3533 weekdays,

Learn more about your


You should consider the fund’s investment objectives, risks, and charges and expenses carefully before you invest. The fund’s prospectus or summary prospectus, which can be obtained by calling 1-800-345-3533, contains this and other information about the fund, and should be read carefully before investing.

Diversification cannot assure a profit or protect against a loss in a down market. Mutual fund investing involves market risk.

Rebalancing allows you to keep your asset allocation in line with your goals. It does not guarantee investment returns and does not eliminate risk.

This information is not a recommendation, is not individualized, and is not intended to serve as the primary basis for an investment decision.

The projections or other information generated by Investment Planner regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results.

As with all investments, there are risks of fluctuating prices, uncertainty of dividends, rates of return and yields. Current and future holdings are subject to market risk and will fluctuate in value.

Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.

Past performance is no guarantee of future results. Investment return and fund share value will fluctuate and it is possible to lose money by investing in these funds.