Senior Retirement

Later in retirement, investors may become less comfortable with portfolio volatility and seek a more conservative investment portfolio. A greater amount of fixed income assets makes this possible. This model might be considered for those who have been retired for more than 20 years or who have a low tolerance for risk.

Mutual funds are sold by prospectus only. Investors should consider the investment objectives, risks, charges and expenses of an investment company carefully before investing. The prospectus contains this and other information about an investment company and is available from your financial advisor. The prospectus should be read carefully before investing.

Asset allocations current as of August 1, 2009, and are subject to change without notice and may include the addition, removal or substitution of one or more asset classes. High-yield (below investment grade) bonds are not suitable for all investors. When appropriate, these bonds should only comprise a modest portion of your portfolio. International investing also involves special risks, including currency fluctuations, different financial accounting standards, and possible political and economic volatility.

Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Investing in small- and mid-cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor.

U.S. Treasury Inflation Protected Securities (TIPS) are direct obligations of the U.S. government, and are backed by the full faith and credit of the government. There is an inverse relationship between interest rate movements and fixed income prices. Generally, when interest rates rise, fixed income prices fall and when interest rates fall, fixed income prices generally rise. Investing involves risk and investors may incur a profit or a loss.