Contractual until 03/31/2011

Ex-Date. The date on which a Fund's net asset value (NAV) will fall by an amount equal to the dividend and/or capital gain distribution plus or minus any change in the value of the Fund's holdings.

The Adviser has contractually agreed to limit the Target Retirement Funds' annual fund operating expenses to the amount of the fees and expenses incurred as a result of its investment in the underlying funds plus, for the Administrative and Investor Classes, distribution and service (12b-1) fees and, for the Investor Class only, certain transfer agent fees.

Voluntary. Waivers may be discontinued at any time without notice, although the adviser has no present intention to do so.

Contractual until 02/28/2011

About Expense Ratios: All mutual funds have expense ratios which represent what shareholders pay for operating expenses and management fees. Expense ratios are expressed as an annualized percentage of a fund's average net assets paid out in expenses. Net expense ratios reflect adjustments due to voluntary or contractual fee waivers or expense reimbursements. Expense ratio information is as of the Fund's current prospectus, as revised and supplemented from time to time.

The current 30-day yield represents the average daily dividends for 30 days, annualized by 365 days and divided by the net asset value per share at the end of the period.

Represents the average daily dividends for the seven days, assuming all dividends are reinvested, annualized by 365 days and divided by the net asset value per share at the end of the period.

Average annualized income dividend over the last 7 days.

The effective 30-day yield represents the average daily dividends for the 30 days, assuming all dividends are reinvested, annualized by 365 days and divided by the net asset value per share at the end of the period.