Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here.
Certain fees were waived; if the fee waivers were not in effect, the yield would have been: 16.52% for class I of the High Yield Bond Fund. Contractual fee waivers are not deducted from the expenses shown.
The Barclays U.S Corporate High-Yield Index, an unmanaged index representative of the U.S. corporate high-yield fixed income markets, is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees, or other expenses.
High yield bond investing includes special risks. Investments in lower rated and unrated debt securities are subject to a greater loss of principal and interest than investments in higher rated securities. The values of mortgage-backed securities depend on the credit quality and adequacy of the underlying assets or collateral and may be highly volatile.
An investment in the Fund is subject to certain risks: Interest Rate Risk - the possibility that a Fund's yield will decline due to falling interest rates and the potential for bond prices to fall as interest rates rise. Credit Risk - the financial risk that the issuer will not be able to repay the principal upon maturity as promised. Market Risk - the risk that if a bond is sold before its maturity date, it may be worth more or less than the face value depending on interest rate movements. Inflation Risk - the risk that the value of assets may decline as inflation shrinks the value of a country's currency. Liquidity Risk - the risk that a bond may be difficult to sell in a thin trading market or if it is relatively unknown. High yield bond investing includes special risks. Investments in lower rated and unrated debt securities are subject to a greater loss of principal and interest than investments in higher rated securities. The values of mortgage-backed securities depend on the credit quality and adequacy of the underlying assets or collateral and may be highly volatile.