1 Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect Institutional Class expenses. If these expenses had been included, returns for Institutional Class would be higher. The Administrator Class annual returns are substantially similar to what the Institutional Class annual returns would be because the
Administrator Class and Institutional Class shares are invested in the same portfolio and their returns differ only to the extent that they do not have the same expenses.
2 For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Past performance is no guarantee of future results.
3 The Lipper High Yield Funds Average is an average of funds that aim at high (relative) current yield from fixed income securities, has no quality or maturity restrictions, and tends to invest in lower grade debt issues. The total return of the Lipper Average does not include the effect of sales charges. You cannot invest directly in a Lipper Average.
4 The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, BB Rated, 1-5 Years Index1 is an unmanaged index that generally tracks the performance of BB rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years. You cannot invest directly in an index.
1. Copyright 2011. BofA Merrill Lynch, Pierce, Fenner & Smith Incorporated. All rights reserved.
5 The daily factor is the interest factor that generates the dividend on a daily basis.
6 The 7-day current yield is an annualized net yield that describes the annualized income earned over a 7-day period. The 30-day current yield is an annualized net yield that describes the annualized income earned over a 30-day period. The current yield calculations assume that the income earned on the principal is not reinvested in the fund. The 7-day effective yield is annualized net yield that describes the amount one is expected to earn over a 1-year period assuming that dividends are reinvested at the average rate of the last 7-days. The 30-day effective yield is an annualized yield that describes the amount that would be earned over a 1-year period if dividends were reinvested at the average rate of the last 30 days.
7 The 7-day current unsubsidized yield does not reflect the effect of any fee or expense waivers made by the Fund's manager.
8 The 30-day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. The 30-day unsubsidized SEC yield does not reflect waivers in effect. A fund's actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than the SEC yield.