While the 10-year overall rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The weights are 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-,five-,and 10 year (if applicable) Morningstar Rating metrics. The top 10% of products in each product 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. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The Morningstar Rating™ for funds, or ’star rating’, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Past performance is no guarantee of future results. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The information contained herein: (1) is proprietary to Morningstar and/or its content providers (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. The fund may lend securities to approved institutions. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Investments in lower-quality ("junk bonds") and non-rated securities present greater risk of loss than investments in higher-quality securities. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. When interest rates rise, bond prices generally fall. The fund combines a rigorous investment process with an innovative portfolio structure to seek consistent, solid returns with limited volatility - an attractive combination in a short-term bond fund.īond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. Short-term bonds offer a noteworthy combination of features that may make them attractive in today’s investment climate: relatively low volatility, low correlation and less sensitivity to fluctuating interest rates. The fund’s investment objective is to provide high income while also seeking to maintain a high degree of stability of shareholders’ capital. Important Objectives, Strategy and Risk Information Returns prior to inception reflect the original share class performance, adjusted for higher operating expenses and/or the maximum sales charge. Returns prior to inception reflect the original share class performance, adjusted for higher operating expenses and/or the maximum sales charge.This fund began operations on 12/23/98 with Class S shares. This fund began operations on 3/13/95 with the Institutional Class. Fund performance includes reinvestment of all distributions.
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