All investments are subject to market risk, including the possible loss of principal. The fund is subject to the risks of fixed-income investing, including interest rate risk and credit risk. Interest rate risk is the decline in bond prices that accompanies a rise in the overall level of interest rates. Credit risk is the chance that any of the fund's holdings will have their credit ratings downgraded or will default (fail to make scheduled interest or principal payments), potentially reducing the fund's income level and share price. This fund is subject to the risk that the investment adviser's judgment about the attractiveness, value, or potential appreciation of the fund's investments may prove to be incorrect. If the securities selected and strategies employed by this fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies. During periods of extremely low or negative interest rates, this fund may not be able to maintain a positive yield or yields on par with historical levels.

This Fund is not a money market fund.  The Fund's principal value can fluctuate and investors can lose money by investing in the Fund.

Statement of Additional Information (SAI)