As a result of recent market activity, current performance may vary from the figures shown. Past performance is no guarantee of future results. Investment return and principal value will fluctuate and trust shares, when tendered, may be worth more or less than their original cost. Total return assumes reinvestment of all dividends and capital gains and excludes payment of maximum early withdrawal charge. All information is provided for informational purposes only and should not be deemed as a recommendation to buy securities in the industries shown above.
Past performance is no guarantee of future results.
A high level of defaults and bankruptcies in 1999 and 2000 had a significant impact on the high-yield and senior loan capital markets and contributed to the decline of the fund's net asset value. Certain legal restrictions to which some senior loans are subject and the illiquid nature of some loans may impair the fund's ability to dispose of such loans in an expeditious manner. This may result in the fund disposing of such loans on terms less favorable than the actual terms of the loan obtained by the fund on acquisition. Senior loans are often secured by collateral such as equipment, trademarks, inventory, franchises, buildings, accounts receivable, common and preferred stock in operating subsidiaries, guarantees of affiliates or others, etc. Such collateral might not be entirely sufficient to satisfy the borrower's obligations in the event of non-payment of scheduled interest or principal and, in some cases, may be difficult to liquidate on a timely basis.