You should consider the investment objectives, risks, fees and expenses of any mutual fund before investing. This and other information is available in the Fund's prospectus. Please read the prospectus carefully before investing.

IMPORTANT INFORMATION:
* Annualized.
** Lipper High Current Yield Funds. Lipper High Current Yield Funds Index tracks the results of the 30 largest mutual funds in the Lipper High Current Yield Funds category. Lipper is an independent mutual fund research and ranking service.
*** JPMorgan Global High-Yield Index. The JPMorgan Global-High Yield Index is an unmanaged index of fixed income securities of domestic and foreign issuers with a maximum credit rating of BB+ or Ba1. Issues must be publicly registered or issued under Rule 144A under the Securities Act of 1933, with a minimum size of $75 million (par amount). A maximum of two issues per issuer are included in the JPMorgan Global High-Yield Index. Convertible bonds, preferred stock, and floating-rate bonds are excluded from the JPMorgan Global High-Yield Index.

Investing in high yield securities involves additional risks when compared to investing in investment grade securities. These include a greater risk of default or bankruptcy and an increased sensitivity to financial difficulties or changes in interest rates. Investing in debt securities entails interest rate risk which is the risk that debt securities will decrease in value with increases in market interest rates.

Performance shown prior to the 3/1/02 inception of the Investor Class is that of the Institutional Class. The returns have not been adjusted for any difference between the fees and expenses of the Investor Class and the historical fees and expenses of the Institutional Class. Because the Institutional Class had lower expenses, its performance was better than the Investor Class would have realized during the same period. A portion of the fees charged to the Institutional Class of the Fund was waived. Performance prior to waiving fees was lower than the actual returns shown for periods through 2004.

The four highest Moody’s ratings for long-term obligations (or issuers thereof) are Aaa, Aa, A and Baa. Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk. Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. Obligations rated A are considered upper-medium grade and are subject to low credit risk. Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics. Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

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