Under normal market conditions, the Fund invests at least 80% of its net assets in fixed income securities. For purposes of the Fund’s investment goal, the investment manager considers “risk-adjusted returns” to mean the calculation of the return (or potential return) on an investment when compared to the Fund’s benchmark.

Under normal market conditions, the Fund seeks to maintain a dollar-weighted average effective portfolio duration within one year (plus or minus) of the portfolio duration of the securities comprising the Fund’s benchmark, the Bloomberg U.S. Long Credit Index. As of January 31, 2026, the portfolio duration of the Bloomberg U.S. Long Credit Index was approximately 12.47 years. The dollar-weighted average effective duration of the Fund may fall outside of its expected range due to market movements or during the management of significant cash flows into and out of the Fund. In these circumstances, the investment manager will take action to bring the Fund’s dollar-weighted average effective duration back within its expected range within a reasonable period of time. The dollar-weighted average portfolio maturity of the Fund, under normal circumstances, is expected to be more than ten years.

Under normal market conditions, the Fund invests predominately in investment grade securities. Under normal circumstances, the Fund’s investments will be U.S. dollar-denominated, although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation, a foreign government or its agencies and instrumentalities or a supranational organization. The Fund’s investments may include various types of bonds and debt securities, including corporate bonds, U.S. money market securities, municipal securities, U.S. government and agency obligations, cash or cash equivalents, private placements and restricted securities, and Rule 144A securities that have characteristics (i.e., rated investment grade or higher by ratings agencies) and liquidity (i.e., trade in secondary markets to a comparable degree and/or have registration rights) resembling investments eligible for inclusion in the Fund’s benchmark. The Fund may also enter into U.S. Treasury futures contracts for hedging purposes and to manage duration or cash flows.

The investment manager’s investment process for the Fund is comprised of three pillars: bottom-up security selection, portfolio construction analysis and risk management. A team of credit research analysts conducts fundamental analysis to identify mispriced bonds and other securities that would add value to the portfolio. Portfolio managers utilize these best research ideas in security selection and seek to aggregate them into a diversified portfolio that balances risks with the potential to generate total return. Lastly, risk management professionals employ quantitative

analysis and stress test portfolios through different interest rate and credit spread scenarios consistent with an objective of mitigating risk relative to the benchmark.

The investment manager will sell a security when it believes it is appropriate to do so, regardless of how long the Fund has held the security. Consequently, the Fund's portfolio turnover rate may exceed 100% per year. The rate of portfolio turnover will not be a limiting factor for the investment manager in making decisions on when to buy or sell securities.