Effective February 1, 2024, the fund’s primary broad-based performance index changed to the Bloomberg US Aggregate Index. The Bloomberg US Aggregate Index is a broad-based securities market index that represents the overall market applicable to the fund. The Bloomberg US Aggregate Index replaced the Bloomberg US Government/Credit Index as the fund’s primary benchmark because the fund believes it provides a more appropriate comparison to the fund’s investable universe.

Effective July 1, 2024, the fund changed the limit on investment in foreign securities, including emerging markets securities from 20% to 40%. Although the fund's total foreign investment limit increased, the fund's maximum allowable investment in non-US dollar denominated foreign securities remained unchanged at 20% of assets.

Diversification does not ensure a profit or guarantee against a loss.

¹ As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 1/31/25. When an expense limitation has not been exceeded, the fund may have similar expense ratios and/or yields.

²The 30-day SEC yield is a standardized calculation, calculated by dividing the net investment income per share for the 30-day period by the maximum offering price per share at the end of the period and annualizing the result. Treasury Inflation-Protected Securities (TIPS) are designed to provide protection against inflation through monthly adjustments to the principal value of TIPS, which increases with inflation and decreases with deflation as measured by the Consumer Price Index. Monthly principal adjustments for inflation (increases and decreases) are excluded from the 30-day SEC yield calculation. Such adjustments can vary substantially from one month to the next, and if they were included, may materially impact the 30-day SEC yield either higher or lower. A subsidized 30-day SEC yield reflects the effect of fee waivers and expense reimbursements. The SEC yield is not based upon distributions of the fund and actual income distributions may be higher or lower than the 30-day SEC yield amounts. During periods of unusual market conditions and/or activity in the sales or redemptions of fund shares, the fund’s 30-day SEC yield amounts may be materially higher or lower than its actual income distributions. Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.

³Associate Portfolio Managers do not have discretion over the strategy.

The Bloomberg US Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.