Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade bonds. For purposes of the 80% policy, investment grade bonds include other investment grade debt securities. The Fund considers investment grade debt securities to be debt securities that are rated A-/A3 or better by S&P Global Ratings (S&P), Moodys Investors Service, Inc. (Moodys) or Fitch Ratings Inc. (Fitch). The types of investment grade debt securities that the Fund invests in primarily include obligations of the U.S. Government (such as U.S. Treasuries), its agencies and ?instrumentalities, including U.S. Government-sponsored enterprises (some of which are not backed by the full faith and credit of the U.S. Government), … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade bonds. For purposes of the 80% policy, investment grade bonds include other investment grade debt securities. The Fund considers investment grade debt securities to be debt securities that are rated A-/A3 or better by S&P Global Ratings (S&P), Moodys Investors Service, Inc. (Moodys) or Fitch Ratings Inc. (Fitch). The types of investment grade debt securities that the Fund invests in primarily include obligations of the U.S. Government (such as U.S. Treasuries), its agencies and ?instrumentalities, including U.S. Government-sponsored enterprises (some of which are not backed by the full faith and credit of the U.S. Government), corporate bonds, debentures, and mortgage-backed and mortgage-related securities, including mortgage pass-through securities. These types of obligations may have fixed-rate or floating-rate coupons (or variable rate coupons), which pay interest at variable rates based on a lending rate, such as the Secured Overnight Financing Rate (SOFR), and are commonly referred to as fixed income securities or bonds. If an investment held by the Fund is downgraded below investment grade, the sub-advisor may sell the security or request the Managers permission to continue to hold the security. In selecting investment grade debt securities within the corporate sector, the sub-advisor first focuses on the largest U.S. issuers and companies rated A-/A3 or better by at least two rating agencies. The sub-advisor then utilizes screens to identify issuers that carry high levels of unquantifiable risk that could have a financial impact on the issuers, which includes risks associated with environmental, social, and/or governance (ESG) considerations. This includes, but is not limited to, risks associated with foreign companies, Yankee bonds, alcohol, tobacco, gambling, and defense contractors. Issuers identified as having a higher risk profile during this stage are either excluded from further consideration or subject to further evaluation to determine their inclusion in the investable universe. The sub-advisor then utilizes research and/or rankings provided by one or more third parties to analyze and scale the remaining issuers based on the sustainability of their operations and their consideration of ESG principles as an integrated part of the sub-advisors evaluation and investment process. These investment considerations are not solely determinative in any investment decision. Thereafter, if the sub-advisor deems securities to be comparable from an investment perspective, the sub-advisor generally expects to select for the Funds portfolio the securities with the highest ranking consistent with the sub-advisors proprietary scale methodology. Under normal circumstances, the Fund seeks to maintain a weighted-average duration that is 10 % above or below the Funds benchmark, with a maximum duration range of above or below 25% for extreme market conditions. The Fund uses the Bloomberg US Aggregate Bond Index (Benchmark). ? As of December 31, 2025 , the Benchmarks duration was 6.0 years, which means that the Funds duration would have been expected to range from approximately 5.4 years to approximately 6.6 years at that time under normal circumstances, and in extreme market conditions, to range from approximately 4.5 years to approximately 7.5 years at that time. The Benchmarks duration is expected to change over time and could be higher or lower at a future date, and the Funds duration may change accordingly. Duration is an indicator of a bonds price sensitivity to a change in interest rates. For example, a duration of eight years means that a securitys price would be expected to decrease by approximately 8% with a 1% increase in interest rates. The Fund may invest in securities of any maturity, but typically invests in securities with maximum maturities of up to 30 years. The sub-advisor follows a fixed income investment strategy that focuses on high current income, given its outlook for interest rates, and the preservation of capital. In selecting securities for the Fund, the sub-advisor employs a top-down approach, which includes a broad fundamental analysis of the current fixed income markets, including duration, the yield curve, and the performance of market sectors. Through this analysis, the sub-advisor creates defined parameters for the selection of investments for the Funds portfolio and implements a proprietary investment process comprised of qualitative and quantitative components. The Fund may have a focused portfolio of fewer companies than other diversified funds. The Fund may invest cash balances in a government money market fund advised by the Manager, with respect to which the Manager receives a management fee. Show less