AVERAGE ANNUAL TOTAL RETURNS a/o 09/30/2024

CALENDAR YEAR RETURNS a/o 09/30/2024

Past Performance does not guarantee future results, and an investment in the Trust is not guaranteed.  The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.  Current performance may be lower or higher than that quoted.  Current month-end performance data may be obtained by calling 1-800-225-6704.

The ICE BofA US High Yield Index is an unmanaged market value-weighted index comprised of all domestic and yankee high yield bonds, including deferred interest bonds and payment-in-kind securities.  Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default.  It is shown for comparative purposes only and reflects no deduction for fees, expenses and taxes.

Investors should carefully consider investment objectives, risks, charges and expenses.  This material must be precede or accompanied by a prospectus or summary prospectus.  Please read carefully before investing.

Mutual Fund investing involves risk.  The Trust invests in lower rated debt securities which may be subject to increased market volatility based on factors such as: the ability of an issuer to make current interest payments, the potential for principal loss if an issuer declares bankruptcy, and the potential difficulty in disposing of certain securities in a timely manner at a desired price and therefore can present an increased risk of investment loss.

Beta measures the volatility of an investment relative to an index. R-squared (R-2) measures the relationship between an investments performance relative to an index.  A higher R2 indicates that movement in the index more closely affects the movement in the investment.  Upside Capture measures an investment manager’s overall performance in up-markets.  It is used to evaluate how well a portfolio performed relative to an index during periods when that index has risen.  Downside Capture measures an investment manager’s overall performance in down-markets.  It is used to evaluate how well a portfolio performed relative to an index during periods when that index has fallen.  Standard deviation measures historical volatility.  Higher standard deviation implies higher price volatility.  Issuers with credit ratings of BBB or better are considered to be of good credit quality, with adequate capacity to meet financial commitments.  Issuers with credit rating below BBB are considered speculative in nature and are vulnerable to the possibility of issuer failure.

Falling interest rates and bond defaults may negatively impact the Trust’s distributable income. In addition, during periods of declining interest rates, higher yield securities may be called and the Trust may be unable to reinvest those proceeds in similar yielding securities. Therefore, shareholders should expect the Trust’s quarterly dividend distributions to decline under these circumstances. The Trust is generally for investors with longer-term investment horizons, and should not be used for short-term trading purposes. An investment in the Trust involves risk and should be part of a balanced investment program.

*The current expense ratio may differ from the one reported here due to fluctuations in net assets and expenses.

^Risk Metrics are calculated against the ICE BofA US High Yield Index using monthly data over a 3 year period.

~The inception date of the Trust is 3/1/1950; the inception date for the ICE BofA US High Yield Index is 8/31/1986.