The fund uses a rules-based, systematic investment strategy that seeks to track an index designed to measure the performance of the high yield bond market. To pursue its goal, the fund normally invests substantially all of its assets in bonds comprising the Bloomberg US Corporate High Yield Total Return Index (index). The fund may also invest in derivatives with economic characteristics similar to such bonds or the index. The fund's derivatives investments may include credit default swap indexes, total return swaps, structured notes and futures. Under normal circumstances, the fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in high yield securities and ETFs providing exposure to such securities. The fund considers high yield securities to be securities with ratings that qualify for inclusion in the index.

TheBloomberg USCorporate HighYield TotalReturn Indexis designedto measue the U.S.dollar-denominated, highyield(junk),fixed-rate, taxablecorporatebond maket. Bonds includedinthe indexmust have$150 millionor moe par amountoutstanding andat leastone yeauntil finalmaturity. Bondsare classified ashighyield ifthe middlerating of Moody’s, Fitchand

S&P isBa1/BB+/BB+ obelow. Whenaratingfrom onlytwo agenciesis available,thelower isused; whenonly oneagency ratesabond,that ratingis used.In caseswhere explicitbond levelratingsmay note available,the indexprovider mayuse othesources toclassify securitiesy ceditquality.The indexmay includeU.S. dollar-denominated bondsissued yforeign issuers. Securities inthe indexare updatedon thelastbusinessday ofeach month.The fundseeks tomaintainadollar-weighted averagematurityconsistent withthat ofthe index.As ofDecember 31,2023, theindex was comprisedofapproximately 1,920securitiesandhad adollar-weighted averagematurityof 4.89 years.

Under normalcicumstances, in seekingto tracktheindex's peformance,the fund generallypurchases aepresentative sampleofthe securitiescomprisingthe index.Byusingasampling pocess,the fund typicallywill notinvest in allofthe securitiesin theindex. Thefund mayalsofully eplicate theindexwhen determinedtobe in thebestinterest ofthefund in pursuingitsobjective.

In seekingtotrack theindex,the fund'sassets maybeconcentrated in i.e.,moethan 25% ofthefund’s assetsinvested in)anindustry orgoup ofindustries,butonlyto theextentthat theindexconcentrates in apaticular industyor goupofindustries. Asof December31, 2023, 21.8% oftheindexconsistedofsecurities ofissuersin the Consumer Cyclical industry.

Thefund isclassifiedasdiversifiedunder theInvestment CompanyActof1940, asamended(1940Act); however, the fund maybecomenon-diversified solelyasaresult ofchangesin thecompositionoftheindex(e.g., changesin weightings ofoneor moecomponent securities).When thefund isnon-diversified,itmayinvest aelatively highpecentage ofitsassetsin alimitednumber ofissuers.