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2 MSTIX Tax-Equivalent Distribution Rate is Higher than Treasury Bills and Money Market Funds -  Source: Morningstar, 04/30/25. T Bills represented by Bloomberg U.S. Treasury Bills Index, Taxable Money Market represented by Bloomberg U.S. Taxable Money Market Index. Past performance is no guarantee of future results, which will vary.  It is not possible to invest directly in an index. Tax rates are subject to change. Treasury Securities are backed by the full faith and credit of the United States government as to payment of principal and interest if held to maturity. Assumes 40.8% federal tax rate and 100% of income is federally tax-exempt. For illustrative purposes only.

 

3 Higher Quality Income with Shorter Duration - Source: Morningstar, as of 03/31/25. Short Duration High Yield is represented by ICE BofA 1-5 Year BB-B Cash Pay High Yield Index; U.S. Treasuries is represented by Bloomberg U.S. Treasury Index; Bloomberg Aggregate is represented by Bloomberg U.S. Aggregate Bond Index; U.S. Corporates is represented by Bloomberg U.S. Corporate Bond Index and Emerging Markets Debt is represented by JPM EMBI Global Diversified Index. Past performance is no guarantee of future results, which will vary. It is not possible to invest directly in an index.

 

3 Higher Quality Income with Shorter Duration - Source: Morningstar, as of 03/31/25. Short Duration High Yield is represented by ICE BofA 1-5 Year BB-B Cash Pay High Yield Index; U.S. Treasuries is represented by Bloomberg U.S. Treasury Index; Bloomberg Aggregate is represented by Bloomberg U.S. Aggregate Bond Index; U.S. Corporates is represented by Bloomberg U.S. Corporate Bond Index and Emerging Markets Debt is represented by JPM EMBI Global Diversified Index. Past performance is no guarantee of future results, which will vary. It is not possible to invest directly in an index.

 

4 Historically Delivered a Strong Level of Income Per Unit of Duration  - MDHIX yield is represented by SEC 30-Day Yield is based on net investment income for the 30-day period ended 03/31/25 divided by the offering price Per share on that date. Yields for other share classes will vary. Unsubsidized 30-Day Yield reflects what the yield would have been without the effect of waivers and/or reimbursements. Please note that there was no reimbursement for this time period Source: Morningstar, as of 03/31/25. Short Duration IG Corporates is represented by ICE BofA 1–5-year U.S. Corporate Index; High Yield is represented by ICE BofA U.S. High Yield Constrained Index; Core Bonds is represented by Bloomberg U.S. Aggregate Bond Index; U.S. IG Corporates is represented by ICE BofA U.S. Corporate Bond Index. Past performance is no guarantee of future results, which will vary. It is not possible to invest directly in an index.

 

All investments are subject to market risk, including the potential loss of principal. Past performance is not indicative of future results. Investment returns and principal value will fluctuate, and investors may experience gains or losses upon redemption.​

The Sharpe Ratio is a measure of risk-adjusted return, calculated by dividing the excess return of an investment over the risk-free rate by its standard deviation. It is used to understand the return of an investment compared to its risk. A higher Sharpe Ratio indicates better risk-adjusted performance.​

This material is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The information provided does not consider the specific objectives or circumstances of any particular investor. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with their financial professionals.​

About Risk​ - Growth stocks can face significant price declines if earnings fall short of investor expectations, even if they grow. Early-stage growth companies face higher risks. The main risk of value stock is that a security's price may not reach its expected value. Small and mid-cap securities carry higher risks, including sharp price fluctuations, limited liquidity, and unpredictable changes, especially over the short term. Investing in foreign securities carries risks, such as currency fluctuations, unstable markets, limited information, and political or economic challenges. Emerging markets often face higher risks than developed ones.