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Rowe Price Institutional Income Funds, Inc. 2026-08-01 SUMMARY Investment Objective(s) The fund seeks high current income and, secondarily, capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="3" style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt; padding-left: 1.4pt">Management fees</td> <td id="xdx_983_eoef--ManagementFeesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000057839Member_zHxx4K8jNAK2" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.55</td> <td style="text-align: left; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td id="xdx_98E_eoef--ManagementFeesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000092115Member_zkx5EPW0nXNc" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.55</td> <td style="text-align: left; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="2" style="border-right: black 1pt solid; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="2" style="border-right: black 1pt solid; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr> <td colspan="3" style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt; padding-left: 1.4pt">Other expenses</td> <td id="xdx_980_eoef--OtherExpensesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000057839Member_z4WVAIKvBYH1" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.02</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td id="xdx_988_eoef--OtherExpensesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000092115Member_fKDIp_zbMzPQJMl6z5" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.15</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="2" style="border-right: black 1pt solid; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; vertical-align: bottom; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="2" style="border-right: black 1pt solid; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="2" style="border-right: black 1pt solid; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="2" style="padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="3" style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr> <td colspan="3" style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; padding-right: 0.5pt; padding-left: 1.4pt">Total annual fund operating expenses</td> <td id="xdx_989_eoef--ExpensesOverAssets_iT_dpn_c20260727__20260727__oef--ClassAxis__custom--C000057839Member_zYh7QjuJMiP8" style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.57</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td id="xdx_988_eoef--ExpensesOverAssets_iT_dpn_c20260727__20260727__oef--ClassAxis__custom--C000092115Member_zuHFte9Pd7o4" style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.70</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td colspan="2" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 50%"> </td> <td style="width: 9%"> </td> <td style="width: 9%"> </td> <td style="width: 9%"> </td> <td style="width: 9%"> </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td style="width: 1%"> </td></tr> </table> 0.0055 0.0055 0.0002 0.0015 0.0057 0.0070 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGAiQzlSJQI6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zKkBKinerzO" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap"> </td> <td colspan="2" id="xdx_485_eoef--ExpenseExampleYear01_zkulgU2hJBCl" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">1 Year</td> <td colspan="2" id="xdx_48A_eoef--ExpenseExampleYear03_zsZeo5cdzTtl" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">3 Years</td> <td colspan="2" id="xdx_48D_eoef--ExpenseExampleYear05_zKSeAFHP5MV3" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">5 Years</td> <td colspan="2" id="xdx_484_eoef--ExpenseExampleYear10_zXZ9siplR3e5" style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">10 Years</td> <td style="padding: 2.15pt; white-space: nowrap; text-align: center"> </td></tr> <tr id="xdx_41E_20260727__20260727__oef--ClassAxis__custom--C000057839Member_zmUx5wKaKKH5"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 31%; background-color: #D9D9D9"> Investor Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 7%; background-color: #D9D9D9; text-align: center">58</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 7%; background-color: #D9D9D9; text-align: center">183</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 7%; background-color: #D9D9D9; text-align: center">318</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #D9D9D9; text-align: right">$</td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 7%; background-color: #D9D9D9; text-align: center">714</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right"> </td></tr> <tr id="xdx_416_20260727__20260727__oef--ClassAxis__custom--C000092115Member_z0ADaYOAghCa"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9"> F Class </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">72</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">224</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">390</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">871</td> <td style="padding: 2.15pt; white-space: nowrap; text-align: right"> </td></tr> <tr> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; text-align: center"> </td></tr> </table> 58 183 318 714 72 224 390 871 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 65.3% of the average value of its portfolio. 0.653 Principal Investment Strategies The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in floating rate loans and floating rate debt securities. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. Floating rate loans represent amounts borrowed by companies or other entities from banks and other lenders. Most, if not all, of the loans in which the fund invests are rated below investment grade (below BBB, or an equivalent rating) or are not rated by credit rating agencies (commonly referred to as “high yield” or “junk” bonds). The loans in which the fund invests may be referred to as “leveraged loans” because the borrowing companies often have significantly more debt than equity. The loans held by the fund may be senior or subordinate obligations of the borrower, although the fund normally invests the majority of its assets in senior floating rate loans. In the event of bankruptcy, holders of senior floating rate loans are typically paid (to the extent assets are available) before other creditors of the borrower, such as bondholders and stockholders. Holders of subordinate loans may be paid after more senior bondholders. Loans may or may not be secured by collateral. There is no limit on the fund’s investments in unsecured loans or in companies involved in bankruptcy proceedings, reorganizations, or financial restructurings. In addition to the fund’s investments in loans, the fund may invest in a variety of debt securities, such as government and agency debt obligations, and investment-grade and high yield corporate bonds. The fund may invest up to 20% of its net assets in fixed rate debt instruments. Most assets are typically invested in U.S. dollar-denominated floating rate loans and debt instruments, including U.S. dollar-denominated bonds or loans of foreign issuers or lenders. The fund may also invest up to 20% of its total assets in non-U.S. dollar-denominated investments. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in floating rate loans and floating rate debt securities. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Floating rate loans: Transactions involving floating rate loans may have significantly longer settlement periods than more traditional bond investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner and that the fund may incur unexpected losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered or regulated under the federal securities laws like most stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities. While a loan assignment typically transfers all legal and economic rights to the buyer, a loan participation typically allows the seller to maintain legal title to the loan, meaning the buyer of a loan participation generally has no direct rights against the borrower and is exposed to credit risk of both the borrower and seller of the participation. Credit quality: An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative. Junk bonds: Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, and loans that are rated below investment grade, expose the fund to greater volatility and credit risk than investments in securities that are rated investment grade. As a result, bonds and loans rated below investment grade carry a higher risk of default and should be considered speculative. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Covenant lite loans: Because covenant lite loans contain few or no financial maintenance covenants, they may not include terms that permit the lender of the loan to monitor the borrower’s financial performance and, if certain criteria are breached, declare a default, which would allow the lender to restructure the loan or take other action intended to help mitigate losses. As a result, the fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans or securities with financial maintenance covenants, which may result in losses, especially during a downturn in the credit cycle. Impairment of collateral: Even if a loan is secured by collateral, the value of collateral securing a floating rate loan could decline, be insufficient to satisfy the loan obligation, or be difficult to liquidate. The fund’s access to the collateral could be limited by bankruptcy or by the type of loan it purchases. As a result, a collateralized senior loan may not be fully collateralized and can decline significantly in value. Senior loans: Senior loans are subject to the risk that a court could subordinate a senior loan, which typically holds the most senior position in the issuer’s capital structure, to presently existing or future indebtedness or take other action detrimental to the holders of senior loans. Liquidity: The fund may not be able to meet redemption requests without significantly diluting the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Instruments with reduced liquidity may be harder to value and may be subject to greater price fluctuations than other investments. Floating rate loans may not have an active trading market and often have lengthy settlement periods and contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Because interest payments on the fund’s floating rate investments are typically based on a spread over another interest rate, falling interest rates will result in less income for the fund, but will not typically result in the price volatility that a fixed rate holding could experience. Prepayments: The principal on a loan or debt instrument may be prepaid prior to its maturity, reducing the potential for price gains. The rate of prepayments tends to increase as interest rates fall. Foreign investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Institutional Class. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Institutional Class. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 30%; background-color: #616161; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding: 2pt 2.15pt 2pt 10pt; font-size: 10pt; color: white; font-weight: bold">INSTITUTIONAL FLOATING RATE FUND</td></tr> </table> Calendar Year Returns <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zO82IL4g1cR5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center; visibility: hidden"> <th style="display: none; visibility: hidden"> </th> <th style="display: none; visibility: hidden"> </th></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden; width: 50%">2016</td> <td id="xdx_988_eoef--AnnlRtrPct_pid_dp_uRatio_c20160101__20161231__oef--ClassAxis__custom--C000057839Member_zw9mDIV58Yei" style="display: none; visibility: hidden; width: 50%">8.00</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td id="xdx_987_eoef--AnnlRtrPct_pid_dp_uRatio_c20170101__20171231__oef--ClassAxis__custom--C000057839Member_zZC7opUz9Zxl" style="display: none; visibility: hidden">3.77</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td id="xdx_98F_eoef--AnnlRtrPct_pid_dp_uRatio_c20180101__20181231__oef--ClassAxis__custom--C000057839Member_zgyMQWO9Z0Od" style="display: none; visibility: hidden">0.38</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td id="xdx_988_eoef--AnnlRtrPct_pid_dp_uRatio_c20190101__20191231__oef--ClassAxis__custom--C000057839Member_z1otngehMrJ8" style="display: none; visibility: hidden">8.79</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td id="xdx_982_eoef--AnnlRtrPct_pid_dp_uRatio_c20200101__20201231__oef--ClassAxis__custom--C000057839Member_zpWm2LLxRYSa" style="display: none; visibility: hidden">2.40</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td id="xdx_983_eoef--AnnlRtrPct_pid_dp_uRatio_c20210101__20211231__oef--ClassAxis__custom--C000057839Member_zGNFJh8mEMf" style="display: none; visibility: hidden">4.65</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td id="xdx_982_eoef--AnnlRtrPct_pid_dp_uRatio_c20220101__20221231__oef--ClassAxis__custom--C000057839Member_zAocw4gwf4i2" style="display: none; visibility: hidden">-0.60</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td id="xdx_98A_eoef--AnnlRtrPct_pid_dp_uRatio_c20230101__20231231__oef--ClassAxis__custom--C000057839Member_z0NrpdM2GYXj" style="display: none; visibility: hidden">12.46</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_pid_dp_uRatio_c20240101__20241231__oef--ClassAxis__custom--C000057839Member_zjZ5IlGZyd1j" style="display: none; visibility: hidden">9.14</td></tr> <tr style="display: none"> <td style="display: none">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000057839Member_z05G2C6iyRQ4" style="display: none">6.67</td></tr> </table> <img alt="PerformanceBarChartData(2016:8,2017:3.77,2018:0.38,2019:8.79,2020:2.4,2021:4.65,2022:-0.6,2023:12.46,2024:9.14,2025:6.67)" src="ifrpro-e172.gif" style="height: 365px; width: 800px"/> Calendar Year Returns 0.0800 0.0377 0.0038 0.0879 0.0240 0.0465 -0.0060 0.1246 0.0914 0.0667 <div id="xdx_A8D_eoef--BarChartClosingTextBlock_zwhxWzQN24lb"></div> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: white"> <td style="white-space: nowrap; width: 9%; text-align: center"> </td> <td style="white-space: nowrap; width: 14%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%"> Total Return</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%"> Total Return</td> <td style="white-space: nowrap; width: 5%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_987_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000020717Member_zYux3EOE1kC2" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td id="xdx_988_eoef--BarChartHighestQuarterlyReturnDate_c20260727__20260727__dei--LegalEntityAxis__custom--S000020717Member_zLpzUc3PXcvk" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6/30/20</td> <td id="xdx_98D_eoef--BarChartHighestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000020717Member_zBpt3P4ULfgi" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">8.16%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_98A_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000020717Member_zfHN8ziTFlw2" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td id="xdx_981_eoef--BarChartLowestQuarterlyReturnDate_c20260727__20260727__dei--LegalEntityAxis__custom--S000020717Member_z96xoEbv3vTl" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">3/31/20</td> <td id="xdx_989_eoef--BarChartLowestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000020717Member_zGI4Q6g4QIc5" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-11.28%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 1.27%. Best Quarter 2020-06-30 0.0816 Worst Quarter 2020-03-31 -0.1128 The fund’s return for the six months ended 2026-06-30 0.0127 The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Institutional Class and will differ for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Institutional Class and will differ for other share classes. Average Annual Total Returns  <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zqvjuxC7Kake" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="9" style="border-top: Black 1pt solid; text-align: center; white-space: nowrap; padding-right: 0.5pt">Periods ended  </td> <td style="border-top: Black 1pt solid; border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="9" style="text-align: center; white-space: nowrap; padding-right: 0.5pt">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 51%; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; width: 10%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; width: 10%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; width: 10%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 2%; padding-right: 0.5pt"> </td> <td style="text-align: right; padding-right: 0.5pt; width: 11%"> </td> <td style="border-right: black 1pt solid; width: 2%; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="text-align: center; padding-right: 0.5pt">Inception</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; padding-right: 0.5pt">1 Year </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; padding-right: 0.5pt">5 Years</td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; padding-right: 0.5pt">10 Years</td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="text-align: center; padding-right: 0.5pt">date</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 10pt; white-space: nowrap; padding-right: 0.5pt">Institutional Class</td> <td style="text-align: right; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="text-align: center; padding-right: 0.5pt">01/31/2008</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 20pt; white-space: nowrap; padding-right: 0.5pt">Returns before taxes</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000057839Member_zu7eBCrVhack" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">6.67</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000057839Member_zlLCBvb8nHTk" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">6.37</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--ClassAxis__custom--C000057839Member_zZdXHbMXq5fl" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt" title="Return Before Taxes">5.49</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 20pt; white-space: nowrap; padding-right: 0.5pt">Returns after taxes on distributions</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000057839Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z1W1iHiRtxB1" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">3.59</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000057839Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zSwQf3Esdr8h" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">3.49</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--ClassAxis__custom--C000057839Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zmwvJwoo8lNc" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt" title="Return Before Taxes">3.05</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 20pt; white-space: nowrap; padding-right: 0.5pt">Returns after taxes on distributions</td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; padding-left: 20pt; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt">and sale of fund shares</td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000057839Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_ztFTenrAvVcf" style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt">3.89</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000057839Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zCfbD4qeUUDd" style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt">3.61</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_982_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20160101__20251231__oef--ClassAxis__custom--C000057839Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zskcZuvHo687" style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt" title="Return Before Taxes">3.13</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-left: 10pt; white-space: nowrap; padding-right: 0.5pt">F Class</td> <td style="text-align: right; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="text-align: center; padding-right: 0.5pt">08/27/2010</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; padding-left: 20pt; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt">Returns before taxes</td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000092115Member_zqBRlzDa3v39" style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt">6.52</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000092115Member_zhH8HL31EX7" style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt">6.24</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_pid_dp0_uRatio_c20160101__20251231__oef--ClassAxis__custom--C000092115Member_zWeQPwnKVGF7" style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt" title="Return Before Taxes">5.36</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="9" style="border-left: black 1pt solid; padding-left: 10pt; white-space: nowrap; padding-right: 0.5pt">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: right; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zfEdIJsGE211" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt" title="Return Before Taxes">7.30</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_987_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zsnjQHN4vVQl" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt" title="Return Before Taxes">-0.36</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_pid_dp0_uRatio_c20160101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_z5rQOzKlEry1" style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt" title="Return Before Taxes">2.01</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="9" style="border-left: black 1pt solid; padding-left: 10pt; white-space: nowrap; padding-right: 0.5pt">Morningstar LSTA Performing Loan Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: right; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td id="xdx_985_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--PerformanceMeasureAxis__custom--MorningstarLSTAPerformingLoanIndexreflectsnodeductionforfeesexpensesortaxesMember_zmCuwEKps2R4" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt" title="Return Before Taxes">6.01</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_pid_dp_uRatio_c20210101__20251231__oef--PerformanceMeasureAxis__custom--MorningstarLSTAPerformingLoanIndexreflectsnodeductionforfeesexpensesortaxesMember_zU2DTI3GiTQl" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt" title="Return Before Taxes">6.60</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_pid_dp0_uRatio_c20160101__20251231__oef--PerformanceMeasureAxis__custom--MorningstarLSTAPerformingLoanIndexreflectsnodeductionforfeesexpensesortaxesMember_zwMO2p0oEqkk" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt" title="Return Before Taxes">6.02</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> </table> Average Annual Total Returns Periods ended December 31, 2025 2008-01-31 0.0667 0.0637 0.0549 0.0359 0.0349 0.0305 0.0389 0.0361 0.0313 2010-08-27 0.0652 0.0624 0.0536 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0601 0.0660 0.0602 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks high current income and, secondarily, capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zQzJTPKddM6e"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zjOzrQsJubL7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Management fees</td> <td id="xdx_98C_eoef--ManagementFeesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000005527Member_zr9gVQ9QZfQ2" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.50</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt">%</td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 80%; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 7%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 7%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 5%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt">Total annual fund operating expenses</td> <td id="xdx_98A_eoef--ExpensesOverAssets_iT_dpn_c20260727__20260727__oef--ClassAxis__custom--C000005527Member_zVK2sRnIxD9" style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> 0.50</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> </table> 0.0050 0 0.0050 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zoKScefCgKm9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zP1euOYiV7y9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right"> </td> <td id="xdx_484_eoef--ExpenseExampleYear01_zVwvRcNCY777" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">1 Year</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear03_z89hRmeCXD12" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">3 Years</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_483_eoef--ExpenseExampleYear05_zPMjUgxn8yP5" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">5 Years</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zYCSxCs46Tth" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">10 Years</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td></tr> <tr id="xdx_418_20260727__20260727__oef--ClassAxis__custom--C000005527Member_zByWTm1eV9Fi" style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 6%; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 3%; text-align: right">$</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 14%; text-align: center">51</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 7%; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 3%; text-align: center">$</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 14%; text-align: center">160</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 7%; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 3%; text-align: center">$</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 14%; text-align: center">280</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 7%; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 3%; text-align: right">$</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 14%; text-align: center">628</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 5%; text-align: center"> </td></tr> </table> 51 160 280 628 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 41.3% of the average value of its portfolio. 0.413 Principal Investment Strategies The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in a widely diversified portfolio of high yield corporate bonds, often called “junk” bonds, as well as income-producing convertible securities and preferred stocks that are rated below investment grade or not rated by any major credit rating agency but deemed by the adviser to be below investment grade. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. High yield bonds are rated below investment grade (BB and lower, or an equivalent rating), and tend to provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments. If a holding is split rated (i.e., rated investment grade by at least one credit rating agency and below investment grade by another credit rating agency), the lower rating will be used for purposes of the fund’s 80% investment policy. High yield bond issuers include small or relatively new companies lacking the history or capital to merit investment-grade status, former blue chip companies downgraded because of financial problems, companies electing to borrow heavily to finance or avoid a takeover or buyout, and firms with heavy debt loads. The fund may invest up to 15% of its total assets in bank loans. While high yield corporate bonds are typically issued with a fixed interest rate, bank loans have floating interest rates that reset periodically (typically quarterly or monthly). Bank loans represent amounts borrowed by companies or other entities from banks and other lenders. In many cases, the borrowing companies have significantly more debt than equity and the loans have been issued in connection with recapitalizations, acquisitions, leveraged buyouts, or refinancings. The loans held by the fund may be senior or subordinate obligations of the borrower. The fund may purchase securities of any maturity and its weighted average maturity will vary with market conditions. In selecting investments, the fund relies extensively on the adviser’s credit research analysts. The fund focuses primarily on the higher-quality range (BB and B, or an equivalent rating) of the high yield market. While most assets are typically invested in U.S. dollar-denominated bonds, the fund may also invest in bonds of foreign issuers (including securities of issuers in emerging markets). The fund may invest up to 20% of its total assets in non-U.S. dollar-denominated securities and may invest without limitation in U.S. dollar-denominated bonds of foreign issuers. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in a widely diversified portfolio of high yield corporate bonds, often called “junk” bonds, as well as income-producing convertible securities and preferred stocks that are rated below investment grade or not rated by any major credit rating agency but deemed by the adviser to be below investment grade. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Credit quality: An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative. Junk bonds: Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, and loans that are rated below investment grade, expose the fund to greater volatility and credit risk than investments in securities that are rated investment grade. As a result, bonds and loans rated below investment grade carry a higher risk of default and should be considered speculative. Fixed income markets: Economic and other market developments can adversely affect the fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Bank loans: Investments in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. The fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities. Covenant lite loans: Because covenant lite loans contain few or no financial maintenance covenants, they may not include terms that permit the lender of the loan to monitor the borrower’s financial performance and, if certain criteria are breached, declare a default, which would allow the lender to restructure the loan or take other action intended to help mitigate losses. As a result, the fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans or securities with financial maintenance covenants, which may result in losses, especially during a downturn in the credit cycle. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests. Callable bonds: While a rise in interest rates is the principal source of interest rate risk for bond funds, falling rates bring the possibility that a bond may be “called,” or redeemed before maturity, and that the proceeds may need to be reinvested in lower-yielding securities. Foreign investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Liquidity: The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price. Convertible securities and preferred stocks: Convertible securities and preferred stocks carry credit and interest rate risk, along with other risks associated with both equity and fixed income securities, and convertible securities may be called back by the issuer prior to maturity at a price that is disadvantageous to the fund. Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund. Returns for other share classes vary since they have different expenses. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund. Returns for other share classes vary since they have different expenses.The following table shows the average annual total returns for the fund. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <div id="xdx_A85_eoef--BarChartTableTextBlock_zRkD5zPXv8Wh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 30%; background-color: #616161; border-collapse: collapse; margin-left: 0.25in"> <tr style="vertical-align: top"> <td style="padding: 3pt; color: white; font-weight: bold">INSTITUTIONAL HIGH YIELD FUND</td></tr> </table> Calendar Year Returns <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zRKVUuBhmKJ4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center; visibility: hidden"> <th style="display: none; visibility: hidden"> </th> <th style="display: none; visibility: hidden"> </th></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden; width: 50%">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_pid_dp_uRatio_c20160101__20161231__oef--ClassAxis__custom--C000005527Member_zSUGq80OQUz1" style="display: none; visibility: hidden; width: 50%">15.89</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_pid_dp_uRatio_c20170101__20171231__oef--ClassAxis__custom--C000005527Member_z5qm7pPIsekd" style="display: none; visibility: hidden">7.68</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td id="xdx_988_eoef--AnnlRtrPct_pid_dp_uRatio_c20180101__20181231__oef--ClassAxis__custom--C000005527Member_zTcT9sLSRBle" style="display: none; visibility: hidden">-3.13</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_pid_dp_uRatio_c20190101__20191231__oef--ClassAxis__custom--C000005527Member_zCEDSBfYUbh9" style="display: none; visibility: hidden">14.92</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_pid_dp_uRatio_c20200101__20201231__oef--ClassAxis__custom--C000005527Member_zakjHDbmkPMe" style="display: none; visibility: hidden">4.90</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td id="xdx_98C_eoef--AnnlRtrPct_pid_dp_uRatio_c20210101__20211231__oef--ClassAxis__custom--C000005527Member_zxMhFHhK416h" style="display: none; visibility: hidden">5.45</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td id="xdx_98A_eoef--AnnlRtrPct_pid_dp_uRatio_c20220101__20221231__oef--ClassAxis__custom--C000005527Member_zZkJihGUo06c" style="display: none; visibility: hidden">-11.19</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_pid_dp_uRatio_c20230101__20231231__oef--ClassAxis__custom--C000005527Member_zUOJvEWFbl6" style="display: none; visibility: hidden">13.92</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_pid_dp_uRatio_c20240101__20241231__oef--ClassAxis__custom--C000005527Member_zCq4CczxW46h" style="display: none; visibility: hidden">6.80</td></tr> <tr style="display: none"> <td style="display: none">2025</td> <td id="xdx_988_eoef--AnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000005527Member_zFysLv7BlIV8" style="display: none">9.00</td></tr> </table> <img alt="" src="hyipro003.jpg" style="height: 367px; width: 800px"/> Calendar Year Returns 0.1589 0.0768 -0.0313 0.1492 0.0490 0.0545 -0.1119 0.1392 0.0680 0.0900 <div id="xdx_A86_eoef--BarChartClosingTextBlock_z1PeGd0r6iH2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: white"> <td style="white-space: nowrap; width: 10%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%; text-align: center">Total Return</td> <td style="white-space: nowrap; width: 2%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%; text-align: center">Total Return</td> <td style="white-space: nowrap; width: 10%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_987_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000002134Member_z3U77UkXMP21" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td id="xdx_985_eoef--BarChartHighestQuarterlyReturnDate_c20260727__20260727__dei--LegalEntityAxis__custom--S000002134Member_zBPDSjtxCLGi" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6/30/20</td> <td id="xdx_981_eoef--BarChartHighestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000002134Member_z9VE4QPFJ3L2" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">10.12%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_983_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000002134Member_zcecjllJRM6l" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td id="xdx_983_eoef--BarChartLowestQuarterlyReturnDate_c20260727__20260727__dei--LegalEntityAxis__custom--S000002134Member_zNOhdj3GhWi6" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">3/31/20</td> <td id="xdx_98D_eoef--BarChartLowestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000002134Member_za49a8ovyHc" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-13.62%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 1.83%. Best Quarter 2020-06-30 0.1012 Worst Quarter 2020-03-31 -0.1362 The fund’s return for the six months ended 2026-06-30 0.0183 The following table shows the average annual total returns for the fund. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. Average Annual Total Returns  <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; width: 42%; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; width: 57%; padding-right: 0.5pt; text-align: center">Periods ended </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> </table> <div style="display: none"></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zKRABxYON7ae" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 40%"> </td> <td style="white-space: nowrap; width: 10%; text-align: center"> </td> <td style="white-space: nowrap; width: 3%; text-align: center"> </td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 10%; text-align: center"> </td> <td style="white-space: nowrap; width: 3%; text-align: center"> </td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 10%; text-align: center"> </td> <td style="white-space: nowrap; width: 3%; text-align: center"> </td> <td style="width: 16%; text-align: center"> </td> <td style="border-right: black 1pt solid; width: 1%; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">Inception</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right">1 Year</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: right">5 Years</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: right">10 Years</td> <td style="white-space: nowrap"> </td> <td style="text-align: center">date</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap">Institutional High Yield Fund</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="text-align: center">05/31/2002</td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns before taxes</td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000005527Member_zuauNmC9Dvaa" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">9.00</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000005527Member_z6iFGjr8y8x8" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">4.43</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000005527Member_z2g4nZJL6ZWh" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">6.11</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns after taxes on distributions</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000005527Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zVR7naDyQJg5" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">6.02</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000005527Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zwqSLHnXQBV7" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">1.77</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000005527Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z84i7EcFpyTf" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">3.47</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns after taxes on distributions</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: top">and sale of fund shares</td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000005527Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zEgDORQCdYBb" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">5.27</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000005527Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_ztXLiTDjbAa9" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">2.19</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000005527Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zyuyMvjsEzsl" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">3.53</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="10"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="10" style="white-space: nowrap; vertical-align: top">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap"> </td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zOzj92iyjxx9" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">7.30</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zkLtvfo4V65i" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">-0.36</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_fKDEp_zx30C17gvGse" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">2.01</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="10"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="10" style="white-space: nowrap; vertical-align: top">Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zfnVsrn0kv24" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">8.62</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zxrvS5hxx15i" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">4.50</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zWhkLF03mQTb" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">6.52</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="10" style="white-space: nowrap; vertical-align: top">Lipper High Yield Funds Average</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--LipperHighYieldFundsAverageMember_zPOsfmgeU48j" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">8.02</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--LipperHighYieldFundsAverageMember_z1p1GUjipmga" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">4.14</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--LipperHighYieldFundsAverageMember_z723IFEaSnw" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">5.65</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; text-align: center; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td></tr> </table> Average Annual Total Returns Periods ended December 31, 2025 2002-05-31 0.0900 0.0443 0.0611 0.0602 0.0177 0.0347 0.0527 0.0219 0.0353 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0862 0.0450 0.0652 0.0802 0.0414 0.0565 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks to provide high income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_z5HOnuuERbac"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zY4odHHOMXTh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 0.1in; white-space: nowrap">Management fees</td> <td id="xdx_988_eoef--ManagementFeesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000126665Member_zLd81IPnXmrh" style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.45</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 80%"> </td> <td style="white-space: nowrap; width: 7%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 7%; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 5%; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 0.1in; white-space: nowrap">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in">Total annual fund operating expenses</td> <td id="xdx_980_eoef--ExpensesOverAssets_iT_dpn_c20260727__20260727__oef--ClassAxis__custom--C000126665Member_zE5qsPu3mVvj" style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.45</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> </table> 0.0045 0 0.0045 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zOBRXlDyCAV7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zk80vsaaDvH2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right"> </td> <td id="xdx_485_eoef--ExpenseExampleYear01_ztGULMiXS0pf" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">1 Year</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_486_eoef--ExpenseExampleYear03_znNOOQRsgO5c" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">3 Years</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear05_z5uLMDQQF8F2" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">5 Years</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_489_eoef--ExpenseExampleYear10_zRvuPMUTklqa" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">10 Years</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td></tr> <tr id="xdx_41D_20260727__20260727__oef--ClassAxis__custom--C000126665Member_zWrqgU4bcOsc" style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 6%; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 3%; text-align: right">$</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 14%; text-align: center">46</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 7%; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 3%; text-align: center">$</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 14%; text-align: center">144</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 7%; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 3%; text-align: center">$</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 14%; text-align: center">252</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 7%; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 3%; text-align: right">$</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 14%; text-align: center">567</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 5%; text-align: center"> </td></tr> </table> 46 144 252 567 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 30.8% of the average value of its portfolio. 0.308 Principal Investment Strategies The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in credit instruments. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. The fund defines credit instruments broadly to include any debt instrument or instrument with debt-like characteristics, including corporate and sovereign bonds, bank loans, municipal securities, and mortgage- and asset-backed securities and other securitized instruments, which are vehicles backed by pools of assets such as mortgages, loans, or other receivables. The fund normally invests in a diversified portfolio of longer duration debt instruments issued by corporations as well as certain noncorporate issuers. While the fund focuses on corporate bonds, the noncorporate debt instruments in which the fund may invest include securities issued by supranational organizations and U.S. and foreign governments and government agencies (including securities of issuers in emerging markets). There is no limit on the fund’s investments in U.S. dollar-denominated foreign securities, but non-U.S. dollar-denominated foreign debt instruments are limited to 10% of the fund’s total assets. Holdings mainly consist of investment-grade debt instruments, although the fund has the flexibility to purchase some below investment-grade bonds (commonly referred to as “high yield” or “junk” bonds). While the fund may invest in debt instruments of any maturity or duration, the fund expects to normally maintain an effective duration within +/-20% of the duration of the Bloomberg U.S. Long Credit Bond Index. As of May 31, 2026, the duration of the Bloomberg U.S. Long Credit Bond Index was 12.36 years. However, the duration of the fund and this index will change over time and could be significantly higher or lower during certain interest rate environments. Under normal conditions, at least 85% of the fund’s net assets will be rated investment grade (AAA, AA, A, or BBB, or an equivalent rating) at the time of purchase by at least one credit rating agency or, if not rated by any credit rating agency, deemed by the adviser to be of investment-grade quality. Such investment-grade investments could include “split rated” securities, which are securities that are rated as investment grade by at least one credit rating agency but rated below investment grade by another agency. Up to 15% of the fund’s net assets can be invested in below investment-grade securities. Any investments in below investment-grade securities are focused primarily on the higher-quality range (BB or an equivalent rating) of the high yield market and the fund will not purchase any individual bond that is rated B or below (or equivalent) by any credit rating agency. The fund may use a variety of derivatives, such as futures, forwards, and swaps for a number of purposes, such as for hedging risk or managing certain exposure. Specifically, the fund uses interest rate futures and credit default swap indexes (CDX). A CDX is a swap on an index or basket of credit default swaps and is typically used to manage the fund’s credit risk efficiently and gain exposure to certain sectors or asset classes (such as high yield). Interest rate futures are typically used to manage the fund’s exposure to changes in interest rates, as a cash management tool, and to adjust portfolio duration or maturity. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in credit instruments. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Fixed income markets: Economic and other market developments can adversely affect the fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests. Credit quality: An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative. Junk bonds: Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, expose the fund to greater volatility and credit risk than investments in bonds that are rated investment grade. As a result, bonds rated below investment grade carry a higher risk of default and should be considered speculative. Foreign investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Mortgage- and asset-backed securities: Investments in mortgage-backed securities and other types of asset-backed securities are subject to interest rate risk, prepayment and extension risk, credit risk, and the risk of underperformance by the underlying pools of assets. Mortgage-backed securities and asset-backed securities tend to be more sensitive to changes in interest rates than traditional bonds and other debt securities. Early repayments of principal on underlying assets may expose the fund to a lower rate of return upon reinvestment of principal and the value of securities with prepayment features may not increase as much as other fixed income securities when interest rates are declining. In addition, the value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers and there is no assurance that any guarantors or insurers of such securities will meet their obligations. Prepayments and extensions: The fund is subject to prepayment risks because the principal on mortgage-backed securities, asset-backed securities, or any debt instrument with an embedded call option may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile. Derivatives: The use of derivatives exposes the fund to additional volatility and potential losses and the fund may not achieve the purpose of using the derivative. A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the reference or assets on which the derivative is based, including liquidity risk, valuation risk, correlation risk, market risk, interest rate risk, leverage risk, counterparty and credit risk, operational risk, management risk, legal risk, and regulatory risk. Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid secondary trading market. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Derivatives also expose the fund to settlement risk, such as if the fund is required to acquire, buy, or sell the underlying reference or asset at an undesirable price, has challenges with offsetting transactions, or risks associated with cash settlement. Certain derivatives are also subject to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations. The use of derivatives includes the risk of potential operational issues. Derivatives are exposed to legal risks, such as the legality or enforceability of a contract. The adviser may not be able to accurately predict the direction of prices, economic factors, or other associated risks which could cause loss in value or impair the fund’s efforts to reduce overall volatility. New regulations may make derivatives more costly, limit availability, or otherwise affect their value or performance. Liquidity: The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price. Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund.The following table shows the average annual total returns for the fund. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 30%; background-color: #616161; border-collapse: collapse; margin-left: 0.25in"> <tr style="vertical-align: top"> <td style="padding: 3pt; color: white; font-weight: bold">INSTITUTIONAL LONG DURATION CREDIT FUND</td></tr> </table> Calendar Year Returns <div style="display: none; visibility: hidden"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zwVYyNjAOEd" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center; visibility: hidden"> <th style="display: none; visibility: hidden"> </th> <th style="display: none; visibility: hidden"> </th></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden; width: 50%">2016</td> <td id="xdx_987_eoef--AnnlRtrPct_pid_dp_uRatio_c20160101__20161231__oef--ClassAxis__custom--C000126665Member_zLqzEjHvgOgd" style="display: none; visibility: hidden; width: 50%">7.88</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td id="xdx_982_eoef--AnnlRtrPct_pid_dp_uRatio_c20170101__20171231__oef--ClassAxis__custom--C000126665Member_zyCNYHSDc8N6" style="display: none; visibility: hidden">11.02</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td id="xdx_987_eoef--AnnlRtrPct_pid_dp_uRatio_c20180101__20181231__oef--ClassAxis__custom--C000126665Member_zxe0DtY4Ey32" style="display: none; visibility: hidden">-6.30</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td id="xdx_989_eoef--AnnlRtrPct_pid_dp_uRatio_c20190101__20191231__oef--ClassAxis__custom--C000126665Member_z0iDT887G189" style="display: none; visibility: hidden">23.71</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td id="xdx_984_eoef--AnnlRtrPct_pid_dp_uRatio_c20200101__20201231__oef--ClassAxis__custom--C000126665Member_ztNNEIPNktu6" style="display: none; visibility: hidden">16.70</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td id="xdx_981_eoef--AnnlRtrPct_pid_dp_uRatio_c20210101__20211231__oef--ClassAxis__custom--C000126665Member_zWALdAL7FR96" style="display: none; visibility: hidden">-0.23</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td id="xdx_98B_eoef--AnnlRtrPct_pid_dp_uRatio_c20220101__20221231__oef--ClassAxis__custom--C000126665Member_zQD3koHCvc39" style="display: none; visibility: hidden">-26.14</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td id="xdx_98A_eoef--AnnlRtrPct_pid_dp_uRatio_c20230101__20231231__oef--ClassAxis__custom--C000126665Member_zFYDmXHK4kAg" style="display: none; visibility: hidden">9.93</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_pid_dp_uRatio_c20240101__20241231__oef--ClassAxis__custom--C000126665Member_zkmkEWRqmgBk" style="display: none; visibility: hidden">-1.46</td></tr> <tr> <td>2025</td> <td id="xdx_988_eoef--AnnlRtrPct_pid_dp_uRatio_c20250101__20251231__oef--ClassAxis__custom--C000126665Member_z9kkTXAYAaZg">7.63</td></tr> </table> <img alt="" src="ldcpro003.jpg" style="height: 364px; width: 800px"/> Calendar Year Returns 0.0788 0.1102 -0.0630 0.2371 0.1670 -0.0023 -0.2614 0.0993 -0.0146 0.0763 <div id="xdx_A88_eoef--BarChartClosingTextBlock_zFF0oyC5EUB4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: white"> <td style="white-space: nowrap; width: 10%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%; text-align: center">Total Return</td> <td style="white-space: nowrap; width: 2%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%; text-align: center">Total Return</td> <td style="white-space: nowrap; width: 10%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_981_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000040861Member_zR0BKXaPvu5l" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td id="xdx_983_eoef--BarChartHighestQuarterlyReturnDate_c20260727__20260727__dei--LegalEntityAxis__custom--S000040861Member_zNmxlXhgCb28" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">12/31/23</td> <td id="xdx_987_eoef--BarChartHighestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000040861Member_zwUhWKm6vl3e" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">13.47%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_987_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000040861Member_ziZ2xi9igSq7" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td id="xdx_981_eoef--BarChartLowestQuarterlyReturnDate_c20260727__20260727__dei--LegalEntityAxis__custom--S000040861Member_ze8kjYnWtvHc" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6/30/22</td> <td id="xdx_98D_eoef--BarChartLowestQuarterlyReturn_dp_c20260727__20260727__dei--LegalEntityAxis__custom--S000040861Member_zDmOwkHKHK6d" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-13.21%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 1.48%. Best Quarter 2023-12-31 0.1347 Worst Quarter 2022-06-30 -0.1321 The fund’s return for the six months ended 2026-06-30 0.0148 The following table shows the average annual total returns for the fund. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. Average Annual Total Returns  <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; width: 98%; padding-right: 0.5pt; text-align: center">Periods ended </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> </table> <div style="display: none"></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zTfj78x2m262" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 40%"> </td> <td style="white-space: nowrap; width: 10%; text-align: center"> </td> <td style="white-space: nowrap; width: 3%; text-align: center"> </td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 10%; text-align: center"> </td> <td style="white-space: nowrap; width: 3%; text-align: center"> </td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 10%; text-align: center"> </td> <td style="white-space: nowrap; width: 3%; text-align: center"> </td> <td style="width: 16%; text-align: center"> </td> <td style="border-right: black 1pt solid; width: 1%; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">Inception</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right">1 Year</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: right">5 Years</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: right">10 Years</td> <td style="white-space: nowrap"> </td> <td style="text-align: center">date</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap">Institutional Long Duration Credit Fund</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="text-align: center">06/03/2013</td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns before taxes</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000126665Member_zB9AXTftu9ib" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">7.63</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000126665Member_zr0GidEIAkb9" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">-2.99</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000126665Member_zxo3nVh8RDl2" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">3.36</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns after taxes on distributions</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000126665Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z7s8TJ6NE7E2" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">5.31</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000126665Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z4v8eedlaGE9" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">-4.97</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000126665Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z6aScHeWBMEe" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">1.10</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns after taxes on distributions</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: top">and sale of fund shares</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000126665Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zpKODUofcLN6" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">4.47</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000126665Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zCtO5JjcDnYe" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">-3.00</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000126665Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zT8YQ1EeZdvk" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">1.76</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="10"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="10" style="white-space: nowrap; vertical-align: top">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zK6BXzBz2Mqc" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">7.30</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_zO6LNhS1xGdi" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">-0.36</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_fKDEp_z74DqJi6bZP7" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">2.01</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="10"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="10" style="white-space: nowrap; vertical-align: top">Bloomberg U.S. Long Credit Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap"> </td> <td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSLongCreditBondIndexreflectsnodeductionforfeesexpensesortaxesMember_z3U5h61CWk71" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">7.77</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSLongCreditBondIndexreflectsnodeductionforfeesexpensesortaxesMember_z6VdVWooL6pg" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">-2.90</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSLongCreditBondIndexreflectsnodeductionforfeesexpensesortaxesMember_fKDEp_zfLHcJgM5Eue" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">3.36</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="10" style="white-space: nowrap; vertical-align: top">Lipper Corporate Debt Funds BBB-Rated Average</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--LipperCorporateDebtFundsBBBRatedAverageMember_zJjNadLxuwR6" style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right">7.23</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--LipperCorporateDebtFundsBBBRatedAverageMember_zrDWHwARpte8" style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right">-0.47</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--LipperCorporateDebtFundsBBBRatedAverageMember_fKDEp_zAp1wrpfZybj" style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right">2.96</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> </table> Average Annual Total Returns Periods ended December 31, 2025 2013-06-03 0.0763 -0.0299 0.0336 0.0531 -0.0497 0.0110 0.0447 -0.0300 0.0176 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0777 -0.0290 0.0336 0.0723 -0.0047 0.0296 Updated performance information is available through troweprice.com. troweprice.com