Income Strategy Update: High-Yielding, High Quality Global Opportunities

• We believe investors should consider locking in today’s higher yields for the potential to
generate attractive returns for years to come.

• We see value in positioning the Income Strategy in high quality assets with sufficient
liquidity to navigate market volatility over the cyclical horizon.

• Our position in agency mortgage-backed securities has increased steadily over recent
years, with agency MBS offering the potential for attractive long-term value as market
factors have shifted.

• We generally concentrate our interest rate exposure in intermediate maturities, given
the outlook for central banks to ease policy.