Fixed Income Fund Overview Performance Monthly Characteristics Quarterly Characteristics Holdings Overview The Fixed Income Fund seeks high total investment return through a combination of current income and capital appreciationView factsheet Primary BenchmarkBloomberg US Government/Credit IndexTotal Fund Assets (as of 3/31/2024) $436.2 millionLipper CategoryMulti-Sector Income FundsMorningstar Category Multisector BondStrategy Highlights High conviction, active credit manager Multisector strategy seeking to exploit cross-sector opportunities across broad global fixed income markets Repeatable, deep value equity-like approach to fundamental research and issue selection Risk awareness tools overlay fundamental investment processPortfolio Management TeamPortfolio Managers Matt Eagan Portfolio Manager, Head of Full Discretion Read bio Brian Kennedy Portfolio Manager Read bio Associate Portfolio Manager Bryan Hazelton Associate Portfolio Manager & Strategist Read bio Investment Strategy May invest any portion of its assets in securities of Canadian issuers and up to 20% of its assets in securities of other foreign issuers, including emerging markets May invest up to 35% in high yield securities May invest up to 20% in preferred and common stock About Risk Fixed income securities may carry one or more of the following risks: credit, interest rate (as interest rates rise bond prices usually fall), inflation and liquidity. Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities. Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets. Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund’s investments to decline. Equity securities are volatile and can decline significantly in response to broad market and economic conditions. Fund Facts as of 3/31/2024 Class ITickerLSFIXClass Inception1/17/1995CUSIP543495501Minimum Initial Investment$3,000,000Gross Expense Ratio10.61%Net Expense Ratio10.61%Net Asset Value11.5830-Day SEC Yield 25.42%Unsubsidized 30-Day SEC Yield 25.42%Fact SheetCommentaryProspectusReportOur Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Investment return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, please see the following tab labeled “Performance”. Additional ContentFixed Income Fund Fast Facts Fixed Income Fund Attribution Learn More About the Team Explore more about the team’s philosophy, offerings, and insights. Learn More Diversification does not ensure a profit or guarantee against a loss. 1 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 1/31/24. When an expense limitation has not been exceeded, the fund may have similar expense ratios and/or yields. 2The 30-day SEC yield is a standardized calculation, calculated by dividing the net investment income per share for the 30-day period by the maximum offering price per share at the end of the period and annualizing the result. Treasury Inflation-Protected Securities (TIPS) are designed to provide protection against inflation through monthly adjustments to the principal value of TIPS, which increases with inflation and decreases with deflation as measured by the Consumer Price Index. Monthly principal adjustments for inflation (increases and decreases) are excluded from the 30-day SEC yield calculation. Such adjustments can vary substantially from one month to the next, and if they were included, may materially impact the 30-day SEC yield either higher or lower. A subsidized 30-day SEC yield reflects the effect of fee waivers and expense reimbursements. The SEC yield is not based upon distributions of the fund and actual income distributions may be higher or lower than the 30-day SEC yield amounts. During periods of unusual market conditions and/or activity in the sales or redemptions of fund shares, the fund’s 30-day SEC yield amounts may be materially higher or lower than its actual income distributions. Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement. The Bloomberg US Government/Credit Index includes securities in the Government and Credit Indices. The Government Index includes treasuries (i.e., public obligations of the US Treasury that have remaining maturities of more than one year) and agencies (i.e., publicly issued debt of US Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the US Government). The Credit Index includes publicly issued US corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Indexes are unmanaged. It is not possible to invest directly in an index. Performance Primary Benchmark: Bloomberg US Government/Credit Index Year-to-Date Performance as of 4/25/2024 Class I -2.17% Month-End Performance as of 3/31/2024Cumulative Total ReturnClass I3 month0.52%Year-to-date0.52%Average Annualized Total ReturnClass IInception Date1/17/19951 Year5.26%3 Years-0.06%5 Years2.30%10 Years2.67%Since Inception7.50%Quarter-End Performance as of 3/31/2024Cumulative Total ReturnClass I3 month0.52%Year-to-date0.52%Average Annualized Total ReturnClass IInception Date1/17/19951 Year5.26%3 Years-0.06%5 Years2.30%10 Years2.67%Since Inception7.50% Gross Expense Ratio: (I) 0.61%; Net Expense Ratio: (I) 0.61% As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 1/31/24. When an expense limitation has not been exceeded, the fund may have similar expense ratios. Lipper Ranking as of 3/31/2024 Class I1 Year254/3633 Years172/3375 Years139/29410 Years97/181Lipper Category: Multi-Sector Income FundsMorningstar Ranking as of 3/31/2024 Class I1 Year282/3523 Years199/3155 Years163/26510 Years98/171Morningstar Category: Multisector BondLipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any. Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2024 © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Monthly Characteristics Monthly as of 3/31/2024 Characteristics Number of Issues711Average Maturity7.07Weighted Average Duration6.52Annual Turnover (9/30/2023)35.08% Currency Distribution US Dollar96.1% Brazilian Real0.7% Australian Dollar0.5% New Zealand Dollar0.5% Mexican Peso0.5% Norwegian Krone0.5% South African Rand0.5% Euro0.4% Indonesian Rupiah0.3% Duration Distribution Less than 1 Yr.-2.6% 1 to 3 Yrs.32.7% 3 to 5 Yrs.18.2% 5 to 7 Yrs.27.1% 7 to 10 Yrs.-11.0% 10 Yrs. or more33.3% Cash & Equivalents2.4% Sector Distribution Investment Grade Credit33.4% Securitized19.8% High Yield Credit14.6% US Treasury10.8% Emerging Market Credit7.8% Non-US Dollar3.9% Convertibles3.8% Equity1.7% Bank Loans1.4% Hedge0.3% Cash & Equivalents2.4% Country Distribution United States75.2% Cayman Islands3.4% Australia3.0% Israel2.1% Mexico1.8% United Kingdom1.5% South Africa1.1% France1.0% Norway1.0% Other10.1% Maturity Distribution Less than 1 Yr.4.1% 1 to 3 Yrs.20.8% 3 to 5 Yrs.17.6% 5 to 7 Yrs.18.2% 7 to 10 Yrs.24.3% 10 Yrs. or more12.6% Cash & Equivalents2.4% Credit Quality US Treasurys10.8% AAA4.0% AA2.0% A8.5% BAA40.9% BA16.3% B3.8% CAA & Lower2.0% Not Rated9.2% Cash & Equivalents2.4% Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents. Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody’s, S&P or Fitch; ratings are subject to change. The fund’s shares are not rated by any rating agency and no credit rating for fund shares is implied. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. ABS/RMBS: Asset-Backed Securities/Residential Mortgage-Backed Securities. Agency MBS: Agency Mortgage-Backed Securities. CMBS: Commercial Mortgage-Backed Securities. Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%. Quarterly Characteristics Quarterly as of 3/31/2024 CharacteristicsFundIndexNumber of Issues7119467Average Maturity7.078.76Weighted Average Duration6.526.27Annual Turnover (9/30/2023)35.08% Currency DistributionFundIndex US Dollar96.1%100.0% Brazilian Real0.7%0.0% Australian Dollar0.5%0.0% New Zealand Dollar0.5%0.0% Mexican Peso0.5%0.0% Norwegian Krone0.5%0.0% South African Rand0.5%0.0% Euro0.4%0.0% Indonesian Rupiah0.3%0.0% Duration DistributionFundIndex Less than 1 Yr.-2.6%2.1% 1 to 3 Yrs.32.7%30.3% 3 to 5 Yrs.18.2%22.6% 5 to 7 Yrs.27.1%14.5% 7 to 10 Yrs.-11.0%8.1% 10 Yrs. or more33.3%22.3% Cash & Equivalents2.4%0.0% Sector Distribution FundIndex Investment Grade Credit33.4%37.9% Securitized19.8%0.0% High Yield Credit14.6%0.0% US Treasury10.8%58.2% Emerging Market Credit7.8%1.9% Non-US Dollar3.9%0.0% Convertibles3.8%0.0% Equity1.7%0.0% Bank Loans1.4%0.0% Hedge0.3%0.0% Other0.0%1.3% Municipals0.0%0.8% Cash & Equivalents2.4%0.0% Country DistributionFundIndex United States75.2%90.0% Cayman Islands3.4%0.0% Australia3.0%0.3% Israel2.1%0.1% Mexico1.8%0.5% United Kingdom1.5%1.5% South Africa1.1%0.0% France1.0%0.1% Norway1.0%0.1% Other10.1%7.6% Maturity DistributionFundIndex Less than 1 Yr.4.1%1.4% 1 to 3 Yrs.20.8%28.8% 3 to 5 Yrs.17.6%21.2% 5 to 7 Yrs.18.2%12.2% 7 to 10 Yrs.24.3%11.7% 10 Yrs. or more12.6%24.7% Cash & Equivalents2.4%0.0% Credit QualityFundIndexUS Treasurys10.8%58.2% AAA4.0%4.6% AA2.0%6.3% A8.5%16.1% BAA40.9%14.8% BA16.3%0.0% B3.8%0.0% CAA & Lower2.0%0.0% Not Rated9.2%0.0% Cash & Equivalents2.4%0.0% Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents. Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody’s, S&P or Fitch; ratings are subject to change. The fund’s shares are not rated by any rating agency and no credit rating for fund shares is implied. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. ABS/RMBS: Asset-Backed Securities/Residential Mortgage-Backed Securities. Agency MBS: Agency Mortgage-Backed Securities. CMBS: Commercial Mortgage-Backed Securities. Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%. Holdings Top Ten Holdingsas of 3/31/2024% Assets U S TREASURY10.8% GLENCORE PLC2.4% CHARTER COMMUNICATIONS INC1.9% ROCKET MORTGAGE LLC1.6% DISH NETWORK CORP1.6% TEVA PHARMACEUTICAL INDUSTRIES LTD1.6% UBER TECHNOLOGIES INC1.4% MICRON TECHNOLOGY INC1.2% CEMEX SAB DE CV1.2% CONTINENTAL RESOURCES INC/OK1.1% Total24.8% Top 10 holdings may not be representative of current or future holdings and will evolve over time. x < Page: / > Download PDF