Effective 3/1/2021, Dan Fuss will no longer serve as a portfolio manager on the Fund. Please refer to the prospectus for more details.
The Fixed Income Fund seeks high total investment return through a combination of current income and capital appreciation
Bloomberg US Government/Credit Index
Matt Eagan, CFA
Total Fund Assets (as of 4/30/2023):
Multi-Sector Income Funds
- Value driven, opportunistic approach
- Long-term investment horizon
- Allocations to out-of-benchmark securities can provide value and diversification
- Initial portfolio position in any one holding is typically 0-3%; 5% maximum position size
- Under normal circumstances, the fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed income securities
- May invest up to 35% of assets in below investment grade fixed income securities
- May invest up to 20% of its assets in equity securities such as common stocks and preferred stocks
- May invest any portion of its assets in securities of Canadian issuers and up to 20% of its assets in other foreign securities, including emerging markets securities
- 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.
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.