Objective & Strategy
The Fund seeks income consistent with stability of principal. The Fund typically invests in short-term investment-grade debt securities.
Management team
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Laurie Brignac, CFA
Senior Portfolio Manager
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Joseph S. Madrid, CFA
Senior Portfolio Manager
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Marques Mercier
Senior Portfolio Manager
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Ripal Patel Tilara, CFA
Portfolio Manager
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Jennifer Brown, CPA
Portfolio Manager
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Brandon Maitre, CFA
Portfolio Manager
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Bryn Zinser
Portfolio Manager
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Wes Rager, CPA
Portfolio Manager
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Justin Mandeville
Portfolio Manager
Average Annual Returns (%)
Incept. Date |
Blended Perf. Incept. Date |
Max Load (%) |
Since Incept. (%) |
YTD (%) | 1Y (%) | 3Y (%) | 5Y (%) | 10Y (%) | |
---|---|---|---|---|---|---|---|---|---|
Yields
Weighted average maturity (WAM) and weighted average life (WAL)
Fund Documents
Materials & Resources
About risk
You could lose money by investing in the Fund. An investment in the Fund is
not insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency. The risks associated with an investment in
the Fund can increase during times of significant market volatility. The
principal risks of investing in the Fund are:
Money Market Fund Risk. Although the Fund seeks to preserve the
value of your investment at $1.00 per share, you may lose money by
investing in the Fund. The share price of money market funds can fall below
the $1.00 share price. The Fund’s sponsor has no legal obligation to provide
financial support to the Fund, and you should not rely on or expect that the
sponsor will enter into support agreements or take other actions to provide
financial support to the Fund or maintain the Fund’s $1.00 share price at
any time. The credit quality of the Fund’s holdings can change rapidly in
certain markets, and the default of a single holding could have an adverse
impact on the Fund’s share price. The Fund’s share price can also be
negatively affected during periods of high redemption pressures, illiquid
markets, and/or significant market volatility. While the Board of Trustees may
implement procedures to impose a fee upon the sale of your shares or
temporarily suspend your ability to sell shares in the future if the Fund’s
liquidity falls below required minimums because of market conditions or
other factors, the Board has not elected to do so at this time. Should the
Board elect to do so, such change would only become effective after
shareholders were provided with specific advance notice of the change in
the Fund’s policy and provided with the opportunity to redeem their shares
in accordance with Rule 2a-7 before the policy change became effective.
Debt Securities Risk. The prices of debt securities held by the Fund
will be affected by changes in interest rates, the creditworthiness of the
issuer and other factors. An increase in prevailing interest rates typically
causes the value of existing debt securities to fall and often has a greater
impact on longer-duration debt securities and higher quality debt securities.
Falling interest rates will cause the Fund to reinvest the proceeds of debt
securities that have been repaid by the issuer at lower interest rates. Falling
interest rates may also reduce the Fund’s distributable income because
interest payments on floating rate debt instruments held by the Fund will
decline. The Fund could lose money on investments in debt securities if the
issuer or borrower fails to meet its obligations to make interest payments
and/or to repay principal in a timely manner. Changes in an issuer’s financial
strength, the market’s perception of such strength or in the credit rating of
the issuer or the security may affect the value of debt securities. The
Adviser’s credit analysis may fail to anticipate such changes, which could
result in buying a debt security at an inopportune time or failing to sell a
debt security in advance of a price decline or other credit event.
Changing Fixed Income Market Conditions Risk. Increases in the
federal funds and equivalent foreign rates or other changes to monetary
policy or regulatory actions may expose fixed income markets to heightened
volatility and reduced liquidity for certain fixed income investments,
particularly those with longer maturities. It is difficult to predict the impact of
interest rate changes on various markets. In addition, decreases in fixed
income dealer market-making capacity may also potentially lead to
heightened volatility and reduced liquidity in the fixed income markets. As a
result, the value of the Fund’s investments may decline. Changes in central
bank policies could also result in higher than normal redemptions by
shareholders, which could potentially increase the Fund’s transaction costs.
U.S. Government Obligations Risk. Obligations of U.S. Government
agencies and authorities receive varying levels of support and may not be
backed by the full faith and credit of the U.S. Government, which could
affect the Fund’s ability to recover should they default. No assurance can be
given that the U.S. Government will provide financial support to its agencies
and authorities if it is not obligated by law to do so.
Market Risk. The market values of the Fund’s investments, and
therefore the value of the Fund’s shares, will go up and down, sometimes
rapidly or unpredictably. Market risk may affect a single issuer, industry or
section of the economy, or it may affect the market as a whole. The value of
the Fund’s investments may go up or down due to general market
conditions that are not specifically related to the particular issuer, such as
real or perceived adverse economic conditions, changes in the general
outlook for revenues or corporate earnings, changes in interest or currency
rates, regional or global instability, natural or environmental disasters,
widespread disease or other public health issues, war, military conflict, acts
of terrorism, economic crisis or adverse investor sentiment generally. During
a general downturn in the financial markets, multiple asset classes may
decline in value. When markets perform well, there can be no assurance
that specific investments held by the Fund will rise in value.
Repurchase Agreement Risk. If the seller of a repurchase
agreement defaults or otherwise does not fulfill its obligations, the Fund may
incur delays and losses arising from selling the underlying securities,
enforcing its rights, or declining collateral value.
Yield Risk. The Fund’s yield will vary as the short-term securities in its
portfolio mature or are sold and the proceeds are reinvested in other
securities. When interest rates are very low or negative, the Fund may not
be able to maintain a positive yield or pay Fund expenses out of current
income without impairing the Fund’s ability to maintain a stable net asset
value. Additionally, inflation may outpace and diminish investment returns
over time. Recent and potential future changes in monetary policy made by
central banks and/or their governments may affect interest rates.
Floating and Variable Rate Obligations Risk. Some fixed-income
securities have variable or floating interest rates that provide for a periodic
adjustment in the interest rate paid on the securities. The rate adjustment
intervals may be regular and range from daily up to annually, or may be
based on an event, such as a change in the stated prevailing market rate.
Floating and variable rate securities may be subject to greater liquidity risk
than other debt securities, meaning that there may be limitations on the
Fund’s ability to sell the securities at any given time. Such securities also
may lose value.
Financial Markets Regulatory Risk. Policy changes by the U.S.
government or its regulatory agencies and other governmental actions and
political events within the U.S. and abroad may, among other things, affect
investor and consumer confidence and increase volatility in the financial
markets, perhaps suddenly and to a significant degree, which may adversely
impact the Fund, including by adversely impacting the Fund’s operations,
universe of potential investment options, and return potential.
Management Risk. The Fund is actively managed and depends
heavily on the Adviser’s judgment about markets, interest rates or the
attractiveness, relative values, liquidity, or potential appreciation of particular
investments made for the Fund’s portfolio. The Fund could experience
losses if these judgments prove to be incorrect. Additionally, legislative,
regulatory, or tax developments may adversely affect management of the
Fund and, therefore, the ability of the Fund to achieve its investment
objective.