Short Duration Income Fund (WEFIX)

Fund Facts

Ticker

WEFIX
CUSIP

94904P302
Fund
Inception
12/23/1988
Class
Inception
12/23/1988
Fund
Assets
$854 Million
as of 03/31/2024
Dividend
Frequency
Declared Daily/ Paid Monthly
Portfolio
Manager(s)
Tom Carney, CFA®
×
x

Tom Carney, CFA®

Vice President
Co-Head of Fixed Income
Portfolio Manager

Core Plus Income Fund (Since July 2014)
Nebraska Tax-Free Income Fund (Since January 1996)
Short Duration Income Fund (Since January 1996)
Ultra Short Government Fund (Since January 1996)

Investment industry experience since 1982

Tom joined Weitz Investment Management in 1995 as an equity trader. He was promoted to co-portfolio manager in 1996 and to portfolio manager in 1999. Prior to joining the firm, Tom held several positions at Chiles, Heider & Co., Inc. Previously, he was a municipal securities professional with Smith Barney. Tom has a bachelor's in finance from the University of Nebraska Omaha.

Nolan Anderson
×
x

Nolan Anderson

Vice President
Co-Head of Fixed Income
Portfolio Manager

Core Plus Income Fund (Since July 2014)
Short Duration Income Fund (Since July 2017)
Ultra Short Government Fund (Since December 2016)
Conservative Allocation Fund (Since July 2021)

Investment industry experience since 2004

Nolan joined Weitz Investment Management in 2011 as a fixed income research analyst. In 2014, he was promoted to portfolio manager. Prior to joining the firm, Nolan performed financial modeling and due diligence on leveraged buyout transactions for Wells Fargo Bank. Previously, he worked for Woodmen of the World Life Insurance Society. Nolan has a bachelor's in real estate and land use economics, and an MBA from the University of Nebraska Omaha.

Investment Approach

The investment objective of the Short Duration Income Fund is current income consistent with preserving capital.

Strategy and Process

Short duration bond core allocation

We manage the fund to provide a core allocation without taking unnecessary interest rate and maturity risks throughout market cycles. The fund emphasizes income generation and downside risk management.

Flexible and opportunistic

Unlike index funds and passively managed strategies, we don't aim to track any kind of benchmark. Rather, we flexibly invest in the best risk/reward opportunities wherever we can find them.

Led by experience

Tom Carney, CFA, has been a portfolio manager on the fund since 1996, making him one of the longest-tenured managers in the fund's Morningstar™ category.

Overview Disclosures & Footnotes

Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their
original cost.

Month-end Quarter-end

Returns
as of 03/31/2024

	Cumulative Returns		Average Annual Total Returns
	YTD	1 MO	1 YR	3 YR	5 YR	10 YR	20 YR	30 YR	35 YR	Since Fund Inception 12/23/1988
Short Duration Income Fund	1.16%	0.56%	5.46%	1.64%	2.31%	2.05%	2.93%	4.11%	4.63%	4.65%
Bloomberg U.S. Agg 1-3 YR Index	0.45%	0.41%	3.56%	0.26%	1.31%	1.27%	2.09%	3.39%	n/a	n/a

Growth of a $10,000 Investment*
as of 03/31/2024

*Since inception of the index (12/31/1992)

Calendar Year Returns
as of 03/31/2024

Year	Short Duration Income Fund	Bloomberg U.S. Agg 1-3 YR Index	Relative Results
2023	6.31%	4.65%	1.66%
2022	-2.73%	-3.72%	0.99%
2021	1.04%	-0.49%	1.53%
2020	3.34%	3.08%	0.26%
2019	4.22%	4.04%	0.18%
2018	1.34%	1.60%	-0.26%
2017	1.54%	0.86%	0.68%
2016	3.11%	1.31%	1.80%
2015	0.25%	0.67%	-0.42%
2014	1.69%	0.82%	0.87%
2013	1.11%	0.64%	0.47%
2012	4.04%	1.33%	2.71%
2011	2.11%	1.73%	0.38%
2010	4.74%	2.62%	2.12%
2009	10.85%	5.00%	5.85%
2008	2.29%	4.62%	-2.33%
2007	6.10%	6.73%	-0.63%
2006	4.04%	4.34%	-0.30%
2005	1.60%	1.82%	-0.22%
2004	2.64%	1.44%	1.20%
2003	6.30%	2.42%	3.88%
2002	4.18%	6.29%	-2.11%
2001	8.45%	8.77%	-0.32%
2000	9.66%	8.15%	1.51%
1999	0.92%	3.32%	-2.40%
1998	6.76%	6.83%	-0.07%
1997	8.64%	6.68%	1.96%
1996	4.43%	5.19%	-0.76%
1995	15.75%	11.00%	4.75%
1994	-2.38%	0.62%	-3.00%
1993	8.06%	4.44%	3.62%
1992	5.53%	n/a	n/a
1991	11.18%	n/a	n/a
1990	9.06%	n/a	n/a
1989	9.09%	n/a	n/a
1988 (12/23/1988)	0.08%	n/a	n/a

Swipe/scroll vertically for full history

Since Inception Returns
as of 03/31/2024

Since Fund Inception (12/23/1988)	Short Duration Income Fund	Bloomberg U.S. Agg 1-3 YR Index	Relative Results
Cumulative Return	396.47%	n/a	n/a
Average Annual Return	4.65%	n/a	n/a

Yields
as of 03/31/2024

Distribution Yield	4.37%
30-Day SEC Yield (Subsidized)	5.15%
30-Day SEC Yield (Unubsidized)	4.97%

Morningstar Ratings™
as of 3/31/2024

Rating / Number of funds in the category
Category: Short-Term Bond
3 YR	5 YR	10 YR	Overall Rating
out of 534	out of 494	out of 359	out of 534

Morningstar Ratings are based on risk–adjusted returns.

Morningstar Rankings™
as of 3/31/2024

Ranking / Number of funds in the category / Percentile Ranking
Category: Short-Term Bond
1 YR	3 YR	5 YR	10 YR
135 / 567 27	30 / 534 9	53 / 494 13	45 / 359 15

Morningstar Rankings are based on total returns.

Fees & Expenses
as of most recent prospectus dated 07/31/2023

Gross Expense Ratio	0.60%
Net Expense Ratio	0.45%
Contractual Expiration Date	7/31/2024
Distribution and/or service fee (12b-1) Fees	None
Sales Charge	None
Redemption Fee	None

Volatility Measures
as of 03/31/2024

Versus Bloomberg U.S. Agg 1-3 YR Index	5 Year
R-Squared	34.02
Beta	0.76
Alpha	1.33
Upside Capture Ratio	103.10
Downside Capture Ratio	48.33
Standard Deviation	2.42
Sharpe Ratio	0.16

Performance Disclosures & Footnotes

Investment results reflect applicable fees and expenses and assume all distributions are reinvested but do not reflect the deduction of taxes an investor would pay on distributions or share redemptions. The Fund has entered into fee waiver and/or expense reimbursement arrangements with the Investment Advisor by which the Advisor has contractually agreed to waive a portion of the Advisor's fee and reimburse certain expenses (excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to limit the total annual fund operating expenses of the Fund's average daily net assets through the Contractual Expiration Date. If the arrangement had not been in place, the performance results would have been lower.

The Gross Expense Ratio reflects the total annual operating expenses of the fund before any fee waivers or reimbursements. The Net Expense Ratio reflects the total annual operating expenses of the Fund after taking into account any such fee waiver and/or expense reimbursement. The net expense ratio represents what investors are ultimately charged to be invested in a mutual fund.

Effective 12/16/2016, the Short Duration Income Fund revised its principal investment strategies. Since that time the Fund has generally maintained an average effective duration between one to three and a half years. Prior to that date, the Fund maintained a dollar-weighted average maturity of between two to five years. Performance prior to 12/16/2016 reflects the Fund’s prior principal investment strategies and may not be indicative of future performance results.

Distribution Yield is the measurement of cash flow paid by a fund over a year. This rate does not represent the total return of a fund. Distributions may include income, short-term capital gains and long-term capital gains. The distribution yield is calculated by dividing the sum of all distributions paid by the fund over the trailing 12 months by the fund's NAV as of the date of the period presented. This calculation is based on distributions made in the past and is therefore not reflective of the fund's current portfolio.

30-Day SEC Yield represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price at the end of the 30-day period. Subsidized yield reflects fee waivers and/or expense reimbursements during the period. Without such fee waivers and/or expense reimbursements, if any; yields would have been lower. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect.

Index performance is hypothetical and is shown for illustrative purposes only. You cannot invest directly in an index. Click here to view the Index Definitions.

For more detail on Volatility Measures click here to view the Glossary of Terms.

© 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. Past performance is no guarantee of future results.

Morningstar percentile rank is a standardized way of ranking items within a peer group, in this case, funds with the same Morningstar category. The observation with the largest numerical value is ranked one; the observation with the smallest numerical value is ranked 100. The remaining observations are placed equal distance from one another on the rating scale.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Portfolio

Asset Allocation
% of Net Assets as of 03/31/2024

FIXED INCOME BREAKDOWN
% of Net Assets as of 03/31/2024

	Fund	Bloomberg U.S. Agg 1-3 YR Index
Asset-Backed Securities	39.9	1.8
U.S. Treasury / Government /Government Related	26.1	70.6
Mortgage-Backed Securities	12.9	1.5
Corporate Bonds	10.4	23.9
Commercial Mortgage-Backed Securities	6.8	1.8
Corporate Convertible Bonds	1.1	0.0
Municipal Bonds	0.0	0.4

Credit Quality
% of Portfolio as of 03/31/2024

	Fund	Bloomberg U.S. Agg 1-3 YR Index
U.S. Treasury	26.3	63.3
U.S. Government Agency MBS	4.7	1.0
AAA	42.6	6.4
AA	5.7	5.5
A	6.4	12.2
BBB	9.4	9.8
BB	1.1	0.5
B	0.6	0.0
CCC	0.0	0.0
Not Rated	1.1	1.2
Cash Equivalents	2.2	0.0

Characteristics
as of 03/31/2024

	Fund	Bloomberg U.S. Agg 1-3 YR Index
Avg. Effective Maturity (yrs)	3.6	1.9
Avg. Effective Duration (yrs)	1.4	1.8
Yield to Maturity (%)	5.7	4.9
Yield to Worst (%)	5.7	4.9
Average Coupon (%)	4.8	2.9
No. of Fixed Income Issuers	154	3,246
Annual Turnover (%)	37	—

Maturity Distribution
% of Portfolio as of 03/31/2024

Cash Equivalents	2.2
Less than 1 Year	24.5
1 - 3 Years	37.6
3 - 5 Years	12.7
5 - 7 Years	5.7
7 - 10 Years	7.9
10 Years or more	9.2

Duration Distribution
% of Portfolio as of 03/31/2024

0 - 1 Years	47.1
1 - 3 Years	40.4
3 - 5 Years	10.3
5 - 7 Years	2.2
7 - 10 Years	0.0
10 Years or more	0.0

Five Largest Corporate Bond Issuers
% of Net Assets as of 03/31/2024

Redwood Trust, Inc.	1.1
VICI Properties LP/VICI Note Co., Inc.	1.1
Ashtead Capital, Inc.	0.9
Penske Truck Leasing Co. Lp / PTL Finance Corp.	0.7
FS KKR Capital Corp.	0.7

Download Portfolio Holdings as of 03/31/2024 (CSV)

Portfolio Disclosures & Footnotes

Holdings are subject to change and may not be representative of the Fund's current or future investments. Totals may not add up to 100% due to rounding.

Credit ratings are assigned to underlying securities utilizing ratings from a Nationally Recognized Statistical Rating Organization (NRSRO) such as Moody's and Fitch, or other rating agencies and applying the following hierarchy: security is determined to be Investment Grade if it has been rated at least BBB- by one credit rating agency; once determined to be Investment Grade (BBB- and above) or Non-Investment Grade (BB+ and below) where multiple ratings are available, then the lowest rating is assigned. Mortgage-related securities issued and guaranteed by government-sponsored agencies such as Fannie Mae and Freddie Mac are generally not rated by rating agencies. Securities that are not rated do not necessarily indicate low quality. Ratings are shown in the Fitch scale (e.g., AAA). Ratings and portfolio credit quality may change over time. The Fund itself has not been rated by a credit rating agency.

For more detail view the Glossary of Terms.

Distributions

RECORD DATE	EX & PAY DATE	Income	Capital Gain Short-Term	Capital Gain Long-Term	Total Distribution	Reinvestment NAV
03/28/24	04/01/24	0.0472	n/a	n/a	0.0472	11.87
02/29/24	03/01/24	0.0440	n/a	n/a	0.0440	11.85
01/31/24	02/01/24	0.0444	n/a	n/a	0.0444	11.89
12/29/23	01/02/24	0.0506	n/a	n/a	0.0506	11.87
11/30/23	12/01/23	0.0454	n/a	n/a	0.0454	11.78
10/31/23	11/01/23	0.0437	n/a	n/a	0.0437	11.68
09/29/23	10/02/23	0.0434	n/a	n/a	0.0434	11.72
08/31/23	09/01/23	0.0418	n/a	n/a	0.0418	11.74
07/31/23	08/01/23	0.0389	n/a	n/a	0.0389	11.74
06/30/23	07/03/23	0.0421	n/a	n/a	0.0421	11.72
05/31/23	06/01/23	0.0403	n/a	n/a	0.0403	11.74
04/28/23	05/01/23	0.0348	n/a	n/a	0.0348	11.79
03/31/23	04/03/23	0.0406	n/a	n/a	0.0406	11.76
02/28/23	03/01/23	0.0352	n/a	n/a	0.0352	11.70
01/31/23	02/01/23	0.0356	n/a	n/a	0.0356	11.76
12/13/22	12/14/22	0.1148	n/a	0.0086	0.1234	11.67
09/13/22	09/14/22	0.0666	n/a	n/a	0.0666	11.72
06/14/22	06/15/22	0.0528	n/a	n/a	0.0528	11.76
03/15/22	03/16/22	0.0531	n/a	n/a	0.0531	12.03
12/14/21	12/15/21	0.0386	0.0027	0.0183	0.0596	12.27
09/14/21	09/15/21	0.0551	n/a	n/a	0.0551	12.38
06/15/21	06/16/21	0.0513	n/a	n/a	0.0513	12.40
03/15/21	03/16/21	0.0630	n/a	n/a	0.0630	12.40
12/15/20	12/16/20	0.0740	0.0100	0.0057	0.0897	12.36
09/15/20	09/16/20	0.0750	n/a	n/a	0.0750	12.36
06/16/20	06/17/20	0.0790	n/a	0.0048	0.0838	12.31
03/17/20	03/18/20	0.0660	n/a	n/a	0.0660	11.93
12/16/19	12/17/19	0.0730	n/a	n/a	0.0730	12.27
09/16/19	09/17/19	0.0760	n/a	n/a	0.0760	12.26
06/17/19	06/18/19	0.0820	n/a	n/a	0.0820	12.23
03/18/19	03/19/19	0.0750	n/a	n/a	0.0750	12.14
12/26/18	12/27/18	0.0760	n/a	n/a	0.0760	12.06
09/25/18	09/26/18	0.0730	n/a	n/a	0.0730	12.06
06/26/18	06/27/18	0.0760	n/a	n/a	0.0760	12.09
03/27/18	03/28/18	0.0660	n/a	n/a	0.0660	12.11
12/26/17	12/27/17	0.0670	n/a	n/a	0.0670	12.20
09/26/17	09/27/17	0.0630	n/a	n/a	0.0630	12.29
06/27/17	06/28/17	0.0620	n/a	n/a	0.0620	12.30
03/28/17	03/29/17	0.0660	n/a	n/a	0.0660	12.29
12/27/16	12/28/16	0.0660	0.0254	0.0080	0.0994	12.26
09/27/16	09/28/16	0.0660	0.000000	0.000000	0.0660	12.44
06/27/16	06/28/16	0.0670	n/a	0.0029	0.0699	12.42
03/28/16	03/29/16	0.0630	n/a	n/a	0.0630	12.28
12/28/15	12/29/15	0.0670	0.0032	0.0087	0.0789	12.19
09/25/15	09/28/15	0.0640	n/a	n/a	0.0640	12.32
06/25/15	06/26/15	0.0650	n/a	0.0298	0.0948	12.37
03/26/15	03/27/15	0.0540	n/a	n/a	0.0540	12.49
12/26/14	12/29/14	0.0630	n/a	0.0064	0.0694	12.46
09/25/14	09/26/14	0.0580	n/a	n/a	0.0580	12.45
06/25/14	06/26/14	0.0620	n/a	n/a	0.0620	12.54
03/26/14	03/27/14	0.0600	n/a	n/a	0.0600	12.52
12/26/13	12/27/13	0.0590	n/a	n/a	0.0590	12.49
09/26/13	09/27/13	0.0590	n/a	n/a	0.0590	12.53
06/26/13	06/27/13	0.0610	n/a	n/a	0.0610	12.46
03/26/13	03/27/13	0.0600	n/a	n/a	0.0600	12.68
12/26/12	12/27/12	0.0640	n/a	n/a	0.0640	12.59
09/26/12	09/27/12	0.0650	n/a	n/a	0.0650	12.58
06/27/12	06/28/12	0.0650	n/a	0.0024	0.0674	12.48
03/27/12	03/28/12	0.0700	n/a	n/a	0.0700	12.48
12/27/11	12/28/11	0.0700	n/a	n/a	0.0700	12.36
09/27/11	09/28/11	0.0400	n/a	n/a	0.0400	12.39
06/27/11	06/28/11	0.0900	n/a	n/a	0.0900	12.44
03/28/11	03/29/11	0.0700	n/a	n/a	0.0700	12.38
12/28/10	12/29/10	0.0700	n/a	n/a	0.0700	12.37
09/27/10	09/28/10	0.0700	n/a	n/a	0.0700	12.45
06/28/10	06/29/10	0.0800	n/a	n/a	0.0800	12.35
03/29/10	03/30/10	0.0700	n/a	n/a	0.0700	12.23
12/28/09	12/29/09	0.0900	n/a	n/a	0.0900	12.11
09/28/09	09/29/09	0.0900	n/a	n/a	0.0900	12.11
06/25/09	06/26/09	0.1100	n/a	n/a	0.1100	11.78
03/26/09	03/27/09	0.1100	n/a	n/a	0.1100	11.39
12/29/08	12/30/08	0.1300	n/a	n/a	0.1300	11.28
09/25/08	09/26/08	0.1000	n/a	n/a	0.1000	11.28
06/26/08	06/27/08	0.1100	0.0155	0.0867	0.2122	11.47
03/27/08	03/28/08	0.0900	n/a	n/a	0.0900	11.74
12/27/07	12/28/07	0.1300	n/a	n/a	0.1300	11.54
09/25/07	09/26/07	0.1100	n/a	n/a	0.1100	11.45
06/27/07	06/28/07	0.1300	n/a	n/a	0.1300	11.28
03/28/07	03/29/07	0.1200	n/a	n/a	0.1200	11.42
12/27/06	12/28/06	0.1300	n/a	n/a	0.1300	11.37
09/28/06	09/29/06	0.1100	n/a	n/a	0.1100	11.37
06/28/06	06/29/06	0.1100	n/a	n/a	0.1100	11.17
03/29/06	03/30/06	0.0900	n/a	n/a	0.0900	11.25
12/27/05	12/28/05	0.1400	n/a	0.0039	0.1439	11.37
09/28/05	09/29/05	0.1000	n/a	n/a	0.1000	11.46
06/27/05	06/28/05	0.0600	n/a	0.0395	0.0995	11.55
03/29/05	03/30/05	0.0600	n/a	n/a	0.0600	11.48
12/29/04	12/30/04	0.0820	n/a	n/a	0.0820	11.57
10/27/04	10/28/04	0.0600	n/a	n/a	0.0600	11.62
07/27/04	07/28/04	0.0600	n/a	n/a	0.0600	11.50
04/27/04	04/28/04	0.0500	n/a	n/a	0.0500	11.52
12/29/03	12/30/03	0.0890	n/a	n/a	0.0890	11.53
10/28/03	10/29/03	0.0714	n/a	n/a	0.0714	11.50
07/28/03	07/29/03	0.0864	n/a	n/a	0.0864	11.37
04/28/03	04/29/03	0.0792	n/a	n/a	0.0792	11.30
12/27/02	12/30/02	0.1149	n/a	n/a	0.1149	11.17
10/28/02	10/29/02	0.1157	n/a	n/a	0.1157	11.02
07/24/02	07/25/02	0.1226	n/a	n/a	0.1226	10.92
04/24/02	04/25/02	0.1322	n/a	n/a	0.1322	11.12
12/27/01	12/28/01	0.1382	n/a	n/a	0.1382	11.14
10/25/01	10/26/01	0.1204	n/a	n/a	0.1204	11.35
07/25/01	07/26/01	0.1339	n/a	n/a	0.1339	11.22
04/25/01	04/26/01	0.1636	n/a	n/a	0.1636	11.12
12/31/00	12/31/00	0.7284	n/a	n/a	0.7284	1.00
12/31/99	12/31/99	0.6658	n/a	n/a	0.6658	1.00
12/31/98	12/31/98	0.6608	n/a	n/a	0.6608	1.00
12/31/97	12/31/97	0.6294	n/a	n/a	0.6294	1.00
12/31/96	12/31/96	0.6773	n/a	n/a	0.6773	1.00
12/31/95	12/31/95	0.6646	n/a	n/a	0.6646	1.00
12/31/94	12/31/94	0.6127	n/a	n/a	0.6127	1.00
12/31/93	12/31/93	0.5879	n/a	n/a	0.5879	1.00
12/31/92	12/31/92	0.6507	n/a	n/a	0.6507	1.00
12/31/91	12/31/91	0.7305	0.0008	n/a	0.7313	1.00
12/31/90	12/31/90	0.6709	0.0083	0.0024	0.6816	1.00
12/31/89	12/31/89	0.8163	n/a	n/a	0.8163	1.00
12/31/88	12/31/88	0.0685	n/a	n/a	0.0685	1.00

Distributions Disclosures & Footnotes

Throughout the year, dividend and capital gains distributions are declared and paid for selected Weitz funds. Definitions:

Record Date: The date used to determine which shareholders are eligible to receive the distribution. Shareholders who purchase fund shares on or before the record date will receive distribution.

Ex-Date: The date when the distribution amount per share is deducted from the funds NAV. Shareholders who purchase fund shares on ex-dividend date are not eligible to receive the distribution.

Pay Date: The date when shareholders are paid their distribution, either in cash or by reinvestment in additional fund shares.

Capital Gain - Short-Term: Capital gains realized from the disposition of investments held for less than one year.

Capital Gains - Long-Term: Capital gains realized from the disposition of investments held for more than one year.

Total Distribution: Ordinary income, generally consisting of dividends, interest, and other earned on the funds investments, less fund expenses.

Reinvestment NAV: The share price at which shareholders reinvest dividends and/or capital gains.

Literature

Fact Sheet (3/24)	Commentary (12/23)	Summary Prospectus (07/23)

Prospectus (07/23)	SAI (07/23)	Annual Report* (03/23)	Portfolio Holdings (06/23)	Semi-Annual Report* (09/23)	Portfolio Holdings (12/23)

Literature Disclosures & Footnotes

Risks

An investment in the Fund involves certain risks, including, among others, the following:

Market Risk
As with any mutual fund, investment return and principal value will fluctuate, depending on general market conditions and other factors. Market risk includes political, regulatory, economic, social and health risks (including the risks presented by the spread of infectious diseases such as the COVID-19 pandemic) which can lead to increased market volatility and negative impacts on local and global financial markets, and the duration and severity of the impact of these risks on markets cannot be reasonably estimated.

Interest Rate Risk
Debt securities are subject to interest rate risk because the prices of debt securities tend to move in the opposite direction of interest rates. When interest rates rise, debt security prices fall. When interest rates fall, debt security prices rise. Changing interest rates may have sudden and unpredictable effects in the markets and on the Fund›s investments. In general, debt securities with longer maturities are more sensitive to changes in interest rates.

Credit Risk
The risk that the issuer of a debt security will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer's ability to make such payments will cause the price of that security to fall.

Non-Investment Grade Debt Securities Risk
Non-investment grade debt securities (commonly referred to as "high yield" or "junk" bonds) are speculative and involve a greater risk of default and price change than investment grade debt securities due to the issuer’s creditworthiness. The market prices of these securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in response to adverse economic changes or issuer developments.

Call Risk
Certain debt securities may be called (redeemed) at the option of the issuer at a specified price before reaching their stated maturity date. Call risk is the risk, especially during periods of falling interest rates, that an issuer will call or repay a higher-yielding bond debt security before its maturity date, forcing the Fund to reinvest in bonds with lower interest rates than the original obligations.

Liquidity Risk
Securities purchased by the Fund that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities (e.g., changes to the market's perception of the credit quality of the issuer), market events, economic conditions, investor perceptions or lack of market participants. The Fund may be unable to sell illiquid securities on short notice or only at a price below current value.

Mortgage-Backed (and Other Asset-Backed) Securities Risk
Mortgage-backed securities (and other asset-backed securities) are generally structured for the securities holders to receive periodic payments as the securities issuer receives payments on the mortgages (or loans) in an underlying asset pool. Sometimes these securities are issued in separate tranches, which can mean the securities holders of one tranche receive payment in full before the securities holders of another tranche receive payments. Also sometimes credit support is provided for these securities, which can mean the securities issuer, an affiliated party or a third party provides additional assets, or makes additional promises, with respect to payment to the securities holders. Risks to the securities holders can include (i) the underlying asset pool may not pay as expected (which could mean sooner or later than expected), (ii) the securities issuer may have insufficient cash to make payment on the securities generally, or on certain tranches of the securities and (iii) the credit support may be insufficient to make payment on the securities.

Non-U.S. Securities Risk
The Fund may invest in securities issued by non-U.S. issuers, which securities may be denominated in U.S. dollars or foreign currencies. Investments in non-U.S. securities may involve additional risks including exchange rate fluctuation, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets.

Derivatives Risk
Derivatives are instruments, such as futures and forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives may carry more risk than other types of investments. Derivatives are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, and the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and in some cases the Fund could lose more than the principal amount invested. The use of some derivatives requires the Fund to segregate liquid assets to cover the Fund›s obligations under the derivative agreements or as required by regulations.

Failure to Meet Investment Objective
There can be no assurance that the Fund will meet its investment objective.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Fund Facts

Ticker

CUSIP

Fund Inception

Class Inception

Fund Assets

Dividend Frequency

Portfolio Manager(s)

Investment Approach

Strategy and Process

Overview Disclosures & Footnotes

Performance

Returns as of 03/31/2024

Growth of a $10,000 Investment* as of 03/31/2024

Calendar Year Returns as of 03/31/2024

Since Inception Returns as of 03/31/2024

Yields as of 03/31/2024

Morningstar Ratings™ as of 3/31/2024

Morningstar Rankings™ as of 3/31/2024

Fees & Expenses as of most recent prospectus dated 07/31/2023

Volatility Measures as of 03/31/2024

Performance Disclosures & Footnotes

Portfolio

Asset Allocation % of Net Assets as of 03/31/2024

FIXED INCOME BREAKDOWN % of Net Assets as of 03/31/2024

Credit Quality % of Portfolio as of 03/31/2024

Characteristics as of 03/31/2024

Maturity Distribution % of Portfolio as of 03/31/2024

Duration Distribution % of Portfolio as of 03/31/2024

Five Largest Corporate Bond Issuers % of Net Assets as of 03/31/2024