M Class | |||||
Management Fees1 | |||||
Distribution (12b-1) Fees | |||||
Other Expenses | |||||
Shareholder
Servicing Expenses2 |
|||||
Acquired Fund Fees and Expenses | |||||
Total Annual Fund Operating Expenses | |||||
Fee Waiver and/or Expense Reimbursement3 | ( | ||||
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement |
1 | Effective
February 1, 2022, the management fee paid to Metropolitan West Asset
Management, LLC (the “Adviser”) for providing services to the Fund is
0.40% of average daily net assets of the Fund. Prior to this date, the
management fee consisted of a basic fee at an annual rate of 0.35% of the
Fund’s average net assets and a positive or negative performance
adjustment of up to an annual rate of 0.35% (applied to the average assets
for the rolling 3-month performance period), resulting in a total minimum
fee of 0% and a total maximum fee of 0.70%. The average monthly management
fee for the year ended March 31, 2022 was 0.10% (annual
rate). |
2 | The
Fund is authorized to compensate broker-dealers and other third-party
intermediaries up to 0.10% (10 basis points) of the M Class assets
serviced by those intermediaries for shareholder
services. |
3 |
The
Adviser has contractually agreed to reduce advisory fees and/or reimburse
expenses, including distribution expenses, to limit the Fund’s total
annual operating expenses (excluding interest, taxes, brokerage
commissions, short sale dividend expenses, acquired fund fees and
expenses, and any expenses incurred in connection with any merger or
reorganization or extraordinary expenses such as litigation) to the net
expenses shown in the table for the applicable share class. The Adviser
may recoup reduced fees and expenses only within three years of the waiver
or reimbursement, provided that the recoupment does not cause the Fund’s
annual expense ratio to exceed the lesser of (i) the expense
limitation applicable at the time of that fee waiver
and/ |
or expense reimbursement
or (ii) the expense limitation in effect at the time of recoupment.
This contract will remain in place until |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class M | $ |
$ |
$ |
$ |
• | Debt Securities Risk: the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. |
• | Market Risk: the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. |
• | Credit Risk: the risk that an issuer may default in the payment of principal and/or interest on a security. |
• | Inflation Risk: the risk that the value of the Fund’s investments may not keep up with price increases from inflation. |
• | Issuer Risk: the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services. |
• | Interest Rate Risk: the risk that debt securities may decline in value because of changes in interest rates. |
• | Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. |
• | Liquidity Risk: the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. |
• | Valuation Risk: the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. |
• | ETFs and Other Investment Companies Risk: the risk that investments by the Fund in the shares of other investment companies, including ETFs, are subject to the risks associated with such investment companies’ portfolio securities. Accordingly, the Fund’s investment in shares of another investment company will fluctuate based on the performance of such investment company’s portfolio securities. Further, Fund shareholders will indirectly bear a proportionate share of the expenses of any investment company in which the Fund invests, in addition to paying the Fund’s expenses. |
• | Derivatives Risk: the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. |
• | Leverage Risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. |
• | Counterparty Risk: the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. |
• | Futures Contracts Risk: the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. |
• | Swap Agreements Risk: the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. |
• | Junk Bond Risk: the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds. |
• | Below Investment Grade Mortgage-Backed Securities Risk: the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008. |
• | Prepayment Risk: the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. |
• | Extension Risk: the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter term securities. |
• | Mortgage-Backed Securities Risk: the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. |
• | Asset-Backed Securities Risk: the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. |
• |
Foreign Investing Risk: the risk that
Fund share prices will fluctuate with market conditions, currency exchange
rates and the economic and political climates of the foreign countries in
which the Fund invests or has exposure. Investments in foreign securities
may involve greater risks than investing in U.S. securities due to, among
other factors, less publicly available information, less stringent and
less uniform accounting, auditing and financial reporting standards, less
liquid and more volatile markets, higher transaction and custody costs,
additional taxes, less investor protection, delayed or less frequent
settlement, political or social instability, civil unrest, acts of
terrorism, regional economic volatility, and the imposition of sanctions,
confiscations, |
trade
restrictions (including tariffs) and other government restrictions by the
United States and/or other governments. In addition, Russia’s recent
military incursions in Ukraine have led to, and may lead to additional,
sanctions being levied by the United States, European Union and other
countries against Russia. Russia’s military incursion and the resulting
sanctions could adversely affect global energy and financial markets and
thus could affect the value of the Fund’s
investments. |
• | Emerging Markets Risk: the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. |
• | Sovereign Debt Risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to private issuers and any recourse may be subject to the political climate in the relevant country. |
• | Unrated Securities Risk: the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. |
• | Distressed and Defaulted Securities Risk: the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. |
• | Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results. |
• | Securities Selection Risk: the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. |
• | Public Health Emergency Risk: the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the |
case
of COVID-19 has resulted and may continue to result, in market volatility
and disruption, and materially and adversely impact economic conditions in
ways that cannot be predicted, all of which could result in substantial
investment losses. The ultimate impact of COVID-19, including new variants
of the underlying virus, or other health emergencies on global economic
conditions and businesses is impossible to predict accurately. Ongoing and
potential additional material adverse economic effects of indeterminate
duration and severity are possible. The resulting adverse impact on the
value of an investment in the Fund could be significant and prolonged.
Other public health emergencies that may arise in the future could have
similar or other unforeseen
effects. |
• | LIBOR Risk: the risk associated with the transition away from LIBOR, which is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate bonds and other fixed income securities. The use of LIBOR began being phased at the end of 2021; however, the publication of 1-month, 3-month and 6-month USD LIBOR has been extended until June 2023. Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the impact on the Fund of the transition to a new reference rate. |
• | U.S. Treasury Obligations Risk: the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. |
• | U.S. Government Securities Risk: the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. |
• | Money Market/Short-Term Securities Risk: To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money. |
% | (quarter ended
| ||||||
- |
% | (quarter ended
|
Share Class | 1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
M – Before
Taxes |
||||||||||||||||||||
-
After Taxes on Distributions |
||||||||||||||||||||
-
After Taxes on Distributions and Sale of Fund Shares |
||||||||||||||||||||
S&P
500 Index |
Name | Experience with the Fund |
Primary Title with Investment Adviser | ||||||||
Stephen M. Kane,
CFA |
25 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Bryan
T. Whalen, CFA |
Since December 2021 |
Generalist
Portfolio Manager | ||||||||
Bret
R. Barker |
Since December 2021 |
Managing Director | ||||||||
Ruben
Hovhannisyan |
Since December 2021 |
Managing Director |
M Class | I Class | |||||||||
Management Fees | ||||||||||
Distribution (12b-1) Fees | ||||||||||
Other Expenses | ||||||||||
Shareholder
Servicing Expenses1 |
||||||||||
Total Annual Fund Operating Expenses | ||||||||||
Fee Waiver and/or Expense Reimbursement2 | ( |
( | ||||||||
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement |
1 | The
Fund is authorized to compensate broker-dealers and other third-party
intermediaries up to 0.10% (10 basis points) of the M Class assets
serviced by those intermediaries for shareholder
services. |
2 | Metropolitan
West Asset Management, LLC (the “Adviser”) has contractually agreed to
reduce advisory fees and/or reimburse expenses, including distribution
expenses, to limit the Fund’s total annual operating expenses (excluding
interest, taxes, brokerage commissions, short sale dividend expenses,
acquired fund fees and expenses, and any expenses incurred in connection
with any merger or reorganization or extraordinary expenses such as
litigation) to the net expenses shown in the table for the applicable
share class. The Adviser may recoup reduced fees and expenses only within
three years of the waiver or reimbursement, provided that the recoupment
does not cause the Fund’s annual expense ratio to exceed the lesser of
(i) the expense limitation applicable at the time of that fee waiver
and/or expense reimbursement or (ii) the expense limitation in effect
at the time of recoupment. This contract will remain in place until
|
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class M | $ |
$ |
$ |
$ | ||||||||||||||||
Class I | $ |
$ |
$ |
$ |
• | Debt Securities Risk: the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. |
• | Market Risk: the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. |
• | Interest Rate Risk: the risk that debt securities may decline in value because of changes in interest rates. |
• | Credit Risk: the risk that an issuer may default in the payment of principal and/or interest on a security. |
• | Inflation Risk: the risk that the value of the Fund’s investments may not keep up with price increases from inflation. |
• | Issuer Risk: the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services. |
• | Liquidity Risk: the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. |
• | Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. |
• | Valuation Risk: the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. |
• | Securities Selection Risk: the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. |
• | Municipal Securities Risk: the risk of investing in municipal securities, including that the issuers of municipal securities may be unable to pay their obligations as they come due. The values of municipal securities may fluctuate as a result of changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal securities, may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. |
• | Sovereign Debt Risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to private issuers and any recourse may be subject to the political climate in the relevant country. |
• | Foreign Investing Risk: the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could |
adversely
affect global energy and financial markets and thus could affect the value
of the Fund’s
investments. |
• | Emerging Markets Risk: the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. |
• | Futures Contracts Risk: the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. |
• | Derivatives Risk: the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. |
• | Swap Agreements Risk: the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. |
• | Counterparty Risk: the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. |
• | Frequent Trading Risk: the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. |
• | Junk Bond Risk: the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds. |
• | Unrated Securities Risk: the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. |
• | Foreign Currency Risk: the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies. |
• | Leverage Risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. |
• | Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results. |
• | Public Health Emergency Risk: the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 has resulted and may continue to result, in market volatility and disruption, and materially and adversely impact economic conditions in ways that cannot be predicted, all of which could result in substantial investment losses. The ultimate impact of COVID-19, including new variants of the underlying virus, or other health emergencies on global economic conditions and businesses is impossible to predict accurately. Ongoing and potential additional material adverse economic effects of indeterminate duration and severity are possible. The resulting adverse impact on the value of an investment in the Fund could be significant and prolonged. Other public health emergencies that may arise in the future could have similar or other unforeseen effects. |
• | LIBOR Risk: the risk associated with the transition away from LIBOR, which is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate bonds and other fixed income securities. The use of LIBOR began being phased out at the end of 2021; however, the publication of 1-month, 3-month and 6-month USD LIBOR has been extended until June 2023. Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the impact on the Fund of the transition to a new reference rate. |
• | U.S. Treasury Obligations Risk: the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. |
• | U.S. Government Securities Risk: the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. |
(quarter ended
| |||||||
- |
(quarter ended
|
Share Class | 1 Year | Since Inception | ||||||||
M – Before Taxes |
- |
|||||||||
-
After Taxes on Distributions |
- |
|||||||||
-
After Taxes on Distributions and Sale of Fund Shares |
- |
|||||||||
I – Before Taxes |
- |
|||||||||
Bloomberg
Barclays U.S. Corporate Index |
- |
Name | Experience with the Fund |
Primary Title with Investment Adviser | ||||||||
Bryan T. Whalen,
CFA |
4 Years | Generalist Portfolio Manager | ||||||||
Jerry
Cudzil |
4 Years | Managing Director | ||||||||
Tammy
Karp |
1 Year | Managing Director | ||||||||
Steven
J. Purdy |
Since December 2021 |
Managing Director |
M Class | I Class | |||||||||
Management Fees | ||||||||||
Distribution (12b-1) Fees | ||||||||||
Other Expenses1 | ||||||||||
Shareholder
Servicing Expenses2 |
||||||||||
Total Annual Fund Operating Expenses | ||||||||||
Fee Waiver and/or Expense Reimbursement3 | ( |
( | ||||||||
Total Annual Fund Operating Expenses |
1 |
2 | The
Fund is authorized to compensate broker-dealers and other third-party
intermediaries up to 0.10% (10 basis points) of the M Class and I
Class assets serviced by that intermediary for shareholder services.
|
3 | Metropolitan
West Asset Management, LLC (the “Adviser”) has contractually agreed to
reduce advisory fees and/or reimburse expenses, including distribution
expenses, to limit the Fund’s total annual operating expenses (excluding
interest, taxes, brokerage commissions, short sale dividend expenses,
acquired fund fees and expenses, and any expenses incurred in connection
with any merger or reorganization or extraordinary expenses such as
litigation) to the net expenses shown in the table for the applicable
share class. The Adviser may recoup reduced fees and expenses only within
three years of the waiver or reimbursement, provided that the recoupment
does not cause the Fund’s annual expense ratio to exceed the lesser of
(i) the expense limitation applicable at the time of that fee waiver
and/or expense reimbursement or (ii) the expense limitation in effect
at the time of recoupment. This contract will remain in place until
|
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class M | $ |
$ |
$ |
$ | ||||||||||||||||
Class I | $ |
$ |
$ |
$ |
• | New Fund Risk: the risk that a new fund’s performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies. |
• | Debt Securities Risk: the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. |
• | Market Risk: the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. |
• | Interest Rate Risk: the risk that debt securities may decline in value because of changes in interest rates. |
• | Mortgage-Backed Securities Risk: the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. |
• | Asset-Backed Securities Risk: the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. |
• | Prepayment Risk: the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. |
• | Extension Risk: the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. |
• | ESG Investing Risk: the risk that the Fund’s ESG strategy may select or exclude securities of certain issuers for non-financial reasons, and that the Fund’s performance will differ from funds that do not utilize an ESG investing strategy. For example, the application of this strategy could affect the Fund’s exposure to certain sectors or types of investments, which could negatively impact the Fund’s performance. ESG investing is qualitative and subjective by nature, and there is no guarantee that the criteria used by the Adviser or any judgment exercised by the Adviser will reflect the opinions of any particular investor. Funds with ESG investment strategies are generally suited for long-term rather than short-term investors. |
There
are no universally agreed upon objective criteria for assessing ESG
factors for investments. Rather, these criteria tend to have many
subjective characteristics, can be difficult to analyze, and frequently
involve a balancing of numerous factors. ESG factors can vary over
different periods and can evolve over time. They may also be difficult to
apply consistently across different types of investments. For these
reasons, ESG standards may be aspirational and tend to be stated broadly
and applied flexibly. In addition, investors and others may disagree as to
whether a certain investment satisfies ESG standards given the absence of
mandated or generally accepted
criteria. |
• | Below Investment Grade Mortgage-Backed Securities Risk: the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below |
investment
grade generally carry greater liquidity risk than their investment grade
counterparts. Historically, the markets for such below investment grade
securities, and for below investment grade asset-backed securities in
general, have been characterized at times by less liquidity than the
market for analogous investment grade securities, particularly during the
financial crisis of 2007 and
2008. |
• | Unrated Securities Risk: the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. |
• | Issuer Risk: the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. |
• | Credit Risk: the risk that an issuer may default in the payment of principal and/or interest on a security. |
• | Inflation Risk: the risk that the value of the Fund’s investments may not keep up with price increases from inflation. |
• | Liquidity Risk: the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. |
• | Valuation Risk: the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. |
• | Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. |
• |
Futures Contracts Risk: the risk of
investing in futures contracts, which includes (1) the imperfect
correlation between a futures contract and the change in market value of
the |
underlying
instrument held by the Fund; (2) a high degree of leverage because of
the low collateral deposits normally involved in futures trading;
(3) possible lack of a liquid secondary market for a futures contract
and the resulting inability to close a futures contract when desired;
(4) losses caused by unanticipated market movements, which are
potentially unlimited; and (5) the inability of the Fund to execute a
trade because of the maximum permissible price movements exchanges may
impose on futures
contracts. |
• | Derivatives Risk: the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. |
• | Securities Selection Risk: the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. |
• | Frequent Trading Risk: the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. |
• | Leverage Risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. |
• | Swap Agreements Risk: the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. |
• | Junk Bond Risk: the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds. |
• | Foreign Investing Risk: the risk that Fund share prices may fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. |
• | Distressed and Defaulted Securities Risk: the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. |
• | Counterparty Risk: the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. |
• | Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results. |
• |
Public Health Emergency Risk: the risk
that pandemics and other public health emergencies, including outbreaks of
infectious diseases such as the current outbreak of the novel coronavirus
(“COVID-19”), can result, and in the case of COVID-19 has resulted and may
continue to result, in market volatility and disruption, and materially
and adversely impact economic conditions in ways that cannot be predicted,
all of which could result in substantial investment losses. The ultimate
impact of COVID-19, including new variants of the underlying virus, or
other health emergencies on global economic conditions and businesses is
impossible to predict accurately. Ongoing and potential additional
material adverse economic effects of indeterminate duration and severity
are possible. The resulting adverse impact on the value of an investment
in the Fund could be significant and prolonged. Other
public |
health
emergencies that may arise in the future could have similar or other
unforeseen effects. |
• | LIBOR Risk: the risk associated with the transition away from LIBOR, which is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate bonds and other fixed income securities. The use of LIBOR began being phased out at the end of 2021; however, the publication of 1-month, 3-month and 6-month USD LIBOR has been extended until June 2023. Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the impact on the Fund of the transition to a new reference rate. |
• | U.S. Treasury Obligations Risk: the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. |
• | U.S. Government Securities Risk: the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in their securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. |
Name | Experience with the Fund |
Primary Title with Investment Adviser | ||||||||
Mitch
Flack |
September 2021 (inception of the Fund) |
Specialist
Portfolio Manager | ||||||||
Stephen
M. Kane, CFA |
September
2021 (inception of the Fund) |
Founding Partner and Generalist Portfolio Manager | ||||||||
Elizabeth
(Liza) Crawford |
September
2021 (inception of the Fund) |
Specialist
Portfolio Manager, Head of Securitized Research | ||||||||
Harrison
Choi |
September
2021 (inception of the Fund) |
Specialist
Portfolio Manager, Head of Securitized Trading |
M Class | I Class | |||||||||
Management Fees | ||||||||||
Distribution (12b-1) Fees | ||||||||||
Other Expenses | ||||||||||
Shareholder
Servicing Expenses1 |
||||||||||
Total Annual Fund Operating Expenses | ||||||||||
Fee Waiver and/or Expense Reimbursement2 | ( |
( | ||||||||
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement |
1 | The
Fund is authorized to compensate broker-dealers and other third-party
intermediaries up to 0.10% (10 basis points) of the M Class and I
Class assets serviced by that intermediary for shareholder
services. |
2 | Metropolitan
West Asset Management, LLC (the “Adviser”) has contractually agreed to
reduce advisory fees and/or reimburse expenses, including distribution
expenses, to limit the Fund’s total annual operating expenses (excluding
interest, taxes, brokerage commissions, short sale dividend expenses,
acquired fund fees and expenses, and any expenses incurred in connection
with any merger or reorganization or extraordinary expenses such as
litigation) to the net expenses shown in the table for the applicable
share class. The Adviser may recoup reduced fees and expenses only within
three years of the waiver or reimbursement, provided that the recoupment
does not cause the Fund’s annual expense ratio to exceed the lesser of
(i) the expense limitation applicable at the time of that fee waiver
and/or expense reimbursement or (ii) the expense limitation in effect
at the time of recoupment. This contract will remain in place until
|
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class M | $ |
$ |
$ |
$ | ||||||||||||||||
Class I | $ |
$ |
$ |
$ |
• | Debt Securities Risk: the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. |
• | Liquidity Risk: the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Although the Fund is normally able to sell loans within seven days, a substantial portion of the loans held by the Fund will also experience delayed settlement beyond that period, which can impair the ability of the Fund to pay redemptions or to re-invest proceeds, or may require the Fund to borrow to meet redemptions. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. |
• | Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. |
• | Valuation Risk: the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. |
• | Junk Bond Risk: the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade securities. |
• | Below Investment Grade Mortgage-Backed Securities Risk: the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008. Although the market for below investment grade mortgage-backed securities has improved and become more transparent, the asset class remains complicated. Changes in market and regulatory conditions could adversely affect the liquidity of the Fund’s investments in below investment grade mortgage-backed securities or the ability of the Fund to sell these securities, thereby adversely impacting the value of your investment. These risks may be magnified in an environment of rising interest rates or in other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity. |
• | Unrated Securities Risk: the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. This risk is greater for high yield securities, because the analysis of creditworthiness of issuers of high yield securities may be more complex than for issuers of investment grade securities. |
• | Credit Risk: the risk that an issuer may default in the payment of principal and/or interest on a security. This risk is greater for high yield securities, which are considered speculative and are subject to greater risk of loss than investment grade securities, particularly in deteriorating economic conditions. |
• | Inflation Risk: the risk that the value of the Fund’s investments may not keep up with price increases from inflation. |
• | Issuer Risk: the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services. |
• | Interest Rate Risk: the risk that investments held by the Fund may decline in value because of changes in interest rates. |
• | Market Risk: the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. |
• | Emerging Markets Risk: the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. |
• | Mezzanine Securities Risk: the risk of investing in mezzanine securities, which generally are rated below investment grade or are unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. Mezzanine securities present additional risks because they typically are the most subordinated debt obligation in an issuer’s capital structure and are often unsecured. Mezzanine securities are also expected to be a highly illiquid investment. |
• | Prepayment Risk: the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. |
• | Extension Risk: the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. |
• | Mortgage-Backed Securities Risk: in addition to the risks discussed above under “Below Investment Grade Mortgage-Backed Securities,” the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. |
• | Asset-Backed Securities Risk: the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce |
the
security interest in the underlying assets, and credit enhancements
provided to support the asset-backed securities, if any, may be inadequate
to protect investors in the event of
default. |
• | Foreign Investing Risk: the risk that the value of Fund shares will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. |
• | Derivatives Risk: the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. |
• | Futures Contracts Risk: the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. |
• | Bank Loan Risk: the risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. The Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. |
• | Securities Selection Risk: the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. |
• | Distressed and Defaulted Securities Risk: the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. |
• | Equity Risk: the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result of changes in a company’s financial condition or in overall market, economic and political conditions. |
• | Municipal Securities Risk: the risk of investing in municipal securities, including that the issuers of municipal securities may be unable to pay their obligations as they come due. The values of municipal securities may fluctuate as a result of changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal securities, may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. |
• | Sovereign Debt Risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to private issuers and any recourse may be subject to the political climate in the relevant country. |
• | Swap Agreements Risk: the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. |
• | Frequent Trading Risk: the risk that frequent trading will lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders in the Fund. |
• | Money Market/Short-Term Securities Risk: To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money. |
• | Leverage Risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. |
• | Foreign Currency Risk: the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies. |
• | Counterparty Risk: the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. |
• | Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results. |
• |
Public Health Emergency Risk: the risk
that pandemics and other public health emergencies, including outbreaks of
infectious diseases such as the current outbreak of the novel coronavirus
(“COVID-19”), can result, and in the case of COVID-19 has resulted and may
continue to result, in market volatility and disruption, and materially
and adversely impact economic conditions in ways that
cannot |
be
predicted, all of which could result in substantial investment losses. The
ultimate impact of COVID-19, including new variants of the underlying
virus, or other health emergencies on global economic conditions and
businesses is impossible to predict accurately. Ongoing and potential
additional material adverse economic effects of indeterminate duration and
severity are possible. The resulting adverse impact on the value of an
investment in the Fund could be significant and prolonged. Other public
health emergencies that may arise in the future could have similar or
other unforeseen
effects. |
• | LIBOR Risk: the risk associated with the transition away from LIBOR, which is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate bonds and other fixed income securities. The use of LIBOR began being phased out at the end of 2021; however, the publication of 1-month, 3-month and 6-month USD LIBOR has been extended until June 2023. Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the impact on the Fund of the transition to a new reference rate. |
• | U.S. Government Securities Risk: the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. |
• | U.S. Treasury Obligations Risk: the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. |
(quarter ended
| |||||||
- |
(quarter ended
|
Share Class | 1 Year | Since Inception | ||||||||
M – Before Taxes |
||||||||||
-
After Taxes on Distributions |
- |
|||||||||
-
After Taxes on Distributions and Sale of Fund Shares |
||||||||||
I – Before Taxes |
||||||||||
Bloomberg
Barclays U.S. Aggregate Bond Index |
- |
Name | Experience with the Fund |
Primary Title with Investment Adviser | ||||||||
Laird
Landmann |
3 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Stephen
M. Kane, CFA |
3 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Bryan
T. Whalen, CFA |
3 Years | Generalist Portfolio Manager |
M Class | I Class | Plan Class | |||||||||||||
Management Fees | |||||||||||||||
Distribution (12b-1) Fees | |||||||||||||||
Other Expenses | |||||||||||||||
Shareholder
Servicing Expenses2 |
|||||||||||||||
Total Annual Fund Operating Expenses | |||||||||||||||
Fee Waiver and/or Expense Reimbursement3 | ( |
( |
( | ||||||||||||
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement |
1 |
The
Fund is authorized to compensate broker-dealers and other third-party
intermediaries up to 0.10% (10 basis points) of the M and I Class
assets serviced by those intermediaries for shareholder
services. |
2 |
Metropolitan
West Asset Management, LLC (the “Adviser”) has contractually agreed to
reduce advisory fees and/or reimburse expenses, including distribution
expenses, to limit the Fund’s total annual operating expenses (excluding
interest, taxes, brokerage commissions, short sale dividend expenses, swap
interest expenses, acquired fund fees and expenses, and any expenses
incurred in connection with any merger or reorganization or extraordinary
expenses such as litigation), to 0.90% for M Class, 0.70% for I
Class and 0.60% for Plan Class. The Adviser may recoup reduced fees
and expenses only within three years of the waiver or reimbursement,
provided that the recoupment does not cause the Fund’s annual expense
ratio to exceed |
the lesser of
(i) the expense limitation applicable at the time of that fee waiver
and/or expense reimbursement or (ii) the expense limitation in effect
at the time of recoupment. This contract will remain in place until
|
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class M | $ |
$ |
$ |
$ | ||||||||||||||||
Class I | $ |
$ |
$ |
$ | ||||||||||||||||
Plan Class | $ |
$ |
$ |
$ |
• |
Debt Securities Risk: the risk that the
value of a debt security may increase or decrease as a result of various
factors, |
including
changes in interest rates, actual or perceived inability or unwillingness
of issuers to make principal or interest payments, market fluctuations and
illiquidity in the debt securities
market. |
• | Market Risk: the risk that returns from the investments held by the Fund may underperform returns from the general securities markets or other types of securities. |
• | Credit Risk: the risk that an issuer may default in the payment of principal and/or interest on a security. |
• | Inflation Risk: the risk that the value of the Fund’s investments may not keep up with price increases from inflation. |
• | Issuer Risk: the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services. |
• | Liquidity Risk: the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Although the Fund is normally able to sell loans within seven days, a substantial portion of the loans held by the Fund may also experience delayed settlement beyond that period, which can impair the ability of the Fund to pay redemptions or to re-invest proceeds, or may require the Fund to borrow to meet redemptions. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. |
• | Valuation Risk: the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. |
• | Bank Loan Risk: the risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. The Fund may also be |
subject
to the credit risk of other financial institutions and the risks
associated with insufficient collateral securing a bank loan, limited
available public information about a bank loan, delayed settlement, and
less protection for holders of bank loans as compared to holders of
registered securities. |
• | Senior Loan Risk: the risk of investing in senior loans, which may be greater than the risk of investing in other types of securities, as a result of, among other factors, less readily available, reliable information about most senior loans than is the case for many other types of securities; possible loss of significant value before a default occurs; possible decline in value or illiquidity of collateral; and lack of an active trading market for certain senior loans. |
• | Second Lien Loan Risk: the risk of investing in second lien loans, which generally are subject to similar risks as those associated with investments in senior loans as well as the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. |
• | Mezzanine Securities Risk: the risk of investing in mezzanine securities, which generally are rated below investment grade or are unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. Mezzanine securities present additional risks because they typically are the most subordinated debt obligation in an issuer’s capital structure and are often unsecured. Mezzanine securities are also expected to be a highly illiquid investment. |
• | Junk Bond Risk: the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds. |
• | Unrated Securities Risk: the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. |
• | Distressed and Defaulted Securities Risk: the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. |
• | Prepayment Risk: the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. |
• |
Securities Selection Risk: the risk
that the securities held by the Fund may underperform those held by other
funds investing in the same asset class or those included
in |
benchmarks
that are representative of the same asset class because of the portfolio
managers’ choice of
securities. |
• | Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. |
• | Interest Rate Risk: the risk that investments held by the Fund may decline in value because of changes in interest rates. |
• | Derivatives Risk: the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. |
• | Swap Agreements Risk: the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. |
• | Futures Contracts Risk: the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. |
• | Counterparty Risk: the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. |
• | Foreign Investing Risk: the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks |
than
investing in U.S. securities due to, among other factors, less publicly
available information, less stringent and less uniform accounting,
auditing and financial reporting standards, less liquid and more volatile
markets, higher transaction and custody costs, additional taxes, less
investor protection, delayed or less frequent settlement, political or
social instability, civil unrest, acts of terrorism, regional economic
volatility, and the imposition of sanctions, confiscations, trade
restrictions (including tariffs) and other government restrictions by the
United States and/or other governments. In addition, Russia’s recent
military incursions in Ukraine have led to, and may lead to additional,
sanctions being levied by the United States, European Union and other
countries against Russia. Russia’s military incursion and the resulting
sanctions could adversely affect global energy and financial markets and
thus could affect the value of the Fund’s
investments. |
• | Emerging Markets Risk: the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. |
• | Equity Risk: the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result of changes in a company’s financial condition or in overall market, economic and political conditions. |
• | Leverage Risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk either by segregating an equal amount of liquid assets or by “covering” the transactions that introduce such risk. |
• | Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results. |
• |
Public Health Emergency Risk: the risk
that pandemics and other public health emergencies, including outbreaks of
infectious diseases such as the current outbreak of the novel coronavirus
(“COVID-19”), can result, and in the case of COVID-19 has resulted and may
continue to result, in market volatility and disruption, and materially
and |
adversely
impact economic conditions in ways that cannot be predicted, all of which
could result in substantial investment losses. The ultimate impact of
COVID-19, including new variants of the underlying virus, or other health
emergencies on global economic conditions and businesses is impossible to
predict accurately. Ongoing and potential additional material adverse
economic effects of indeterminate duration and severity are possible. The
resulting adverse impact on the value of an investment in the Fund could
be significant and prolonged. Other public health emergencies that may
arise in the future could have similar or other unforeseen
effects. |
• | LIBOR Risk: the risk associated with the transition away from LIBOR, which is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate bonds and other fixed income securities. The use of LIBOR began being phased out at the end of 2021; however, the publication of 1-month, 3-month and 6-month USD LIBOR has been extended until June 2023. Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the impact on the Fund of the transition to a new reference rate. |
• | U.S. Government Securities Risk: the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. |
(quarter ended
| |||||||
- |
(quarter ended
|
Share Class | 1 Year | 5 Years | Since Inception | ||||||||||||
M
– Before Taxes |
|||||||||||||||
-
After Taxes on Distributions |
|||||||||||||||
-
After Taxes on Distributions and Sale of Fund Shares |
|||||||||||||||
I
– Before Taxes |
|||||||||||||||
Plan
Class – Before Taxes |
|||||||||||||||
S&P/LSTA
Leveraged Loan Index |
Name | Experience with the Fund |
Primary Title with Investment Adviser | ||||||||
Drew
Sweeney |
2 Years | Managing Director | ||||||||
Laird
Landmann |
8 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Jerry
Cudzil |
8 Years | Managing Director | ||||||||
Steven
Purdy |
1 Year | Managing Director | ||||||||
Kenneth
Toshima |
Since July 2022 |
Managing Director |
M Class | I Class | |||||||||
Management Fees | ||||||||||
Distribution (12b-1) Fees | ||||||||||
Other Expenses | ||||||||||
Shareholder
Servicing Expenses1 |
||||||||||
Total Annual Fund Operating Expenses | ||||||||||
Fee Waiver and/or Expense Reimbursement2 | ( |
( | ||||||||
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement |
1 | The
Fund is authorized to compensate broker-dealers and other third-party
intermediaries up to 0.10% (10 basis points) of the M and I Class
assets serviced by those intermediaries for shareholder
services. |
2 | Metropolitan
West Asset Management, LLC (the “Adviser”) has contractually agreed to
reduce advisory fees and/or reimburse expenses, including distribution
expenses, to limit the Fund’s total annual operating expenses (excluding
interest, taxes, brokerage commissions, short sale dividend expenses, swap
interest expenses, acquired fund fees and expenses, and any expenses
incurred in connection with any merger or reorganization or extraordinary
expenses such as litigation) to the net expenses shown in the table for
the applicable class. The Adviser may recoup reduced fees and expenses
only within three years of the waiver or reimbursement, provided that the
recoupment does not cause the Fund’s annual expense ratio to exceed the
lesser of (i) the expense limitation applicable at the time of that
fee waiver and/or expense reimbursement or (ii) the expense
limitation in effect at the time of recoupment. This contract will remain
in place until |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class M | $ |
$ |
$ |
$ | ||||||||||||||||
Class I | $ |
$ |
$ |
$ |
• | Debt Securities Risk: the risk that the value of a debt security may increase or decrease as a result of various factors, |
including
changes in interest rates, actual or perceived inability or unwillingness
of issuers to make principal or interest payments, market fluctuations and
illiquidity in the debt securities
market. |
• | Market Risk: the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. |
• | Junk Bond Risk: the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds. |
• | Credit Risk: the risk that an issuer may default in the payment of principal and/or interest on a security. |
• | Inflation Risk: the risk that the value of the Fund’s investments may not keep up with price increases from inflation. |
• | Issuer Risk: the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services. |
• | Mezzanine Securities Risk: the risk of investing in mezzanine securities, which generally are rated below investment grade or are unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. Mezzanine securities present additional risks because they typically are the most subordinated debt obligation in an issuer’s capital structure and are often unsecured. Mezzanine securities are also expected to be a highly illiquid investment. |
• | Unrated Securities Risk: the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. |
• | Distressed and Defaulted Securities Risk: the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. |
• |
Liquidity Risk: the risk that lack of a
ready market or restrictions on resale may limit the ability of the Fund
to sell a security at an advantageous time or price. In addition, the
Fund, by itself or together with other accounts managed by the Adviser,
may hold a position in a security that is large relative to the typical
trading volume for that security, which can make it difficult for the Fund
to dispose of the position at an advantageous time or price. Although the
Fund is normally able to sell loans within seven days, a substantial
portion of the loans held by the Fund may also experience delayed
settlement beyond that period, which can impair the ability of the Fund to
pay redemptions or to re-invest proceeds, or may require the Fund to
borrow to meet redemptions. Over recent years, the
fixed-income |
markets
have grown more than the ability of dealers to make markets, which can
further constrain liquidity and increase the volatility of portfolio
valuations. High levels of redemptions in bond funds in response to market
conditions could cause greater losses as a result. Regulations such as the
Volcker Rule or future regulations may further constrain the ability of
market participants to create liquidity, particularly in times of
increased market volatility. The liquidity of the Fund’s assets may change
over time. |
• | Valuation Risk: the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. |
• | Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. |
• | Bank Loan Risk: the risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. The Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. |
• | Interest Rate Risk: the risk that debt securities may decline in value because of changes in interest rates. |
• | Futures Contracts Risk: the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. |
• | Securities Selection Risk: the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. |
• | Frequent Trading Risk: the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. |
• | Foreign Investing Risk: the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. |
• | Derivatives Risk: the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. |
• | Swap Agreements Risk: the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. |
• | Emerging Markets Risk: the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. |
• | Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results. |
• | Prepayment Risk: the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. |
• | Leverage Risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. |
• | Counterparty Risk: the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. |
• | Public Health Emergency Risk: the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 has resulted and may continue to result, in market volatility and disruption, and materially and adversely impact economic conditions in ways that cannot be predicted, all of which could result in substantial investment losses. The ultimate impact of COVID-19, including new variants of the underlying virus, or other health emergencies on global economic conditions and businesses is impossible to predict accurately. Ongoing and potential additional material adverse economic effects of indeterminate duration and severity are possible. The resulting adverse impact on the value of an investment in the Fund could be significant and prolonged. Other public health emergencies that may arise in the future could have similar or other unforeseen effects. |
• | LIBOR Risk: the risk associated with the transition away from LIBOR, which is used extensively in the U.S. and |
globally
as a “benchmark” or “reference rate” for various commercial and financial
contracts, including corporate bonds and other fixed income securities.
The use of LIBOR began being phased out at the end of 2021; however, the
publication of 1-month, 3-month and 6-month USD LIBOR has been extended
until June 2023. Although the transition process away from LIBOR has
become increasingly well-defined, there remains uncertainty regarding the
impact on the Fund of the transition to a new reference
rate. |
(quarter ended | |||||||
- |
(quarter ended
|
Share Class | 1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
M – Before
Taxes |
||||||||||||||||||||
-
After Taxes on Distributions |
|
|
||||||||||||||||||
-
After Taxes on Distributions and Sale of Fund Shares |
||||||||||||||||||||
I
– Before Taxes |
||||||||||||||||||||
Barclays
Capital U.S. Corporate High Yield Index – 2% Issuer Cap |
Name | Experience with the Fund |
Primary Title with Investment Adviser | ||||||||
Jerry
Cudzil |
2 Years | Managing Director | ||||||||
Stephen
M. Kane, CFA |
19 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Laird
Landmann |
19 Years | Founding
Partner and Generalist Portfolio Manager | ||||||||
Steven
J. Purdy |
2 Years | Managing Director | ||||||||
Brian
Gelfand |
Since July 2022 | Senior Vice President |
M Class | I Class | |||||||||
Management Fees | ||||||||||
Distribution (12b-1) Fees | ||||||||||
Other Expenses | ||||||||||
Shareholder
Servicing Expenses1 |
||||||||||
Total Annual Fund Operating Expenses |
1 | The
Fund is authorized to compensate broker-dealers and other third-party
intermediaries up to 0.10% (10 basis points) of the M and I Class
assets serviced by those intermediaries for shareholder
services. |
2 |
Metropolitan
West Asset Management, LLC (the “Adviser”) has contractually agreed to
reduce advisory fees and/or reimburse expenses, including distribution
expenses, to limit the Fund’s total annual operating expenses (excluding
interest, taxes, brokerage commissions, short sale dividend expenses, swap
interest expenses, acquired fund fees and expenses, and any expenses
incurred in connection with any merger or reorganization or extraordinary
expenses such as litigation) to the net expenses shown in the table for
the applicable class. The Adviser may recoup reduced fees and expenses
only within three years of the waiver or reimbursement, provided that the
recoupment does not cause the Fund’s annual expense ratio to exceed the
lesser of (i) the expense limitation applicable at the time of that
fee waiver and/or expense reimbursement or (ii) the expense
limitation in effect at the time of recoupment. This contract will remain
in place until |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class M | $ |
$ |
$ |
$ | ||||||||||||||||
Class I | $ |
$ |
$ |
$ |
• | Debt Securities Risk: the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. |
• | Market Risk: the risk that returns from the securities in which the Fund invests may underperform returns from the |
general
securities markets or other types of
securities. |
• | Interest Rate Risk: the risk that debt securities may decline in value because of changes in interest rates. |
• | Credit Risk: the risk that an issuer may default in the payment of principal and/or interest on a security. |
• | Inflation Risk: the risk that the value of the Fund’s investments may not keep up with price increases from inflation. |
• | Issuer Risk: the risk that the value of a security may decline for reasons directly related to the issuer such as management performance, financial leverage and reduced demand for the issuer’s goods or services. |
• | Prepayment Risk: the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. |
• | Extension Risk: the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. |
• | Asset-Backed Securities Risk: the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. |
• | Mortgage-Backed Securities Risk: the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. |
• | Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. |
• |
Below Investment Grade Mortgage-Backed
Securities Risk: the Fund’s investments in residential
mortgage-backed securities (“RMBS”) and commercial mortgage-backed
securities (“CMBS”) that are rated below investment grade generally carry
greater liquidity risk than their investment grade counterparts.
Historically, the markets for such below investment grade securities, and
for below investment grade asset-backed securities
in |
general,
have been characterized at times by less liquidity than the market for
analogous investment grade securities, particularly during the financial
crisis of 2007 and 2008. |
• | Sovereign Debt Risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to private issuers and any recourse may be subject to the political climate in the relevant country. |
• | Municipal Securities Risk: the risk of investing in municipal securities, including that the issuers of municipal securities may be unable to pay their obligations as they come due. The values of municipal securities may fluctuate as a result of changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal securities, may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. |
• | Junk Bond Risk: the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade securities. |
• | Futures Contracts Risk: the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. |
• | Securities Selection Risk: the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. |
• | Frequent Trading Risk: the risk that frequent trading may lead to increased portfolio turnover and higher transaction |
costs,
which may reduce the Fund’s performance and may cause higher levels of
current tax liability to shareholders of the
Fund. |
• | Foreign Investing Risk: the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. |
• | Derivatives Risk: the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. |
• | Swap Agreements Risk: the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. |
• |
Emerging Markets Risk: the risk of
investing in emerging market countries, which is substantial due to, among
other factors, higher brokerage costs in certain countries;
different |
accounting
standards; thinner trading markets as compared to those in developed
countries; less publicly available and reliable information about issuers
as compared to developed markets; the possibility of currency transfer
restrictions; and the risk of expropriation, nationalization or other
adverse political, economic or social
developments. |
• | Unrated Securities Risk: the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. |
• | Valuation Risk: the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. |
• | Liquidity Risk: the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. |
• | Counterparty Risk: the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. |
• | U.S. Treasury Obligations Risk: the risk that the value of U.S. treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. |
• | U.S. Government Securities Risk: the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. |
• | Distressed and Defaulted Securities Risk: the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. |
• | Leverage Risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. |
• | Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results. |
• | Public Health Emergency Risk: the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 has resulted and may continue to result, in market volatility and disruption, and materially and adversely impact economic conditions in ways that cannot be predicted, all of which could result in substantial investment losses. The ultimate impact of COVID-19, including new variants of the underlying virus, or other health emergencies on global economic conditions and businesses is impossible to predict accurately. Ongoing and potential additional material adverse economic effects of indeterminate duration and severity are possible. The resulting adverse impact on the value of an investment in the Fund could be significant and prolonged. Other public health emergencies that may arise in the future could have similar or other unforeseen effects. |
• | LIBOR Risk: the risk associated with the transition away from LIBOR, which is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate bonds and other fixed income securities. The use of LIBOR began being phased out at the end of 2021; however, the publication of 1-month, 3-month and 6-month USD LIBOR has been extended until June 2023. Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the impact on the Fund of the transition to a new reference rate. |
(quarter ended
| |||||||
- |
(quarter ended
|
Share Class | 1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
I
– Before Taxes |
- |
|||||||||||||||||||
-
After Taxes on Distributions |
- |
|||||||||||||||||||
-
After Taxes on Distributions and Sale of Fund Shares |
- |
|||||||||||||||||||
M
– Before Taxes |
- |
|||||||||||||||||||
Barclays
Capital Intermediate U.S. Government/ Credit Index |
- |
Name | Experience with the Fund |
Primary Title with Investment Adviser | ||||||||
Stephen M. Kane,
CFA |
19 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Laird
Landmann |
19 Years | Founding
Partner and Generalist Portfolio Manager | ||||||||
Bryan
T. Whalen, CFA |
18 Years | Generalist
Portfolio Manager |
M Class | I Class | |||||||||
Management Fees | ||||||||||
Distribution (12b-1) Fees | ||||||||||
Other Expenses | ||||||||||
Shareholder
Servicing Expenses1 |
||||||||||
Total Annual Fund Operating Expenses | ||||||||||
Fee Waiver and/or Expense Reimbursement1 | ( |
( | ||||||||
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement |
1 | The
Fund is authorized to compensate broker-dealers and other third-party
intermediaries up to 0.10% (10 basis points) of the M Class and I
Class assets serviced by that intermediary for shareholder
services. |
2 |
Metropolitan
West Asset Management, LLC (the “Adviser”) has contractually agreed to
reduce advisory fees and/or reimburse expenses, including distribution
expenses, to limit the Fund’s total annual operating expenses (excluding
interest, taxes, brokerage commissions, short sale dividend expenses,
acquired fund fees and expenses, and any expenses incurred in connection
with any merger or reorganization or extraordinary expenses such as
litigation) to the net expenses shown in the table for the applicable
share class. The Adviser may recoup reduced fees and expenses only within
three years of the waiver or reimbursement, provided that the recoupment
does not cause the Fund’s annual expense ratio to exceed the lesser of
(i) the expense limitation applicable at the time of that fee waiver
and/or expense reimbursement or (ii) the expense limitation in effect
at the time of recoupment. This contract will remain in place until
|
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class M | $ |
$ |
$ |
$ | ||||||||||||||||
Class I | $ |
$ |
$ |
$ |
• | Debt Securities Risk: the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. |
• | Market Risk: the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. |
• | Interest Rate Risk: the risk that debt securities may decline in value because of changes in interest rates. |
• | Credit Risk: the risk that an issuer may default in the payment of principal and/or interest on a security. |
• | Inflation Risk: the risk that the value of the Fund’s investments may not keep up with price increases from inflation. |
• | Issuer Risk: the risk that the value of a security value may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. |
• | Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. |
• | Prepayment Risk: the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. |
• | Extension Risk: the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. |
• | Mortgage-Backed Securities Risk: the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. |
• | Asset-Backed Securities Risk: the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. |
• | Frequent Trading Risk: the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. |
• | Municipal Securities Risk: the risk of investing in municipal securities, including that the issuers of municipal securities may be unable to pay their obligations as they come due. The values of municipal securities may fluctuate as a result of changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal securities, may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. |
• | Foreign Investing Risk: the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. |
• | Emerging Markets Risk: the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. |
• | Sovereign Debt Risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to private issuers and any recourse may be subject to the political climate in the relevant country. |
• | Futures Contracts Risk: the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. |
• | Unrated Securities Risk: the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. |
• | Securities Selection Risk: the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. |
• | Derivatives Risk: the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These |
investments
can create investment leverage and may create additional risks that may
subject the Fund to greater volatility and less liquidity than investments
in more traditional
securities. |
• | Swap Agreements Risk: the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. |
• | Liquidity Risk: the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. |
• | Valuation Risk: the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. |
• | Leverage Risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. If required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. |
• |
U.S. Government Securities Risk: the risk
that debt securities issued or guaranteed by certain U.S. government
agencies, instrumentalities, and sponsored enterprises
are |
not
supported by the full faith and credit of the U.S. government, and as a
result, investments in securities or obligations issued by such entities
involve credit risk greater than investments in other types of U.S.
government securities. |
• | U.S. Treasury Obligations Risk: the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. |
• | Counterparty Risk: the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. |
• | Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results. |
• | Foreign Currency Risk: the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies. |
• | Public Health Emergency Risk: the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 has resulted and may continue to result, in market volatility and disruption, and materially and adversely impact economic conditions in ways that cannot be predicted, all of which could result in substantial investment losses. The ultimate impact of COVID-19, including new variants of the underlying virus, or other health emergencies on global economic conditions and businesses is impossible to predict accurately. Ongoing and potential additional material adverse economic effects of indeterminate duration and severity are possible. The resulting adverse impact on the value of an investment in the Fund could be significant and prolonged. Other public health emergencies that may arise in the future could have similar or other unforeseen effects. |
• | LIBOR Risk: the risk associated with the transition away from LIBOR, which is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate bonds and other fixed income securities. The use of LIBOR began being phased out at the end of 2021; however, the publication of 1-month, 3-month and 6-month USD LIBOR has been extended until June 2023. Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the impact on the Fund of the transition to a new reference rate. |
(quarter ended
| |||||||
- |
(quarter ended
|
Share Class | 1 Year | Since Inception | ||||||||
M
– Before Taxes |
- |
|||||||||
M
– After Taxes on Distributions |
- |
|||||||||
M
– After Taxes on Distributions and Sale of Fund Shares |
- |
|||||||||
I
– Before Taxes |
- |
|||||||||
Bloomberg
Barclays U.S. Intermediate Credit Index |
- |
Name | Experience with the Fund |
Primary Title with Investment Adviser | ||||||||
Laird
Landmann |
3 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Stephen
M. Kane, CFA |
3 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Bryan
T. Whalen, CFA |
3 Years | Generalist Portfolio Manager |
M Class | I Class | Administrative Class | |||||||||||||
Management Fees | |||||||||||||||
Distribution (12b-1) Fees | |||||||||||||||
Other Expenses | |||||||||||||||
Shareholder
Servicing Expenses1 |
|||||||||||||||
Total Annual Fund Operating Expenses |
1 | Shareholder
Servicing Expenses for the Administrative Class Shares includes up to
0.20% charged under the Shareholder Servicing Plan. The Fund is authorized
to compensate broker-dealers and other third-party intermediaries up to
0.10% (10 basis points) of the M and I Class assets serviced by those
intermediaries for shareholder
services. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class M | $ |
$ |
$ |
$ | ||||||||||||||||
Class I | $ |
$ |
$ |
$ | ||||||||||||||||
Administrative Class | $ |
$ |
$ |
$ |
• | Debt Securities Risk: the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. |
• | Market Risk: the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. |
• | Credit Risk: the risk that an issuer may default in the payment of principal and/or interest on a security. |
• | Inflation Risk: the risk that the value of the Fund’s investments may not keep up with price increases from inflation. |
• | Issuer Risk: the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. |
• | Futures Contracts Risk: the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. |
• | Derivatives Risk: the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. |
• | Frequent Trading Risk: the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. |
• | Prepayment Risk: the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. |
• | Extension Risk: the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. |
• |
Mortgage-Backed Securities Risk: the risk
of investing in mortgage-backed securities, including prepayment risk and
extension risk. Mortgage-backed securities react differently to changes in
interest rates than other bonds, and
some |
mortgage-backed
securities are not backed by the full faith and credit of the U.S.
government. |
• | Asset-Backed Securities Risk: the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. |
• | Interest Rate Risk: the risk that debt securities may decline in value because of changes in interest rates. |
• | Junk Bond Risk: the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds. |
• | Unrated Securities Risk: the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. |
• | Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. |
• | Valuation Risk: the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. |
• | Foreign Investing Risk: the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could |
adversely
affect global energy and financial markets and thus could affect the value
of the Fund’s
investments. |
• | Emerging Markets Risk: the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. |
• | Securities Selection Risk: the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. |
• | Bank Loan Risk: the risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. The Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. |
• | Leverage Risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. |
• | Counterparty Risk: the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. |
• | Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results. |
• |
Swap Agreements Risk: the risk of
investing in swaps, which, in addition to risks applicable to derivatives
generally, includes: (1) the inability to assign a swap contract
without the consent of the counterparty; (2) potential default of the
counterparty to a swap for those not traded through a central
counterparty; (3) absence of a
liquid |
secondary
market for any particular swap at any time; and (4) possible
inability of the Fund to close out a swap transaction at a time that
otherwise would be favorable for it to do
so. |
• | Foreign Currency Risk: the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies. |
• | Distressed and Defaulted Securities Risk: the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. |
• | Liquidity Risk: the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. |
• | U.S. Treasury Obligations Risk: the risk that the value of U.S. treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. |
• | U.S. Government Securities Risk: the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. |
• | Public Health Emergency Risk: the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 has resulted and may continue to result, in market volatility and disruption, and materially and |
adversely
impact economic conditions in ways that cannot be predicted, all of which
could result in substantial investment losses. The ultimate impact of
COVID-19, including new variants of the underlying virus, or other health
emergencies on global economic conditions and businesses is impossible to
predict accurately. Ongoing and potential additional material adverse
economic effects of indeterminate duration and severity are possible. The
resulting adverse impact on the value of an investment in the Fund could
be significant and prolonged. Other public health emergencies that may
arise in the future could have similar or other unforeseen
effects. |
• | LIBOR Risk: the risk associated with the transition away from LIBOR, which is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate bonds and other fixed income securities. The use of LIBOR began being phased out at the end of 2021; however, the publication of 1-month, 3-month and 6-month USD LIBOR has been extended until June 2023. Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the impact on the Fund of the transition to a new reference rate. |
• | Below Investment Grade Mortgage-Backed Securities Risk: the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008. |
(quarter ended
| |||||||
- |
(quarter ended
|
Share Class | 1 Year | 5 Years | 10 Years |
Since
Inception | ||||||||||||||||
M
– Before Taxes |
- |
|||||||||||||||||||
-
After Taxes on Distributions |
- |
|||||||||||||||||||
-
After Taxes on Distributions and Sale of Fund Shares |
- |
|||||||||||||||||||
I
– Before Taxes |
||||||||||||||||||||
Administrative
– Before Taxes |
- |
|||||||||||||||||||
BofA
Merrill Lynch 1-3 Year U.S. Treasury Index |
- |
Name | Experience with the Fund |
Primary
Title with
Investment Adviser | ||||||||
Stephen M. Kane,
CFA |
26 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Laird
Landmann |
26 Years | Founding
Partner and Generalist Portfolio Manager | ||||||||
Bryan
T. Whalen, CFA |
18 Years | Generalist
Portfolio Manager |
M Class | I Class | |||||||||
Management Fees | ||||||||||
Distribution (12b-1) Fees | ||||||||||
Other Expenses1 | ||||||||||
Shareholder
Servicing Expenses2 |
||||||||||
Total Annual Fund Operating Expenses | ||||||||||
Fee Waiver and/or Expense Reimbursement3 | ( |
( | ||||||||
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement |
1 |
2 | The
Fund is authorized to compensate broker-dealers and other third-party
intermediaries up to 0.10% (10 basis points) of the M Class and I
Class assets serviced by that intermediary for shareholder services.
|
3 | Metropolitan
West Asset Management, LLC (the “Adviser”) has contractually agreed to
reduce advisory fees and/or reimburse expenses, including distribution
expenses, to limit the Fund’s total annual operating expenses (excluding
interest, taxes, brokerage commissions, short sale dividend expenses,
acquired fund fees and expenses, and any expenses incurred in connection
with any merger or reorganization or extraordinary expenses such as
litigation) to the net expenses shown in the table for the applicable
share class. The Adviser may recoup reduced fees and expenses only within
three years of the waiver or reimbursement, provided that the recoupment
does not cause the Fund’s annual expense ratio to exceed the lesser of
(i) the expense limitation applicable at the time of that fee waiver
and/or expense reimbursement or (ii) the expense limitation in effect
at the time of recoupment. This contract will remain in place until
|
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class M | $ |
$ |
$ |
$ | ||||||||||||||||
Class I | $ |
$ |
$ |
$ |
• | New Fund Risk: the risk that a new fund’s performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies. |
• | Debt Securities Risk: the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. |
• | Market Risk: the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. |
• | Credit Risk: the risk that an issuer may default in the payment of principal and/or interest on a security. |
• | Inflation Risk: the risk that the value of the Fund’s investments may not keep up with price increases from inflation. |
• | Issuer Risk: the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. |
• | Securities Selection Risk: the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. |
• | Junk Bond Risk: the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds. |
• | Distressed and Defaulted Securities Risk: the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. A security held by the Fund may default, or the issuer of the security may become distressed, after the Fund’s investment. In addition, the Fund may invest a significant portion of its assets in fixed income securities that are distressed or defaulted at the time of investment. Because the issuer of such securities is in default and is likely to be in distressed financial condition, repayment of defaulted securities and obligations of distressed issuers is uncertain. To the extent that the Fund is invested in distressed or defaulted securities, its ability to achieve current income for its shareholders may be diminished. The Fund is also subject to significant uncertainty as to when, in what manner and for what value the obligations evidenced by the distressed or defaulted securities will eventually be satisfied, and the Fund may lose its entire investment or be required to accept cash or securities with a lesser value than its original investment. |
• | Mezzanine Securities Risk: the risk of investing in mezzanine securities, which generally are rated below investment grade or are unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. Mezzanine securities present additional risks because they typically are the most subordinated debt obligation in an issuer’s capital structure and are often unsecured. Mezzanine securities are also expected to be a highly illiquid investment. |
• | Second Lien Loan Risk: the risk of investing in second lien loans, which generally are subject to similar risks as those associated with investments in senior loans as well as the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. |
• | Bank Loan Risk: the risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. The Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. |
• |
Equity Risk: the risk that stocks and
other equity securities generally fluctuate in value more than bonds and
may |
decline
in value over short or extended periods as a result of changes in a
company’s financial condition or in overall market, economic and political
conditions. |
• | Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. |
• | Unrated Securities Risk: the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. |
• | Below Investment Grade Mortgage-Backed Securities Risk: the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008. |
• | Valuation Risk: the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. |
• | Liquidity Risk: the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. |
• | Interest Rate Risk: the risk that debt securities may decline in value because of changes in interest rates. |
• | Frequent Trading Risk: the risk that frequent trading may lead to increased portfolio turnover and higher transaction |
costs,
which may reduce the Fund’s performance and may cause higher levels of
current tax liability to shareholders of the
Fund. |
• | Mortgage-Backed Securities Risk: the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. |
• | Asset-Backed Securities Risk: the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. |
• | Prepayment Risk: the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. |
• | Futures Contracts Risk: the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. |
• | Leverage Risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. |
• | Counterparty Risk: the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. |
• |
Short Sales Risk: the risk that the use
of short sales, which are speculative investments, may cause the Fund to
lose |
money
if the value of a security does not go down as the Adviser expects. The
risk of loss is theoretically unlimited if the value of the security sold
short continues to increase. In addition, the use of short sales may cause
the Fund to have higher expenses (especially interest and dividend
expenses) than those of other mutual funds that do not engage in short
sales. |
• | Derivatives Risk: the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. |
• | Swap Agreements Risk: the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. |
• | Foreign Investing Risk: the risk that Fund share prices may fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could |
adversely
affect global energy and financial markets and thus could affect the value
of the Fund’s
investments. |
• | Foreign Currency Risk: the risk that any hedging transactions used by the Fund are not effective in protecting against a decline in the value of foreign currencies relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies. |
• | Emerging Markets Risk: the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. |
• | Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results. |
• | Public Health Emergency Risk: the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 has resulted and may continue to result, in market volatility and disruption, and materially and adversely impact economic conditions in ways that cannot be predicted, all of which could result in substantial investment losses. The ultimate impact of COVID-19, including new variants of the underlying virus, or other health emergencies on global economic conditions and businesses is impossible to predict accurately. Ongoing and potential additional material adverse economic effects of indeterminate duration and severity are possible. The resulting adverse impact on the value of an investment in the Fund could be significant and prolonged. Other public health emergencies that may arise in the future could have similar or other unforeseen effects. |
• |
LIBOR Risk: the risk associated with the
transition away from LIBOR, which is used extensively in the U.S. and
globally as a “benchmark” or “reference rate” for various commercial and
financial contracts, including corporate bonds and other fixed income
securities. The use of LIBOR began being phased out at the end of 2021;
however, the publication of 1-month, 3-month and 6-month USD LIBOR has
been extended until June 2023. Although the transition process away from
LIBOR has become
increasingly |
well-defined,
there remains uncertainty regarding the impact on the Fund of the
transition to a new reference
rate. |
Name | Experience with the Fund |
Primary Title with
Investment Adviser | ||||||||
Steven
J. Purdy |
July
2021 (inception of the Fund) |
Managing Director | ||||||||
Harrison
Choi |
July
2021 (inception of the Fund) |
Specialist
Portfolio Manager, Head of Securitized Trading | ||||||||
Brian
Gelfand |
July
2021 (inception of the Fund) |
Senior Vice President | ||||||||
Laird
R. Landmann |
Since December 2021 |
Founding Partner and Generalist Portfolio Manager | ||||||||
Jerry
Cudzil |
Since December 2021 |
Managing Director |
M Class | I Class | |||||||||
Management Fees1 | ||||||||||
Distribution (12b-1) Fees | ||||||||||
Other Expenses | ||||||||||
Shareholder
Servicing Expenses2 |
||||||||||
Total Annual Fund Operating Expenses | ||||||||||
Fee Waiver and/or Expense Reimbursement3 | ( |
( | ||||||||
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement |
1 | Effective
February 1, 2022, the management fee paid to Metropolitan West Asset
Management, LLC (the “Adviser”) for providing services to the Fund is
0.65% of daily net assets of the Fund. Prior to this date, the management
fee consisted of a basic fee at an annual rate of 1.20% of the Fund’s
average daily net assets and a positive or negative performance adjustment
of up to an annual rate of 0.70% (applied to the average net assets for
the rolling 12-month performance period), resulting in a total minimum fee
of 0.50% and a total maximum fee of 1.90%. The average monthly management
fee for the period from April 1, 2021 through March 31, 2022 was
1.64% (annual rate) based on average net assets for the year ended
March 31, 2022. |
2 | The
Fund is authorized to compensate broker-dealers and other third-party
intermediaries up to 0.10% (10 basis points) of the M and
I Class assets serviced by those intermediaries for shareholder
services. |
3 |
Metropolitan
West Asset Management, LLC (the “Adviser”) has contractually agreed to
reduce advisory fees and/or reimburse expenses, including distribution
expenses, to limit the Fund’s total annual operating expenses (excluding
interest, taxes, brokerage commissions, short sale dividend expenses, swap
interest expenses, acquired fund fees and expenses, and any expenses
incurred in connection with any merger or reorganization or extraordinary
expenses |
such as litigation) to
the net expenses shown in the table for the applicable class. The Adviser
may recoup reduced fees and expenses only within three years of the waiver
or reimbursement, provided that the recoupment does not cause the Fund’s
annual expense ratio to exceed the lesser of (i) the expense
limitation applicable at the time of that fee waiver and/or expense
reimbursement or (ii) the expense limitation in effect at the time of
recoupment. This contract will remain in place until |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class M | $ |
$ |
$ |
$ | ||||||||||||||||
Class I | $ |
$ |
$ |
$ |
• | Debt Securities Risk: the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. |
• | Liquidity Risk: the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. |
• | Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. |
• | Valuation Risk: the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. |
• | Issuer Risk: the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. |
• | Credit Risk: the risk that an issuer may default in the payment of principal and/or interest on a security. |
• | Inflation Risk: the risk that the value of the Fund’s investments may not keep up with price increases from inflation. |
• | Market Risk: the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. |
• | Below Investment Grade Mortgage-Backed Securities Risk: the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008. |
• | Junk Bond Risk: the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade securities. |
• | Distressed and Defaulted Securities Risk: the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. |
• | Mezzanine Securities Risk: the risk of investing in mezzanine securities, which generally are rated below investment grade or unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. Mezzanine securities present additional risks because they typically are the most subordinated debt obligation in an issuer’s capital structure and are often unsecured. Mezzanine securities are also expected to be a highly illiquid investment. |
• | Mortgage-Backed Securities Risk: the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. |
• | Asset-Backed Securities Risk: the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. |
• | Unrated Securities Risk: the risk that unrated securities may be less liquid than comparable rated securities, and |
the
risk that the Adviser may not accurately evaluate the security’s
comparative credit
rating. |
• | Securities Selection Risk: the risk that the securities held by the Fund may underperform other funds investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio managers’ choice of securities. |
• | Prepayment Risk: the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. |
• | Extension Risk: the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. |
• | Interest Rate Risk: the risk that debt securities may decline in value because of changes in interest rates. |
• | Futures Contracts Risk: the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. |
• | Equity Risk: the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result of changes in a company’s financial condition or in overall market, economic and political conditions. |
• | Derivatives Risk: the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. |
• | Swap Agreements Risk: the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. |
• | Foreign Investing Risk: the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. |
• | Emerging Markets Risk: the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. |
• | Sovereign Debt Risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar |
laws
applicable to issuers of sovereign debt obligations may be substantially
different from those applicable to private issuers and any recourse may be
subject to the political climate in the relevant
country. |
• | Absolute Return Investing Risk: the risk of absolute return investing, which may involve greater risk than investing in a traditional portfolio of stocks or bonds. There is no guarantee that the performance of the Fund will have low correlation with the returns of traditional capital markets, and increased correlation between the Fund’s strategies and the traditional capital markets could result in an increase in the Fund’s overall volatility. |
• | Event Driven Strategies Risk: the risk that the success or failure of event driven investing, which involves attempting to predict the outcome of a particular transaction and the best time at which to commit capital to such a transaction, will usually depend on whether the Adviser accurately predicts the outcome and timing of the transaction event. |
• | Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results. |
• | Leverage Risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. |
• | Counterparty Risk: the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. |
• | Short Sales Risk: the risk that the use of short sales, which are speculative investments, may cause the Fund to lose money if the value of a security does not go down as the Adviser expects. The risk of loss is theoretically unlimited if the value of the security sold short continues to increase. In addition, the use of borrowing and short sales may cause the Fund to have higher expenses (especially interest and dividend expenses) than those of other mutual funds that do not engage in short sales. |
• | Foreign Currency Risk: the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies. |
• | Public Health Emergency Risk: the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 has resulted and may continue to result, in market volatility and disruption, and materially and adversely impact economic conditions in ways that cannot be predicted, all of which could result in substantial investment losses. The ultimate impact of COVID-19, including new variants of the underlying virus, or other health emergencies on global economic conditions and businesses is impossible to predict accurately. Ongoing and potential additional material adverse economic effects of indeterminate duration and severity are possible. The resulting adverse impact on the value of an investment in the Fund could be significant and prolonged. Other public health emergencies that may arise in the future could have similar or other unforeseen effects. |
• | LIBOR Risk: the risk associated with the transition away from LIBOR, which is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate bonds and other fixed income securities. The use of LIBOR began being phased out at the end of 2021; however, the publication of 1-month, 3-month and 6-month USD LIBOR has been extended until June 2023. Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the impact on the Fund of the transition to a new reference rate. |
(quarter ended
| |||||||
- |
(quarter ended
|
Share Class | 1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
M
– Before Taxes |
||||||||||||||||||||
-
After Taxes on Distributions |
- |
|||||||||||||||||||
-
After Taxes on Distributions and Sale of Fund Shares |
||||||||||||||||||||
I
– Before Taxes |
||||||||||||||||||||
BofA
Merrill Lynch 3-Month U.S. Treasury Bill Index +2% |
Name | Experience with the Fund |
Primary Title with Investment Adviser | ||||||||
Stephen
M. Kane, CFA |
19 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Laird
Landmann |
19 Years | Founding
Partner and Generalist Portfolio Manager | ||||||||
Bryan
T. Whalen, CFA |
18 Years | Generalist
Portfolio Manager |
M Class | I Class | I-2 Class | Admini‑ strative Class |
Plan Class | |||||||||||||||||||||
Management Fees | |||||||||||||||||||||||||
Distribution (12b-1) Fees | |||||||||||||||||||||||||
Other Expenses | |||||||||||||||||||||||||
Shareholder
Servicing Expenses1 |
|||||||||||||||||||||||||
Total Annual Fund Operating Expenses |
1 | For
the Administrative Class Shares, includes up to 0.20% charged under
the Shareholder Servicing Plan. The Fund is authorized to compensate
broker-dealers and other third-party intermediaries up to 0.10% (10 basis
points) of the M and I and up to 0.15% (15 basis points) of the I-2
Class assets serviced by those intermediaries for shareholder
services. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class M | $ |
$ |
$ |
$ | ||||||||||||||||
Class I | $ |
$ |
$ |
$ | ||||||||||||||||
Class I-2 | $ |
$ |
$ |
$ | ||||||||||||||||
Administrative Class | $ |
$ |
$ |
$ | ||||||||||||||||
Plan Class | $ |
$ |
$ |
$ |
• | Debt Securities Risk: the risk that the value of a debt security may increase or decrease as a result of various factors, |
including
changes in interest rates, actual or perceived inability or unwillingness
of issuers to make principal or interest payments, market fluctuations and
illiquidity in the debt securities
market. |
• | Market Risk: the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. |
• | Interest Rate Risk: the risk that debt securities may decline in value because of changes in interest rates. |
• | Credit Risk: the risk that an issuer may default in the payment of principal and/or interest on a security. |
• | Inflation Risk: the risk that the value of the Fund’s investments may not keep up with price increases from inflation. |
• | Mortgage-Backed Securities Risk: the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. |
• | Asset-Backed Securities Risk: the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. |
• | Prepayment Risk: the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. |
• | Extension Risk: the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. |
• | Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. |
• | Issuer Risk: the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. |
• |
Liquidity Risk: the risk that lack of a
ready market or restrictions on resale may limit the ability of the Fund
to |
sell
a security at an advantageous time or price. In addition, the Fund, by
itself or together with other accounts managed by the Adviser, may hold a
position in a security that is large relative to the typical trading
volume for that security, which can make it difficult for the Fund to
dispose of the position at an advantageous time or price. Over recent
years, the fixed-income markets have grown more than the ability of
dealers to make markets, which can further constrain liquidity and
increase the volatility of portfolio valuations. High levels of
redemptions in bond funds in response to market conditions could cause
greater losses as a result. Regulations such as the Volcker Rule or future
regulations may further constrain the ability of market participants to
create liquidity, particularly in times of increased market volatility.
The liquidity of the Fund’s assets may change over
time. |
• | Frequent Trading Risk: the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. |
• | Junk Bond Risk: the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds. |
• | Unrated Securities Risk: the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. |
• | Bank Loan Risk: the risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. The Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. |
• | Below Investment Grade Mortgage-Backed Securities Risk: the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity |
than
the market for analogous investment grade securities, particularly during
the financial crisis of 2007 and
2008. |
• | Mezzanine Securities Risk: the risk of investing in mezzanine securities, which generally are rated below investment grade or unrated and present many of the same risks as senior loans, second lien loans and non-investment grade bonds. Mezzanine securities present additional risks because they typically are the most subordinated debt obligation in an issuer’s capital structure and are often unsecured. Mezzanine securities are also expected to be a highly illiquid investment. |
• | Futures Contracts Risk: the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. |
• | Distressed and Defaulted Securities Risk: the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. |
• | Securities Selection Risk: the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. |
• | Valuation Risk: the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. |
• | Derivatives Risk: the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. |
• | Swap Agreements Risk: the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. |
• | Leverage Risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. |
• | Foreign Investing Risk: the risk that Fund share prices may fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. |
• | Sovereign Debt Risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations |
may
be substantially different from those applicable to private issuers and
any recourse may be subject to the political climate in the relevant
country. |
• | Municipal Securities Risk: the risk of investing in municipal securities, including that the issuers of municipal securities may be unable to pay their obligations as they come due. The values of municipal securities may fluctuate as a result of changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal securities, may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. |
• | Foreign Currency Risk: the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies. |
• | Emerging Markets Risk: the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. |
• | Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results. |
• | Counterparty Risk: the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. |
• |
Public Health Emergency Risk: the risk
that pandemics and other public health emergencies, including outbreaks of
infectious diseases such as the current outbreak of the novel coronavirus
(“COVID-19”), can result, and in the case of COVID-19 has resulted and may
continue to result, in market volatility and disruption, and materially
and adversely impact economic conditions in ways that cannot be predicted,
all of which could result in substantial investment losses. The ultimate
impact of COVID-19, including new variants of the underlying virus, or
other health emergencies on global economic conditions and businesses is
impossible to predict accurately.
Ongoing |
and
potential additional material adverse economic effects of indeterminate
duration and severity are possible. The resulting adverse impact on the
value of an investment in the Fund could be significant and prolonged.
Other public health emergencies that may arise in the future could have
similar or other unforeseen
effects. |
• | LIBOR Risk: the risk associated with the transition away from LIBOR, which is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate bonds and other fixed income securities. The use of LIBOR began being phased out at the end of 2021; however, the publication of 1-month, 3-month and 6-month USD LIBOR has been extended until June 2023. Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the impact on the Fund of the transition to a new reference rate. |
• | U.S. Treasury Obligations Risk: the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. |
• | U.S. Government Securities Risk: the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in their securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. |
(quarter ended
| |||||||
- |
(quarter ended
|
Share Class | 1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
M
– Before Taxes |
- |
|||||||||||||||||||
-
After Taxes on Distributions |
- |
|||||||||||||||||||
-
After Taxes on Distributions and Sale of Fund Shares |
- |
|||||||||||||||||||
I
– Before Taxes |
- |
|||||||||||||||||||
I-2
– Before Taxes |
- |
|||||||||||||||||||
Administrative
– Before Taxes |
- |
|||||||||||||||||||
Plan
– Before Taxes |
- |
|||||||||||||||||||
Barclays
Capital U.S. Aggregate Bond Index |
- |
Name | Experience with the Fund |
Primary Title with Investment Adviser | ||||||||
Stephen
M. Kane, CFA |
26 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Laird
Landmann |
26 Years | Founding
Partner and Generalist Portfolio Manager | ||||||||
Bryan
T. Whalen, CFA |
18 Years | Generalist
Portfolio Manager |
M Class | I Class | |||||||||
Management Fees | ||||||||||
Distribution (12b-1) Fees | ||||||||||
Other Expenses | ||||||||||
Shareholder
Servicing
Expenses1 |
||||||||||
Total Annual Fund Operating Expenses | ||||||||||
Fee Waiver and/or Expense Reimbursement2 | ( |
( | ||||||||
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement |
1 | The
Fund is authorized to compensate broker-dealers and other third-party
intermediaries up to 0.10% (10 basis points) of the M and I Class
assets serviced by those intermediaries for shareholder
services. |
2 | Metropolitan
West Asset Management, LLC (the “Adviser”) has contractually agreed to
reduce advisory fees and/or reimburse expenses, including distribution
expenses, to limit the Fund’s total annual operating expenses (excluding
interest, taxes, brokerage commissions, short sale dividend expenses,
acquired fund fees and expenses, and any expenses incurred in connection
with any merger or reorganization or extraordinary expenses such as
litigation) to the net expenses shown in the table for the applicable
share class. The Adviser may recoup reduced fees and expenses only within
three years of the waiver or reimbursement, provided that the recoupment
does not cause the Fund’s annual expense ratio to exceed the lesser of
(i) the expense limitation applicable at the time of that fee waiver
and/or expense reimbursement or (ii) the expense limitation in effect
at the time of recoupment. This contract will remain in place until
|
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class M | $ |
$ |
$ |
$ | ||||||||||||||||
Class I | $ |
$ |
$ |
$ |
• | Debt Securities Risk: the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market. |
• | Market Risk: the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. |
• | Credit Risk: the risk that an issuer may default in the payment of principal and/or interest on a security. |
• | Inflation Risk: the risk that the value of the Fund’s investments may not keep up with price increases from inflation. |
• | Issuer Risk: the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. |
• | Securities Selection Risk: the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. |
• | Frequent Trading Risk: the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. |
• | Futures Contracts Risk: the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally involved in futures trading; (3) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (4) losses caused by unanticipated market movements, which are potentially unlimited; and (5) the inability of the Fund to execute a trade because of the maximum permissible price movements exchanges may impose on futures contracts. |
• |
Derivatives Risk: the risk of
investing in derivative instruments, which includes liquidity, interest
rate, market, credit and management risks as well as risks related to
mispricing or improper valuation. Changes in the value of a derivative may
not correlate perfectly with the underlying asset, reference rate or
index, and the Fund could lose more than
the |
principal
amount invested. These investments can create investment leverage and may
create additional risks that may subject the Fund to greater volatility
and less liquidity than investments in more traditional
securities. |
• | Mortgage-Backed Securities Risk: the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. |
• | Asset-Backed Securities Risk: the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. |
• | Below Investment Grade Mortgage-Backed Securities Risk: the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008. |
• | Junk Bond Risk: the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade securities. |
• | Interest Rate Risk: the risk that debt securities may decline in value because of changes in interest rates. |
• | Swap Agreements Risk: the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. |
• | Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. |
• | Foreign Investing Risk: the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. |
• | Emerging Markets Risk: the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. |
• | Sovereign Debt Risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to private issuers and any recourse may be subject to the political climate in the relevant country. |
• | Unrated Securities Risk: the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. |
• | Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results. |
• | Liquidity Risk: the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. |
• | Valuation Risk: the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. |
• | Prepayment Risk: the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. |
• | Extension Risk: the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. |
• | Counterparty Risk: the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. |
• | Leverage Risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. |
• | Public Health Emergency Risk: the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the |
case
of COVID-19 has resulted and may continue to result, in market volatility
and disruption, and materially and adversely impact economic conditions in
ways that cannot be predicted, all of which could result in substantial
investment losses. The ultimate impact of COVID-19, including new variants
of the underlying virus, or other health emergencies on global economic
conditions and businesses is impossible to predict accurately. Ongoing and
potential additional material adverse economic effects of indeterminate
duration and severity are possible. The resulting adverse impact on the
value of an investment in the Fund could be significant and prolonged.
Other public health emergencies that may arise in the future could have
similar or other unforeseen
effects. |
• | LIBOR Risk: the risk associated with the transition away from LIBOR, which is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate bonds and other fixed income securities. The use of LIBOR began being phased out at the end of 2021; however, the publication of 1-month, 3-month and 6-month USD LIBOR has been extended until June 2023. Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the impact on the Fund of the transition to a new reference rate. |
• | U.S. Treasury Obligations Risk: the risk that the value of U.S. Treasury obligations may decline as a result of changes in interest rates, certain political events in the U.S., and strained relations with certain foreign countries. |
• | U.S. Government Securities Risk: the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. |
(quarter ended
| |||||||
- |
(quarter ended
|
Share Class | 1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
M
– Before Taxes |
- |
|||||||||||||||||||
-
After Taxes on Distributions |
- |
|||||||||||||||||||
-
After Taxes on Distributions and Sale of Fund Shares |
- |
|||||||||||||||||||
I
– Before Taxes |
||||||||||||||||||||
BofA
Merrill Lynch 1-Year U.S. Treasury Index |
- |
Name | Experience with the Fund |
Primary Title with Investment Adviser | ||||||||
Stephen
M. Kane, CFA |
19 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Laird
Landmann |
19 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Bryan
T. Whalen, CFA |
18 Years | Generalist Portfolio Manager | ||||||||
Mitch
Flack |
17 Years | Specialist Portfolio Manager |
M Class | I Class | Plan Class | |||||||||||||
Management Fees | |||||||||||||||
Distribution (12b-1) Fees | |||||||||||||||
Other Expenses | |||||||||||||||
Shareholder
Servicing Expenses1 |
|||||||||||||||
Total Annual Fund Operating Expenses |
1 | The
Fund is authorized to compensate broker-dealers and other third-party
intermediaries up to 0.10% (10 basis points) of the M and I Class
assets serviced by those intermediaries for shareholder
services. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||
Class M | $ |
$ |
$ |
$ | ||||||||||||||||
Class I | $ |
$ |
$ |
$ | ||||||||||||||||
Plan Class | $ |
$ |
$ |
$ |
• |
Debt Securities Risk: the risk that the
value of a debt security may increase or decrease as a result of various
factors, including changes in interest rates, actual
or |
perceived
inability or unwillingness of issuers to make principal or interest
payments, market fluctuations and illiquidity in the debt securities
market. |
• | Market Risk: the risk that returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. |
• | Interest Rate Risk: the risk that debt securities may decline in value because of changes in interest rates. |
• | Credit Risk: the risk that an issuer may default in the payment of principal and/or interest on a security. |
• | Inflation Risk: the risk that the value of the Fund’s investments may not keep up with price increases from inflation. |
• | Issuer Risk: the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. |
• | Mortgage-Backed Securities Risk: the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government. |
• | Asset-Backed Securities Risk: the risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default. |
• | Below Investment Grade Mortgage-Backed Securities Risk: the Fund’s investments in residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade generally carry greater liquidity risk than their investment grade counterparts. Historically, the markets for such below investment grade securities, and for below investment grade asset-backed securities in general, have been characterized at times by less liquidity than the market for analogous investment grade securities, particularly during the financial crisis of 2007 and 2008. |
• | Junk Bond Risk: the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds. |
• | Bank Loan Risk: the risk of investing in corporate loans made by commercial banks and other financial institutions |
or
institutional investors to companies that need capital to grow or
restructure, which includes interest rate risk, liquidity risk and
prepayment risk. The Fund may also be subject to the credit risk of other
financial institutions and the risks associated with insufficient
collateral securing a bank loan, limited available public information
about a bank loan, delayed settlement, and less protection for holders of
bank loans as compared to holders of registered
securities. |
• | Emerging Markets Risk: the risk of investing in emerging market countries, which is substantial due to, among other factors, higher brokerage costs in certain countries; different accounting standards; thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. |
• | Distressed and Defaulted Securities Risk: the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. |
• | Unrated Securities Risk: the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security’s comparative credit rating. |
• | Sovereign Debt Risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to private issuers and any recourse may be subject to the political climate in the relevant country. |
• | Equity Risk: the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods as a result of changes in a company’s financial condition or in overall market, economic and political conditions. |
• | Futures Contracts Risk: the risk of investing in futures contracts, which includes (1) the imperfect correlation between a futures contract and the change in market value of the underlying instrument held by the Fund; (2) a high degree of leverage because of the low collateral deposits normally |
involved
in futures trading; (3) possible lack of a
liquid |
secondary
market for a futures contract and the resulting inability to close a
futures contract when desired; (4) losses caused by unanticipated
market movements, which are potentially unlimited; and (5) the
inability of the Fund to execute a trade because of the maximum
permissible price movements exchanges may impose on futures
contracts. |
• | Securities Selection Risk: the risk that the securities held by the Fund may underperform those held by other funds investing in the same asset class or those included in benchmarks that are representative of the same asset class because of the portfolio managers’ choice of securities. |
• | Derivatives Risk: the risk of investing in derivative instruments, which includes liquidity, interest rate, market, credit and management risks as well as risks related to mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. These investments can create investment leverage and may create additional risks that may subject the Fund to greater volatility and less liquidity than investments in more traditional securities. |
• | Price Volatility Risk: the risk that the value of the Fund’s investment portfolio will change as the prices of its investments go up or down. |
• | Frequent Trading Risk: the risk that frequent trading may lead to increased portfolio turnover and higher transaction costs, which may reduce the Fund’s performance and may cause higher levels of current tax liability to shareholders of the Fund. |
• | Foreign Investing Risk: the risk that Fund share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the Fund invests or has exposure. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. In addition, Russia’s recent military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Rus- |
sia’s
military incursion and the resulting sanctions could adversely affect
global energy and financial markets and thus could affect the value of the
Fund’s investments. |
• | Foreign Currency Risk: the risk that foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign currencies, in securities that are denominated, trade, and/or receive revenues in foreign currencies, or in derivatives that provide exposure to foreign currencies. |
• | Swap Agreements Risk: the risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap for those not traded through a central counterparty; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so. |
• | Portfolio Management Risk: the risk that an investment strategy may fail to produce the intended results. Also, because the Fund may use multiple investment strategies, it may use a strategy that produces a less favorable result than would have been produced by another strategy. |
• | Liquidity Risk: the risk that lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Over recent years, the fixed-income markets have grown more than the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations. High levels of redemptions in bond funds in response to market conditions could cause greater losses as a result. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased market volatility. The liquidity of the Fund’s assets may change over time. |
• | Valuation Risk: the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued. |
• | Prepayment Risk: the risk that in times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield. |
• | Extension Risk: the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities. |
• | Public Health Emergency Risk: the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 has resulted and may continue to result, in market volatility and disruption, and materially and adversely impact economic conditions in ways that cannot be predicted, all of which could result in substantial investment losses. The ultimate impact of COVID-19, including new variants of the underlying virus, or other health emergencies on global economic conditions and businesses is impossible to predict accurately. Ongoing and potential additional material adverse economic effects of indeterminate duration and severity are possible. The resulting adverse impact on the value of an investment in the Fund could be significant and prolonged. Other public health emergencies that may arise in the future could have similar or other unforeseen effects. |
• | LIBOR Risk: the risk associated with the transition away from LIBOR, which is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate bonds and other fixed income securities. The use of LIBOR began being phased out at the end of 2021; however, the publication of 1-month, 3-month and 6-month USD LIBOR has been extended until June 2023. Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the impact on the Fund of the transition to a new reference rate. |
• | Municipal Securities Risk: the risk of investing in municipal securities, including that the issuers of municipal securities may be unable to pay their obligations as they come due. The values of municipal securities may fluctuate as a result of changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal securities, may cause interest received and distributed to shareholders |
by
the Fund to be taxable and may result in a significant decline in the
values of such municipal
securities. |
• | Leverage Risk: the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result. To the extent required by applicable law or regulation, the Fund will reduce leverage risk by either segregating an equal amount of liquid assets or “covering” the transactions that introduce such risk. |
• | Counterparty Risk: the risk that the other party to a contract, such as a derivatives contract, may not fulfill its contractual obligations. |
• | U.S. Government Securities Risk: the risk that debt securities issued or guaranteed by certain U.S. government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. government, and as a result, investments in securities or obligations issued by such entities involve credit risk greater than investments in other types of U.S. government securities. |
(quarter ended
| |||||||
- |
(quarter ended
|
Share Class | 1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||||||
M
– Before Taxes |
||||||||||||||||||||
-
After Taxes on Distributions |
- |
|||||||||||||||||||
-
After Taxes on Distributions and Sale of Fund Shares |
||||||||||||||||||||
I
– Before Taxes |
||||||||||||||||||||
Plan –
Before Taxes |
||||||||||||||||||||
ICE BofA U.S.
Dollar 3‑Month Deposit Offered Rate Average Index1 |
1 | Effective
January 1, 2020, The BofA Merrill Lynch U.S. LIBOR 3-Month Aeverage
Index was rebranded as ICE BofA U.S. Dollar 3-Month Deposited Offered
Rate Index. |
Name | Experience with the Fund |
Primary Title with Investment Adviser | ||||||||
Stephen
M. Kane, CFA |
11 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Laird
Landmann |
11 Years | Founding Partner and Generalist Portfolio Manager | ||||||||
Bryan
T. Whalen, CFA |
11 Years | Generalist Portfolio Manager |
Share
Class and Type of Account |
Minimum Initial Investment |
Minimum Subsequent Investment | ||||||||
Class M | ||||||||||
Regular Accounts | $ | 5,000 | $ | 0 | ||||||
Individual Retirement Accounts | $ | 1,000 | $ | 0 | ||||||
Automatic Investment Plan | $ | 5,000 | $ | 100 | ||||||
Class I | ||||||||||
Regular Accounts | $ | 3,000,000 | $ | 50,000 |
Share
Class and Type of Account |
Minimum Initial Investment |
Minimum Subsequent Investment | ||||||||
Class I-2 | ||||||||||
Regular Accounts | $ | 3,000,000 | $ | 50,000 | ||||||
Administrative Class | ||||||||||
Regular Accounts | $ | 2,500 | $ | 0 | ||||||
Individual Retirement Accounts | $ | 1,000 | $ | 0 | ||||||
Plan Class | ||||||||||
Regular Accounts (Defined Benefit and Defined Contribution Plans) | $ | 25,000,000 | $ | 50,000 |
• | Capital Structure Arbitrage, which involves seeking out the expanded variety of different instruments that a corporation may use for funding (equity, preferred, convertibles, bonds, loans, senior debt versus junior debt, secured versus unsecured, lease versus sale, putable versus callable). The Adviser believes it has become increasingly difficult for the market to continuously price the different financial instruments issued by an entity efficiently and, thus, the opportunities for arbitraging the capital structure of entities (loans versus bonds, senior debt versus junior debt, holding company versus subsidiary, putables versus callables, etc.) have increased as well. |
• | Commodities/Futures Arbitrage, which involves arbitraging intra- and inter-market price discrepancies among the various commodity and interest rate futures markets. |
• | Convertible Arbitrage, which is hedged investing in the convertible securities of a company such as buying the convertible bond and shorting the common stock of the same company. |
• | Interest Rate Arbitrage, which involves buying long and short different debt securities, interest rate swap arbitrage, and U.S. and non-U.S. government bond arbitrage. |
• | Interest Rate Timing, which is based on the premise that interest rates have historically exhibited a cyclical pattern. Real interest rates (nominal interest rates less inflation) have been higher during economic expansions and have decreased as the economy slows. The Adviser uses this relationship to set the average duration of the Fund to benefit over a full market cycle from changes in interest rates. This investment process uses cost-averaging of new investments to adjust the duration of the Fund higher as real interest rates rise beyond their historic normal levels, and adjusts the duration lower as real interest rates move lower. At times, the portfolio’s average duration may be negative if real interest rates are negative. |
• | Yield Curve Relationships and Arbitrage, which presumes that like interest rates, the relationship between bonds of various maturities has been highly variable across the economic cycle. The Fund seeks to take advantage of these movements both with relative value trades as described above and by concentrating the portfolio in the historically most undervalued sections of the yield curve. These strategies seek to benefit from the cyclical changes that occur in the shape of the yield curve. |
• | Sector and Issue Allocations, where the Adviser strives to benefit from cyclical changes between sectors of the fixed-income markets. This is accomplished by using relative value and historical benchmarks to determine when sectors are undervalued. It might be implemented through long-only positions or a combination of long and short positions. The Adviser will use fundamental research to find individual issuers of securities that the Adviser believes are undervalued and have high income and the potential for price appreciation. |
AlphaTrak 500 Fund |
Corporate Bond Fund |
ESG Securitized Fund |
Flexible Income Fund |
Floating Rate Income Fund |
High Yield Bond Fund |
Intermediate Bond Fund | |||||||||||||||||||||||||||||
Asset-Backed
Securities Risk |
✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||||
Bank
Loan Risk |
✓ | ✓ | ✓ | ||||||||||||||||||||||||||||||||
Below
Investment Grade Mortgage-Backed Securities Risk |
✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||||
Counterparty
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Credit
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Debt
Securities Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Derivatives
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Distressed
and Defaulted Securities Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||
Emerging
Markets Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||
Environment,
Social and Governance Investing Risk |
✓ | ||||||||||||||||||||||||||||||||||
Equity
Risk |
✓ | ✓ | |||||||||||||||||||||||||||||||||
ETFs
and Other Investment Companies Risk |
✓ | ||||||||||||||||||||||||||||||||||
Extension
Risk |
✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||||
Foreign
Currency Risk |
✓ | ✓ | ✓ | ||||||||||||||||||||||||||||||||
Foreign
Investing Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Frequent
Trading Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||
Futures
Contracts Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Inflation
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Interest
Rate Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Issuer
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Junk
Bond Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Leverage
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
LIBOR
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Liquidity
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Market
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Mezzanine
Securities Risk |
✓ | ✓ | ✓ | ||||||||||||||||||||||||||||||||
Money
Market / Short-Term Securities Risk |
✓ | ✓ | |||||||||||||||||||||||||||||||||
Mortgage-Backed
Securities Risk |
✓ | ✓ | ✓ | ✓ |
AlphaTrak 500 Fund |
Corporate Bond Fund |
ESG Securitized Fund |
Flexible Income Fund |
Floating Rate Income Fund |
High Yield Bond Fund |
Intermediate Bond Fund | |||||||||||||||||||||||||||||
Municipal
Securities Risk |
✓ | ✓ | ✓ | ||||||||||||||||||||||||||||||||
New
Fund Risk |
✓ | ||||||||||||||||||||||||||||||||||
Non-U.S.
Money Market Securities Risk |
|||||||||||||||||||||||||||||||||||
Portfolio
Management Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Prepayment
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||
Price
Volatility Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Public
Health Emergency Risk and Impact of the Coronavirus (COVID-19) |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Second
Lien Loan Risk |
✓ | ||||||||||||||||||||||||||||||||||
Securities
Selection Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Senior
Loan Risk |
✓ | ||||||||||||||||||||||||||||||||||
Short
Sales Risk |
|||||||||||||||||||||||||||||||||||
Sovereign
Debt Risk |
✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||||
Swap
Agreements Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Unrated
Securities Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
U.S.
Government Securities Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||||
U.S.
Treasury Obligations Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||||
Valuation
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Investment Grade Credit Fund |
Low Duration Bond Fund |
Opportunistic High Income Credit Fund |
Strategic Income Fund |
Total Return Bond Fund |
Ultra Short Bond Fund |
Unconstrained Bond Fund | |||||||||||||||||||||||||||||
Absolute
Return Investing Risk |
✓ | ||||||||||||||||||||||||||||||||||
Asset-Backed
Securities Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Bank
Loan Risk |
✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||||
Below
Investment Grade Mortgage-Backed Securities Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||
Counterparty
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Credit
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Debt
Securities Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Derivatives
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Distressed
and Defaulted Securities Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||||
Emerging
Markets Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Equity
Risk |
✓ | ✓ | ✓ | ||||||||||||||||||||||||||||||||
Event
Driven Strategies Risk |
✓ | ||||||||||||||||||||||||||||||||||
Extension
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||
Foreign
Currency Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||
Foreign
Investing Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Frequent
Trading Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||
Futures
Contracts Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Inflation
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Interest
Rate Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Issuer
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Junk
Bond Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||
Leverage
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
LIBOR
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Liquidity
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Market
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Mezzanine
Securities Risk |
✓ | ✓ | ✓ | ||||||||||||||||||||||||||||||||
Mortgage-Backed
Securities Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Investment Grade Credit Fund |
Low Duration Bond Fund |
Opportunistic High Income Credit Fund |
Strategic Income Fund |
Total Return Bond Fund |
Ultra Short Bond Fund |
Unconstrained Bond Fund | |||||||||||||||||||||||||||||
Municipal
Securities Risk |
✓ | ✓ | ✓ | ||||||||||||||||||||||||||||||||
New
Fund Risk |
✓ | ||||||||||||||||||||||||||||||||||
Non-U.S.
Money Market Securities Risk |
|||||||||||||||||||||||||||||||||||
Portfolio
Management Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Prepayment
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Price
Volatility Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Public
Health Emergency Risk and Impact of the Coronavirus (COVID-19) |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Second
Lien Loan Risk |
✓ | ||||||||||||||||||||||||||||||||||
Securities
Selection Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Short
Sales Risk |
✓ | ✓ | |||||||||||||||||||||||||||||||||
Sovereign
Debt Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||||
Swap
Agreements Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
Unrated
Securities Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||||||||||||
U.S.
Government Securities Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||
U.S.
Treasury Obligations Risk |
✓ | ✓ | ✓ | ✓ | |||||||||||||||||||||||||||||||
Valuation
Risk |
✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Stephen
M. Kane, CFA |
Group Managing Director of the Adviser, has been with the Adviser since August 1996. Mr. Kane manages the AlphaTrak 500 Fund, the ESG Securitized Fund, the Flexible Income Fund, the High Yield Bond Fund, the Intermediate Bond Fund, the Investment Grade Credit Fund, the Low Duration Bond Fund, the Strategic Income Fund, the Total Return Bond Fund, the Ultra Short Bond Fund and the Unconstrained Bond Fund. |
Laird
R. Landmann |
Group Managing Director of the Adviser, has been with the Adviser since August 1996. Mr. Landmann manages the Flexible Income Fund, the Floating Rate Income Fund, the High Yield Bond Fund, the Intermediate Bond Fund, the Investment Grade Credit Fund, the Low Duration Bond Fund, the Opportunistic High Income Credit Fund, the Strategic Income Fund, the Total Return Bond Fund, the Ultra Short Bond Fund and the Unconstrained Bond Fund. | |
Mitch
Flack |
Managing Director of the Adviser, has been with the Adviser since March 2001. Mr. Flack manages the ESG Securitized Fund and the Ultra Short Bond Fund. | |
Jerry
Cudzil |
Managing Director of the Adviser, has been with the Adviser since May 2012. Mr. Cudzil manages the Corporate Bond Fund, the Floating Rate Income Fund, the High Yield Bond Fund and the Opportunistic High Income Credit Fund. | |
Bryan
T. Whalen, CFA |
Group Managing Director of the Adviser, has been with the Adviser since 2004. Mr. Whalen manages the AlphaTrak 500 Fund, the Corporate Bond Fund, the Flexible Income Fund, the Intermediate Bond Fund, the Investment Grade Credit Fund, the Low Duration Bond Fund, the Strategic Income Fund, the Total Return Bond Fund, the Ultra Short Bond Fund and the Unconstrained Bond Fund. |
Steven
J. Purdy |
Managing Director of the Adviser, has been with the Adviser since March 2016. Mr. Purdy manages the Corporate Bond Fund, the Floating Rate Income Fund, the High Yield Bond Fund and the Opportunistic High Income Credit Fund. | |
Tammy
Karp |
Managing Director of the Adviser, has been with the Adviser since August 1997. Ms. Karp manages the Corporate Bond Fund. | |
Drew
Sweeney |
Managing Director of the Adviser, has been with the Adviser since 2015. Mr. Sweeney manages the Floating Rate Income Fund. | |
Elizabeth
(Liza) Crawford |
Managing Director of the Adviser, has been with the Adviser since 2015. Ms. Crawford manages the ESG Securitized Fund. | |
Harrison
Choi |
Managing Director of the Adviser, has been with the Adviser since 2007. Mr. Choi manages the ESG Securitized Fund and the Opportunistic High Income Credit Fund. | |
Brian
Gelfand |
Senior Vice President of the Adviser, has been with the Adviser since 2014. Mr. Gelfand manages the High Yield Bond Fund and the Opportunistic High Income Credit Fund. | |
Bret
R. Barker |
Managing Director of the Adviser, has been with the Adviser since 2009. Mr. Barker manages the AlphaTrak 500 Fund. | |
Ruben
Hovhannisyan |
Managing Director of the Adviser, has been with the Adviser since 2009. Mr. Hovhannisyan manages the AlphaTrak 500 Fund. |
Kenneth
Toshima |
Managing Director of the Adviser, has been with the Adviser since 2010. Mr. Toshima manages the Floating Rate Income Fund. |
Fund | Expense Cap (As Percent of Average Net Asset Value) | ||||
AlphaTrak
500 Fund |
|||||
Class M |
0.45 | %* | |||
Corporate
Bond Fund |
|||||
Class M |
0.75 | % | |||
Class I |
0.50 | % | |||
ESG
Securitized Fund** |
|||||
Class M |
0.70 | % | |||
Class I |
0.49 | % | |||
Flexible
Income Fund |
|||||
Class M |
0.80 | % | |||
Class I |
0.55 | % | |||
Floating
Rate Income Fund |
|||||
Class M |
0.90 | % | |||
Class I |
0.70 | % | |||
Plan
Class |
0.60 | ||||
High
Yield Bond Fund |
|||||
Class M |
0.85 | % | |||
Class I |
0.60 | % | |||
Intermediate
Bond Fund |
|||||
Class M |
0.70 | % | |||
Class I |
0.49 | % | |||
Investment
Grade Credit Fund |
|||||
Class M |
0.70 | % | |||
Class I |
0.49 | % | |||
Low
Duration Bond Fund |
|||||
Class M |
0.63 | % | |||
Class I |
0.44 | % | |||
Admin
Class |
0.83 | % | |||
Opportunistic
High Income Credit Fund*** |
|||||
Class M |
0.85 | % | |||
Class I |
0.60 | % | |||
Strategic
Income Fund |
|||||
Class M |
1.04 | % | |||
Class I |
0.80 | % | |||
Total
Return Bond Fund |
|||||
Class M |
0.70 | % | |||
Class I |
0.49 | % | |||
Class
I-2 |
0.54 | % | |||
Admin
Class |
0.90 | % | |||
Plan
Class |
0.39 | % | |||
Ultra
Short Bond Fund |
|||||
Class M |
0.50 | % | |||
Class I |
0.34 | % |
Fund | Expense Cap (As Percent of Average Net Asset Value) | ||||
Unconstrained
Bond Fund |
|||||
Class M |
1.04 | % | |||
Class I |
0.80 | % | |||
Plan
Class |
0.70 | % |
* |
Prior
to February 1, 2022, the expense cap for the AlphaTrak 500 Fund was
0.90%. |
** |
The
ESG Securitized Fund commenced operations on September 30, 2021.
|
*** |
The
Opportunistic High Income Credit Fund commenced operations on
July 30, 2021. |
Share Class and Type of Account | Minimum Initial Investment |
Minimum Subsequent Investment | ||||||||
Class M |
||||||||||
Regular
Accounts |
$ | 5,000 | $ | 0 | ||||||
Individual
Retirement Accounts |
$ | 1,000 | $ | 0 | ||||||
Automatic
Investment Plan |
$ | 5,000 | $ | 100 | ||||||
Class I |
||||||||||
Regular
Accounts |
$ | 3,000,000 | $ | 50,000 | ||||||
Class I-2 |
||||||||||
Regular
Accounts |
$ | 3,000,000 | $ | 50,000 | ||||||
Administrative
Class |
||||||||||
Regular
Accounts |
$ | 2,500 | $ | 0 | ||||||
Individual
Retirement Accounts |
$ | 1,000 | $ | 0 | ||||||
Plan
Class |
||||||||||
Regular
Accounts (Defined Benefit and Defined Contribution Plans) |
$ | 25,000,000 | $ | 50,000 |
• | change or discontinue its exchange privilege, or temporarily suspend this privilege during unusual market conditions, to the extent permitted under applicable SEC rules; and |
• | delay sending out redemption proceeds for up to seven days (generally only applies in cases of large redemptions, excessive trading or during unusual market conditions). |
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 13.26 | $ | 8.89 | $ | 10.73 | $ | 9.98 | $ | 8.95 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.11 | 0.18 | 0.31 | 0.22 | 0.09 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
1.81 | 5.14 | (1.14 | ) | 0.76 | 1.03 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
1.92 | 5.32 | (0.83 | ) | 0.98 | 1.12 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.12 | ) | (0.20 | ) | (0.30 | ) | (0.23 | ) | (0.09 | ) | |||||||||||||||
From
net capital gains |
(3.58 | ) | (0.75 | ) | (0.71 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Distributions |
(3.70 | ) | (0.95 | ) | (1.01 | ) | (0.23 | ) | (0.09 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 11.48 | $ | 13.26 | $ | 8.89 | $ | 10.73 | $ | 9.98 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
13.35 | % | 60.83 | % | (9.36 | )% | 9.93 | % | 12.52 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 45,102 | $ | 36,770 | $ | 29,066 | $ | 21,202 | $ | 18,149 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.83 | %2 | 1.26 | % | 1.04 | % | 1.39 | % | 0.90 | %3 | |||||||||||||||
After
expense waivers and reimbursements |
0.83 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
0.78 | % | 1.57 | % | 2.80 | % | 2.15 | % | 0.90 | % | |||||||||||||||
Portfolio
Turnover Rate |
94 | % | 60 | % | 89 | % | 140 | % | 115 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Includes
recoupment of past waived fees. Excluding the recoupment of past waived
fees, the ratio would have been 0.66%. |
3 |
Includes
recoupment of past waived fees. Excluding the recoupment of past waived
fees, the ratio would have been 0.88%. |
Year Ended March 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | |||||||||||||||||
Net
Asset Value, Beginning of Period |
$ | 10.65 | $ | 10.32 | $ | 10.31 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Income
from Investment Operations: |
||||||||||||||||||||
Net
investment income1 |
0.22 | 0.28 | 0.88 | 0.41 | ||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.69 | ) | 0.50 | 0.06 | 0.34 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Income (Loss) from Investment Operations |
(0.47 | ) | 0.78 | 0.94 | 0.75 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Less
Distributions: |
||||||||||||||||||||
From
net investment income |
(0.22 | ) | (0.40 | ) | (0.86 | ) | (0.41 | ) | ||||||||||||
From
net capital gains |
(0.07 | ) | (0.05 | ) | (0.07 | ) | (0.03 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Distributions |
(0.29 | ) | (0.45 | ) | (0.93 | ) | (0.44 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net
Asset Value, End of Period |
$ | 9.89 | $ | 10.65 | $ | 10.32 | $ | 10.31 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Return |
(4.67 | )% | 7.55 | % | 9.19 | % | 7.75 | %2 | ||||||||||||
Ratios/Supplemental
Data: |
||||||||||||||||||||
Net
Assets, end of period (in thousands) |
$ | 5,622 | $ | 8,190 | $ | 876 | $ | 803 | ||||||||||||
Ratio
of Expenses to Average Net Assets |
||||||||||||||||||||
Before
expense waivers and reimbursements |
2.73 | % | 3.16 | % | 8.55 | % | 9.81 | %3 | ||||||||||||
After
expense waivers and reimbursements |
0.75 | % | 0.75 | % | 0.75 | % | 0.75 | %3 | ||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
||||||||||||||||||||
After
expense waivers and reimbursements |
2.01 | % | 2.54 | % | 8.31 | % | 5.47 | %3 | ||||||||||||
Portfolio
Turnover Rate |
148 | % | 84 | % | 65 | % | 159 | %2 |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Non-Annualized.
|
3 |
Annualized.
|
* |
The
Corporate Bond Fund Class M Shares commenced operations on June 29,
2018. |
Year Ended March 31, | Period Ended March 31, 2019 | |||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Net
Asset Value, Beginning of Period |
$ | 10.65 | $ | 10.32 | $ | 10.31 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Income
from Investment Operations: |
||||||||||||||||||||
Net
investment income1 |
0.24 | 0.40 | 0.91 | 0.43 | ||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.69 | ) | 0.41 | 0.06 | 0.34 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Income (Loss) from Investment Operations |
(0.45 | ) | 0.81 | 0.97 | 0.77 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Less
Distributions: |
||||||||||||||||||||
From
net investment income |
(0.24 | ) | (0.43 | ) | (0.89 | ) | (0.43 | ) | ||||||||||||
From
net capital gains |
(0.07 | ) | (0.05 | ) | (0.07 | ) | (0.03 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Distributions |
(0.31 | ) | (0.48 | ) | (0.96 | ) | (0.46 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net
Asset Value, End of Period |
$ | 9.89 | $ | 10.65 | $ | 10.32 | $ | 10.31 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Return |
(4.44 | )% | 7.81 | % | 9.46 | % | 7.95 | %2 | ||||||||||||
Ratios/Supplemental
Data: |
||||||||||||||||||||
Net
Assets, end of period (in thousands) |
$ | 6,935 | $ | 4,730 | $ | 2,392 | $ | 1,355 | ||||||||||||
Ratio
of Expenses to Average Net Assets |
||||||||||||||||||||
Before
expense waivers and reimbursements |
2.40 | % | 3.54 | % | 8.30 | % | 9.56 | %3 | ||||||||||||
After
expense waivers and reimbursements |
0.50 | % | 0.50 | % | 0.50 | % | 0.50 | %3 | ||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
||||||||||||||||||||
After
expense waivers and reimbursements |
2.25 | % | 3.64 | % | 8.62 | % | 5.72 | %3 | ||||||||||||
Portfolio
Turnover Rate |
148 | % | 84 | % | 65 | % | 159 | %2 |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Non-Annualized.
|
3 |
Annualized.
|
* |
The
Corporate Bond Fund Class I Shares commenced operations on June 29,
2018. |
Period Ended March 31, 2022 | |||||
Net
Asset Value, Beginning of Period |
$ | 10.00 | |||
|
|
||||
Income
from Investment Operations: |
|||||
Net
investment income1 |
0.05 | ||||
Net
realized and unrealized loss |
(0.61 | ) | |||
|
|
||||
Total
(Loss) from Investment Operations |
(0.56 | ) | |||
|
|
||||
Less
Distributions: |
|||||
From
net investment income |
(0.08 | ) | |||
|
|
||||
Net
Asset Value, End of Period |
$ | 9.36 | |||
|
|
||||
Total
Return |
(5.60 | )%2 | |||
Ratios/Supplemental
Data: |
|||||
Net
Assets, end of period (in thousands) |
$ | 16 | |||
Ratio
of Expenses to Average Net Assets |
|||||
Before
expense waivers and reimbursements |
2.15 | %3 | |||
After
expense waivers and reimbursements |
0.79 | %3 | |||
Ratio
of Net Investment Income to Average Net Assets |
|||||
After
expense waivers and reimbursements |
0.97 | %3 | |||
Portfolio
Turnover Rate |
276 | %2 |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Non-Annualized.
|
3 |
Annualized.
|
* |
The
ESG Securitized Fund Class M Shares commenced operations on
October 1, 2021. |
Period Ended March 31, 2022 | |||||
Net
Asset Value, Beginning of Period |
$ | 10.00 | |||
|
|
||||
Income
from Investment Operations: |
|||||
Net
investment income1 |
0.05 | ||||
Net
realized and unrealized loss |
(0.63 | ) | |||
|
|
||||
Total
(Loss) from Investment Operations |
(0.58 | ) | |||
|
|
||||
Less
Distributions: |
|||||
From
net investment income |
(0.05 | ) | |||
|
|
||||
Net
Asset Value, End of Period |
$ | 9.37 | |||
|
|
||||
Total
Return |
(5.87 | )%2 | |||
Ratios/Supplemental
Data: |
|||||
Net
Assets, end of period (in thousands) |
$ | 10,655 | |||
Ratio
of Expenses to Average Net Assets |
|||||
Before
expense waivers and reimbursements |
1.80 | %3 | |||
After
expense waivers and reimbursements |
0.49 | %3 | |||
Ratio
of Net Investment Income to Average Net Assets |
|||||
After
expense waivers and reimbursements |
0.94 | %3 | |||
Portfolio
Turnover Rate |
276 | %2 |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Non-Annualized.
|
3 |
Annualized.
|
* |
The
ESG Securitized Fund Class I Shares commenced operations on
October 1, 2021. |
Year Ended March 31, | Period Ended March 31, 2019 | |||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Net
Asset Value, Beginning of Period |
$ | 9.86 | $ | 9.82 | $ | 10.79 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Income
from Investment Operations: |
||||||||||||||||||||
Net
investment income1 |
0.88 | 0.69 | 1.86 | 0.23 | ||||||||||||||||
Net
realized and unrealized gain (loss) |
(1.07 | ) | 0.34 | (0.85 | ) | 0.79 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Income (Loss) from Investment Operations |
(0.19 | ) | 1.03 | 1.01 | 1.02 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Less
Distributions: |
||||||||||||||||||||
From
net investment income |
(0.89 | ) | (0.97 | ) | (1.98 | ) | (0.23 | ) | ||||||||||||
From
net capital gains |
(0.03 | ) | (0.02 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Distributions |
(0.92 | ) | (0.99 | ) | (1.98 | ) | (0.23 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net
Asset Value, End of Period |
$ | 8.75 | $ | 9.86 | $ | 9.82 | $ | 10.79 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Return |
(2.30 | )% | 10.89 | % | 9.82 | % | 10.25 | %2 | ||||||||||||
Ratios/Supplemental
Data: |
||||||||||||||||||||
Net
Assets, end of period (in thousands) |
$ | 31,941 | $ | 21,174 | $ | 1 | $ | 1 | ||||||||||||
Ratio
of Expenses to Average Net Assets |
||||||||||||||||||||
Before
expense waivers and reimbursements |
1.04 | % | 1.28 | % | 3.76 | % | 9.18 | %3 | ||||||||||||
After
expense waivers and reimbursements |
0.80 | % | 0.80 | % | 0.80 | % | 0.80 | %3 | ||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
||||||||||||||||||||
After
expense waivers and reimbursements |
9.33 | % | 7.01 | % | 17.64 | % | 6.76 | %3 | ||||||||||||
Portfolio
Turnover Rate |
210 | % | 177 | % | 122 | % | 80 | %2 |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Non-Annualized.
|
3 |
Annualized.
|
* |
The
Flexible Income Fund Class M Shares commenced operations on
November 30, 2018. |
Year Ended March 31, | Period Ended March 31, 2019 | |||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Net
Asset Value, Beginning of Period |
$ | 9.86 | $ | 9.82 | $ | 10.78 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Income
from Investment Operations: |
||||||||||||||||||||
Net
investment income1 |
0.91 | 0.73 | 1.90 | 0.24 | ||||||||||||||||
Net
realized and unrealized gain (loss) |
(1.08 | ) | 0.30 | (0.85 | ) | 0.78 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Income (Loss) from Investment Operations |
(0.17 | ) | 1.03 | 1.05 | 1.02 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Less
Distributions: |
||||||||||||||||||||
From
net investment income |
(0.91 | ) | (0.97 | ) | (2.01 | ) | (0.24 | ) | ||||||||||||
From
net capital gains |
(0.03 | ) | (0.02 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Distributions |
(0.94 | ) | (0.99 | ) | (2.01 | ) | (0.24 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net
Asset Value, End of Period |
$ | 8.75 | $ | 9.86 | $ | 9.82 | $ | 10.78 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Return |
(2.05 | )% | 10.83 | % | 10.14 | % | 10.24 | %2 | ||||||||||||
Ratios/Supplemental
Data: |
||||||||||||||||||||
Net
Assets, end of period (in thousands) |
$ | 177,717 | $ | 158,834 | $ | 8,934 | $ | 5,435 | ||||||||||||
Ratio
of Expenses to Average Net Assets |
||||||||||||||||||||
Before
expense waivers and reimbursements |
0.79 | % | 1.01 | % | 3.51 | % | 8.82 | %3 | ||||||||||||
After
expense waivers and reimbursements |
0.55 | % | 0.55 | % | 0.55 | % | 0.55 | %3 | ||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
||||||||||||||||||||
After
expense waivers and reimbursements |
9.55 | % | 7.41 | % | 18.14 | % | 7.16 | %3 | ||||||||||||
Portfolio
Turnover Rate |
210 | % | 177 | % | 122 | % | 80 | %2 |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Non-Annualized.
|
3 |
Annualized.
|
* |
The
Flexible Income Fund Class I Shares commenced operations on
November 30, 2018. |
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 9.95 | $ | 8.98 | $ | 9.90 | $ | 10.06 | $ | 10.06 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.31 | 0.30 | 0.42 | 0.42 | 0.36 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.16 | ) | 0.97 | (0.92 | ) | (0.15 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
0.15 | 1.27 | (0.50 | ) | 0.27 | 0.36 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.31 | ) | (0.30 | ) | (0.42 | ) | (0.43 | ) | (0.36 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 9.79 | $ | 9.95 | $ | 8.98 | $ | 9.90 | $ | 10.06 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
1.50 | % | 14.30 | % | (5.36 | )% | 2.72 | % | 3.61 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 17,003 | $ | 13,815 | $ | 6,084 | $ | 11,229 | $ | 15,802 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
1.00 | % | 0.99 | % | 1.00 | % | 1.03 | % | 1.04 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
3.12 | % | 3.05 | % | 4.27 | % | 4.23 | % | 3.53 | % | |||||||||||||||
Portfolio
Turnover Rate |
49 | % | 38 | % | 51 | % | 52 | % | 71 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 9.95 | $ | 8.98 | $ | 9.90 | $ | 10.05 | $ | 10.06 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.33 | 0.32 | 0.44 | 0.45 | 0.38 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.17 | ) | 0.97 | (0.92 | ) | (0.15 | ) | (0.01 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
0.16 | 1.29 | (0.48 | ) | 0.30 | 0.37 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
False |
|||||||||||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.33 | ) | (0.32 | ) | (0.44 | ) | (0.45 | ) | (0.38 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 9.78 | $ | 9.95 | $ | 8.98 | $ | 9.90 | $ | 10.05 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
1.61 | % | 14.52 | % | (5.17 | )% | 3.03 | % | 3.72 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 475,105 | $ | 417,927 | $ | 250,187 | $ | 262,407 | $ | 237,759 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.69 | %2 | 0.70 | %3 | 0.70 | % | 0.71 | % | 0.72 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.69 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
3.32 | % | 3.25 | % | 4.47 | % | 4.50 | % | 3.77 | % | |||||||||||||||
Portfolio
Turnover Rate |
49 | % | 38 | % | 51 | % | 52 | % | 71 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Includes
recoupment of past waived fees. Excluding the recoupment of past waived
fees, the ratio would have been 0.69%. |
3 |
Includes
recoupment of past waived fees. Excluding the recoupment of past waived
fees, the ratio would have been 0.68%. |
Year Ended March 31, 2022 |
Period Ended March 31, 2021 | |||||||||
Net
Asset Value, Beginning of Period |
$ | 9.95 | $ | 9.97 | ||||||
|
|
|
|
|||||||
Income
from Investment Operations: |
||||||||||
Net
investment income1 |
0.35 | 0.05 | ||||||||
Net
realized and unrealized loss |
(0.18 | ) | (0.02 | ) | ||||||
|
|
|
|
|||||||
Total
Income from Investment Operations |
0.17 | 0.03 | ||||||||
|
|
|
|
|||||||
Less
Distributions: |
||||||||||
From
net investment income |
(0.34 | ) | (0.05 | ) | ||||||
|
|
|
|
|||||||
Net
Asset Value, End of Period |
$ | 9.78 | $ | 9.95 | ||||||
|
|
|
|
|||||||
Total
Return |
1.76 | % | 0.31 | %2 | ||||||
Ratios/Supplemental
Data: |
||||||||||
Net
Assets, end of period |
$ | 102 | 3 | $ | 100 | 3 | ||||
Ratio
of Expenses to Average Net Assets |
||||||||||
Before
expense waivers and reimbursements |
0.65 | % | 0.62 | %4 | ||||||
After
expense waivers and reimbursements |
0.60 | % | 0.56 | %4 | ||||||
Ratio
of Net Investment Income to Average Net Assets |
||||||||||
After
expense waivers and reimbursements |
3.53 | % | 3.15 | %4 | ||||||
Portfolio
Turnover Rate |
49 | % | 38 | %2 |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Non-Annualized.
|
3 |
Represents
the whole number without rounding to the 000s. |
4 |
Annualized.
|
* |
The
Floating Rate Income Fund Plan Class Shares commenced operations on
January 29, 2021. |
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 20191 | 20181 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 10.57 | $ | 9.27 | $ | 9.66 | $ | 9.55 | $ | 9.60 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income2 |
0.38 | 0.36 | 0.40 | 0.41 | 0.34 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.51 | ) | 1.31 | (0.39 | ) | 0.11 | (0.05 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.13 | ) | 1.67 | 0.01 | 0.52 | 0.29 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.38 | ) | (0.37 | ) | (0.40 | ) | (0.41 | ) | (0.34 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 10.06 | $ | 10.57 | $ | 9.27 | $ | 9.66 | $ | 9.55 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(1.30 | )% | 18.14 | % | (0.06 | )% | 5.57 | % | 3.01 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 169,941 | $ | 198,337 | $ | 126,587 | $ | 187,339 | $ | 211,021 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.90 | % | 0.91 | % | 0.93 | % | 0.92 | % | 0.91 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
3.61 | % | 3.53 | % | 4.07 | % | 4.33 | % | 3.47 | % | |||||||||||||||
Portfolio
Turnover Rate |
117 | % | 108 | % | 181 | % | 120 | % | 167 | % |
1 |
Consolidated
Financial Highlights. |
2 |
Per
share numbers have been calculated using the average share method.
|
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 20191 | 20181 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 10.57 | $ | 9.26 | $ | 9.65 | $ | 9.55 | $ | 9.60 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income2 |
0.41 | 0.39 | 0.42 | 0.44 | 0.36 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.52 | ) | 1.31 | (0.39 | ) | 0.09 | (0.05 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.11 | ) | 1.70 | 0.03 | 0.53 | 0.31 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.41 | ) | (0.39 | ) | (0.42 | ) | (0.43 | ) | (0.36 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 10.05 | $ | 10.57 | $ | 9.26 | $ | 9.65 | $ | 9.55 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(1.15 | )% | 18.56 | % | 0.19 | % | 5.72 | % | 3.27 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 552,768 | $ | 572,082 | $ | 289,352 | $ | 293,241 | $ | 393,368 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.61 | % | 0.61 | % | 0.62 | % | 0.63 | % | 0.63 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
3.88 | % | 3.77 | % | 4.33 | % | 4.58 | % | 3.74 | % | |||||||||||||||
Portfolio
Turnover Rate |
117 | % | 108 | % | 181 | % | 120 | % | 167 | % |
1 |
Consolidated
Financial Highlights. |
2 |
Per
share numbers have been calculated using the average share method.
|
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 10.74 | $ | 10.65 | $ | 10.37 | $ | 10.21 | $ | 10.37 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.11 | 0.13 | 0.26 | 0.25 | 0.18 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.61 | ) | 0.36 | 0.28 | 0.17 | (0.16 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.50 | ) | 0.49 | 0.54 | 0.42 | 0.02 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.11 | ) | (0.13 | ) | (0.26 | ) | (0.26 | ) | (0.18 | ) | |||||||||||||||
From
net capital gains |
(0.03 | ) | (0.27 | ) | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Distributions |
(0.14 | ) | (0.40 | ) | (0.26 | ) | (0.26 | ) | (0.18 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 10.10 | $ | 10.74 | $ | 10.65 | $ | 10.37 | $ | 10.21 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(4.63 | )% | 4.63 | % | 5.27 | % | 4.15 | % | 0.19 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 24,746 | $ | 36,452 | $ | 33,836 | $ | 35,343 | $ | 52,942 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.70 | % | 0.71 | % | 0.71 | % | 0.69 | % | 0.70 | %2 | |||||||||||||||
After
expense waivers and reimbursements |
0.70 | % | 0.70 | % | 0.70 | % | 0.69 | % | 0.70 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
1.04 | % | 1.22 | % | 2.49 | % | 2.49 | % | 1.71 | % | |||||||||||||||
Portfolio
Turnover Rate |
399 | % | 372 | % | 393 | % | 277 | % | 251 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Includes
recoupment of past waived fees. Excluding the recoupment of past waived
fees, the ratio would have been 0.67%. |
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 10.73 | $ | 10.65 | $ | 10.36 | $ | 10.21 | $ | 10.37 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.14 | 0.16 | 0.29 | 0.28 | 0.20 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.60 | ) | 0.35 | 0.28 | 0.15 | (0.15 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.46 | ) | 0.51 | 0.57 | 0.43 | 0.05 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.14 | ) | (0.16 | ) | (0.28 | ) | (0.28 | ) | (0.21 | ) | |||||||||||||||
From
net capital gains |
(0.03 | ) | (0.27 | ) | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Distributions |
(0.17 | ) | (0.43 | ) | (0.28 | ) | (0.28 | ) | (0.21 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 10.10 | $ | 10.73 | $ | 10.65 | $ | 10.36 | $ | 10.21 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(4.33 | )% | 4.76 | % | 5.60 | % | 4.29 | % | 0.43 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 768,271 | $ | 766,063 | $ | 693,038 | $ | 708,645 | $ | 768,254 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.47 | % | 0.48 | % | 0.48 | % | 0.47 | % | 0.46 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.47 | % | 0.48 | % | 0.48 | % | 0.47 | % | 0.46 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
1.29 | % | 1.44 | % | 2.69 | % | 2.74 | % | 1.97 | % | |||||||||||||||
Portfolio
Turnover Rate |
399 | % | 372 | % | 393 | % | 277 | % | 251 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
Year Ended March 31, | Period Ended March 31, 2019 | |||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Net
Asset Value, Beginning of Period |
$ | 9.67 | $ | 9.65 | $ | 10.31 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Income
from Investment Operations: |
||||||||||||||||||||
Net
investment income1 |
0.45 | 0.59 | 1.05 | 0.55 | ||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.95 | ) | 0.17 | (0.55 | ) | 0.33 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Income (Loss) from Investment Operations |
(0.50 | ) | 0.76 | 0.50 | 0.88 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Less
Distributions: |
||||||||||||||||||||
From
net investment income |
(0.46 | ) | (0.63 | ) | (1.05 | ) | (0.55 | ) | ||||||||||||
From
net capital gains |
(0.01 | ) | (0.11 | ) | (0.11 | ) | (0.02 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Distributions |
(0.47 | ) | (0.74 | ) | (1.16 | ) | (0.57 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net
Asset Value, End of Period |
$ | 8.70 | $ | 9.67 | $ | 9.65 | $ | 10.31 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Return |
(5.42 | )% | 7.97 | % | 4.80 | % | 9.02 | %2 | ||||||||||||
Ratios/Supplemental
Data: |
||||||||||||||||||||
Net
Assets, end of period (in thousands) |
$ | 2,259 | $ | 2,126 | $ | 837 | $ | 799 | ||||||||||||
Ratio
of Expenses to Average Net Assets |
||||||||||||||||||||
Before
expense waivers and reimbursements |
2.16 | % | 2.93 | % | 3.86 | % | 4.78 | %3 | ||||||||||||
After
expense waivers and reimbursements |
0.70 | % | 0.70 | % | 0.70 | % | 0.70 | %3 | ||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
||||||||||||||||||||
After
expense waivers and reimbursements |
4.75 | % | 6.02 | % | 10.33 | % | 7.20 | %3 | ||||||||||||
Portfolio
Turnover Rate |
345 | % | 92 | % | 76 | % | 199 | %2 |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Non-Annualized.
|
3 |
Annualized.
|
* |
The
Investment Grade Credit Fund Class M Shares commenced operations on
June 29, 2018. |
Year Ended March 31, | Period Ended March 31, 2019 | |||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Net
Asset Value, Beginning of Period |
$ | 9.67 | $ | 9.65 | $ | 10.31 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Income
from Investment Operations: |
||||||||||||||||||||
Net
investment income1 |
0.45 | 0.65 | 1.07 | 0.55 | ||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.93 | ) | 0.13 | (0.55 | ) | 0.34 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Income (Loss) from Investment Operations |
(0.48 | ) | 0.78 | 0.52 | 0.89 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Less
Distributions: |
||||||||||||||||||||
From
net investment income |
(0.48 | ) | (0.65 | ) | (1.07 | ) | (0.56 | ) | ||||||||||||
From
net capital gains |
(0.01 | ) | (0.11 | ) | (0.11 | ) | (0.02 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Distributions |
(0.49 | ) | (0.76 | ) | (1.18 | ) | (0.58 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net
Asset Value, End of Period |
$ | 8.70 | $ | 9.67 | $ | 9.65 | $ | 10.31 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
Return |
(5.22 | )% | 8.20 | % | 5.02 | % | 9.20 | %2 | ||||||||||||
Ratios/Supplemental
Data: |
||||||||||||||||||||
Net
Assets, end of period (in thousands) |
$ | 8,640 | $ | 10,105 | $ | 6,431 | $ | 5,081 | ||||||||||||
Ratio
of Expenses to Average Net Assets |
||||||||||||||||||||
Before
expense waivers and reimbursements |
1.87 | % | 2.68 | % | 3.61 | % | 4.53 | %3 | ||||||||||||
After
expense waivers and reimbursements |
0.49 | % | 0.49 | % | 0.49 | % | 0.49 | %3 | ||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
||||||||||||||||||||
After
expense waivers and reimbursements |
4.79 | % | 6.56 | % | 10.54 | % | 7.29 | %3 | ||||||||||||
Portfolio
Turnover Rate |
345 | % | 92 | % | 76 | % | 199 | %2 |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Non-Annualized.
|
3 |
Annualized.
|
* |
The
Investment Grade Credit Fund Class I Shares commenced operations on
June 29, 2018. |
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 8.88 | $ | 8.65 | $ | 8.68 | $ | 8.63 | $ | 8.72 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.08 | 0.11 | 0.20 | 0.20 | 0.13 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.31 | ) | 0.23 | (0.03 | ) | 0.05 | (0.09 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.23 | ) | 0.34 | 0.17 | 0.25 | 0.04 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.08 | ) | (0.11 | ) | (0.20 | ) | (0.20 | ) | (0.13 | ) | |||||||||||||||
Return
of capital |
— | — | — | (0.00 | )2 | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Distributions |
(0.08 | ) | (0.11 | ) | (0.20 | ) | (0.20 | ) | (0.13 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 8.57 | $ | 8.88 | $ | 8.65 | $ | 8.68 | $ | 8.63 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(2.65 | )% | 3.91 | % | 1.93 | % | 2.93 | % | 0.48 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 474,682 | $ | 445,538 | $ | 449,701 | $ | 580,434 | $ | 975,388 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
0.87 | % | 1.22 | % | 2.32 | % | 2.29 | % | 1.45 | % | |||||||||||||||
Portfolio
Turnover Rate |
347 | % | 256 | % | 233 | % | 174 | % | 200 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Amount
is greater than $(0.005) per share. |
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 8.88 | $ | 8.65 | $ | 8.68 | $ | 8.64 | $ | 8.72 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.09 | 0.12 | 0.22 | 0.22 | 0.15 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.30 | ) | 0.24 | (0.03 | ) | 0.04 | (0.08 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.21 | ) | 0.36 | 0.19 | 0.26 | 0.07 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.09 | ) | (0.13 | ) | (0.22 | ) | (0.22 | ) | (0.15 | ) | |||||||||||||||
Return
of capital |
— | — | — | (0.00 | )2 | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Distributions |
(0.09 | ) | (0.13 | ) | (0.22 | ) | (0.22 | ) | (0.15 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 8.58 | $ | 8.88 | $ | 8.65 | $ | 8.68 | $ | 8.64 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(2.34 | )% | 4.12 | % | 2.14 | % | 3.03 | % | 0.81 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 2,018,926 | $ | 2,034,540 | $ | 1,456,456 | $ | 1,578,279 | $ | 1,685,415 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.41 | % | 0.42 | % | 0.42 | % | 0.41 | % | 0.40 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.41 | % | 0.42 | % | 0.42 | % | 0.41 | % | 0.40 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
1.07 | % | 1.39 | % | 2.51 | % | 2.53 | % | 1.68 | % | |||||||||||||||
Portfolio
Turnover Rate |
347 | % | 256 | % | 233 | % | 174 | % | 200 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Amount
is greater than $(0.005) per share. |
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value,Beginning of Year |
$ | 11.48 | $ | 11.18 | $ | 11.21 | $ | 11.16 | $ | 11.27 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.09 | 0.13 | 0.26 | 0.23 | 0.15 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.40 | ) | 0.30 | (0.05 | ) | 0.06 | (0.10 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.31 | ) | 0.43 | 0.21 | 0.29 | 0.05 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.09 | ) | (0.13 | ) | (0.24 | ) | (0.24 | ) | (0.16 | ) | |||||||||||||||
Return
of capital |
— | — | — | (0.00 | )2 | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Distributions |
(0.09 | ) | (0.13 | ) | (0.24 | ) | (0.24 | ) | (0.16 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 11.08 | $ | 11.48 | $ | 11.18 | $ | 11.21 | $ | 11.16 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(2.74 | )% | 3.83 | % | 1.90 | % | 2.68 | % | 0.43 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 1,709 | $ | 88 | $ | 94 | $ | 415 | $ | 5,374 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.72 | % | 0.73 | % | 0.72 | % | 0.72 | % | 0.72 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.72 | % | 0.73 | % | 0.72 | % | 0.72 | % | 0.72 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
0.80 | % | 1.11 | % | 2.27 | % | 2.02 | % | 1.35 | % | |||||||||||||||
Portfolio
Turnover Rate |
347 | % | 256 | % | 233 | % | 174 | % | 200 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Amount
is greater than $(0.005) per share. |
Period Ended March 31, 2022 | |||||
Net
Asset Value, Beginning of Period |
$ | 10.00 | |||
|
|
||||
Income
from Investment Operations: |
|||||
Net
investment income1 |
0.88 | ||||
Net
realized and unrealized loss |
(1.07 | ) | |||
|
|
||||
Total
(Loss) from Investment Operations |
(0.19 | ) | |||
|
|
||||
Less
Distributions: |
|||||
From
net investment income |
(0.76 | ) | |||
From
net capital gains |
(0.06 | ) | |||
|
|
||||
Total
Distributions |
(0.82 | ) | |||
|
|
||||
Net
Asset Value, End of Period |
$ | 8.99 | |||
|
|
||||
Total
Return |
(2.09 | )%2 | |||
Ratios/Supplemental
Data: |
|||||
Net
Assets, end of period (in thousands) |
$ | 70 | |||
Ratio
of Expenses to Average Net Assets |
|||||
Before
expense waivers and reimbursements |
5.78 | %3 | |||
After
expense waivers and reimbursements |
0.85 | %3 | |||
Ratio
of Net Investment Income to Average Net Assets |
|||||
After
expense waivers and reimbursements |
14.30 | %3 | |||
Portfolio
Turnover Rate |
104 | %2 |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Non-Annualized.
|
3 |
Annualized.
|
* |
The
Opportunistic High Income Credit Fund Class M Shares commenced operations
on August 2, 2021. |
Period Ended March 31, 2022 | |||||
Net
Asset Value, Beginning of Period |
$ | 10.00 | |||
|
|
||||
Income
from Investment Operations: |
|||||
Net
investment income1 |
0.80 | ||||
Net
realized and unrealized loss |
(0.98 | ) | |||
|
|
||||
Total
(Loss) from Investment Operations |
(0.18 | ) | |||
|
|
||||
Less
Distributions: |
|||||
From
net investment income |
(0.78 | ) | |||
From
net capital gains |
(0.06 | ) | |||
Total
Distributions |
(0.84 | ) | |||
|
|
||||
Net
Asset Value, End of Period |
$ | 8.98 | |||
|
|
||||
Total
Return |
(2.04 | )%2 | |||
Ratios/Supplemental
Data: |
|||||
Net
Assets, end of period (in thousands) |
$ | 2,971 | |||
Ratio
of Expenses to Average Net Assets |
|||||
Before
expense waivers and reimbursements |
5.42 | %3 | |||
After
expense waivers and reimbursements |
0.60 | %3 | |||
Ratio
of Net Investment Income to Average Net Assets |
|||||
After
expense waivers and reimbursements |
12.43 | %3 | |||
Portfolio
Turnover Rate |
104 | %2 |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Non-Annualized.
|
3 |
Annualized.
|
* |
The
Opportunistic High Income Credit Fund Class I Shares commenced operations
on August 2, 2021. |
Year Ended
March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 7.83 | $ | 7.29 | $ | 7.89 | $ | 7.99 | $ | 8.05 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.73 | 0.47 | 0.31 | 0.32 | 0.25 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.94 | ) | 0.54 | (0.60 | ) | (0.09 | ) | (0.03 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.21 | ) | 1.01 | (0.29 | ) | 0.23 | 0.22 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.73 | ) | (0.47 | ) | (0.31 | ) | (0.33 | ) | (0.28 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 6.89 | $ | 7.83 | $ | 7.29 | $ | 7.89 | $ | 7.99 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(2.99 | )% | 14.14 | % | (3.86 | )% | 3.01 | % | 2.78 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 16,813 | $ | 15,471 | $ | 10,413 | $ | 17,908 | $ | 26,420 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
3.02 | % | 2.73 | % | 2.43 | % | 1.84 | %2 | 2.45 | % | |||||||||||||||
After
expense waivers and reimbursements |
1.04 | % | 2.28 | % | 2.35 | % | 1.84 | % | 2.35 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
9.71 | % | 6.12 | % | 3.95 | % | 4.10 | % | 3.15 | % | |||||||||||||||
Portfolio
Turnover Rate |
77 | % | 24 | % | 50 | % | 36 | % | 32 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Includes
recoupment of past waived fees. Excluding the recoupment of past waived
fees, the ratio would have been 1.67%. |
Year Ended
March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 7.83 | $ | 7.29 | $ | 7.89 | $ | 7.98 | $ | 8.05 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.76 | 0.46 | 0.33 | 0.35 | 0.27 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.95 | ) | 0.56 | (0.60 | ) | (0.09 | ) | (0.04 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.19 | ) | 1.02 | (0.27 | ) | 0.26 | 0.23 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.75 | ) | (0.48 | ) | (0.33 | ) | (0.35 | ) | (0.30 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 6.89 | $ | 7.83 | $ | 7.29 | $ | 7.89 | $ | 7.98 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(2.76 | )% | 14.19 | % | (3.61 | )% | 3.41 | % | 2.90 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 9,310 | $ | 9,799 | $ | 48,252 | $ | 67,310 | $ | 69,791 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
2.77 | % | 2.08 | %2 | 2.20 | % | 1.53 | %3 | 2.22 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.80 | % | 2.08 | % | 2.10 | % | 1.53 | % | 2.10 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
10.06 | % | 5.92 | % | 4.23 | % | 4.45 | % | 3.40 | % | |||||||||||||||
Portfolio
Turnover Rate |
77 | % | 24 | % | 50 | % | 36 | % | 32 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Includes
recoupment of past waived fees. Excluding the recoupment of past waived
fees, the ratio would have been 1.93%. |
3 |
Includes
recoupment of past waived fees. Excluding the recoupment of past waived
fees, the ratio would have been 1.41%. |
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 10.82 | $ | 11.12 | $ | 10.64 | $ | 10.46 | $ | 10.57 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.13 | 0.15 | 0.26 | 0.28 | 0.21 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.63 | ) | 0.24 | 0.57 | 0.18 | (0.11 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.50 | ) | 0.39 | 0.83 | 0.46 | 0.10 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.13 | ) | (0.15 | ) | (0.26 | ) | (0.28 | ) | (0.21 | ) | |||||||||||||||
From
net capital gains |
(0.00 | )2 | (0.54 | ) | (0.09 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Distributions |
(0.13 | ) | (0.69 | ) | (0.35 | ) | (0.28 | ) | (0.21 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 10.19 | $ | 10.82 | $ | 11.12 | $ | 10.64 | $ | 10.46 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(4.69 | )% | 3.31 | % | 7.93 | % | 4.49 | % | 0.94 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 6,213,223 | $ | 7,154,434 | $ | 8,979,527 | $ | 9,560,056 | $ | 11,617,735 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.65 | % | 0.67 | % | 0.67 | % | 0.67 | % | 0.67 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.65 | % | 0.67 | % | 0.67 | % | 0.67 | % | 0.67 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
1.17 | % | 1.28 | % | 2.38 | % | 2.68 | % | 1.96 | % | |||||||||||||||
Portfolio
Turnover Rate |
467 | % | 470 | % | 405 | % | 255 | % | 291 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Amount
is greater than $(0.005) per share. |
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 10.82 | $ | 11.12 | $ | 10.64 | $ | 10.46 | $ | 10.57 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.15 | 0.17 | 0.28 | 0.30 | 0.23 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.64 | ) | 0.24 | 0.57 | 0.18 | (0.11 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.49 | ) | 0.41 | 0.85 | 0.48 | 0.12 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.15 | ) | (0.17 | ) | (0.28 | ) | (0.30 | ) | (0.23 | ) | |||||||||||||||
From
net capital gains |
(0.00 | )2 | (0.54 | ) | (0.09 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Distributions |
(0.15 | ) | (0.71 | ) | (0.37 | ) | (0.30 | ) | (0.23 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 10.18 | $ | 10.82 | $ | 11.12 | $ | 10.64 | $ | 10.46 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(4.58 | )% | 3.54 | % | 8.16 | % | 4.72 | % | 1.17 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 46,961,971 | $ | 52,980,073 | $ | 46,086,494 | $ | 40,927,700 | $ | 47,327,297 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.44 | % | 0.45 | % | 0.45 | % | 0.44 | % | 0.44 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.44 | % | 0.45 | % | 0.45 | % | 0.44 | % | 0.44 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
1.38 | % | 1.49 | % | 2.60 | % | 2.91 | % | 2.19 | % | |||||||||||||||
Portfolio
Turnover Rate |
467 | % | 470 | % | 405 | % | 255 | % | 291 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Amount
is greater than $(0.005) per share. |
Year Ended March 31, | Period Ended March 31, 2020 | ||||||||||||||
2022 | 2021 | ||||||||||||||
Net
Asset Value, Beginning of Period |
$ | 10.82 | $ | 11.12 | $ | 11.48 | |||||||||
|
|
|
|
|
|
||||||||||
Income
from Investment Operations: |
|||||||||||||||
Net
investment income1 |
0.14 | 0.15 | 0.02 | ||||||||||||
Net
realized and unrealized gain (loss) |
(0.64 | ) | 0.27 | (0.36 | ) | ||||||||||
|
|
|
|
|
|
||||||||||
Total
Income (Loss) from Investment Operations |
(0.50 | ) | 0.42 | (0.34 | ) | ||||||||||
|
|
|
|
|
|
||||||||||
Less
Distributions: |
|||||||||||||||
From
net investment income |
(0.14 | ) | (0.18 | ) | (0.02 | ) | |||||||||
From
net capital gains |
(0.00 | )2 | (0.54 | ) | — | ||||||||||
|
|
|
|
|
|
||||||||||
Total
Distributions |
(0.14 | ) | (0.72 | ) | (0.02 | ) | |||||||||
|
|
|
|
|
|
||||||||||
Net
Asset Value, End of Period |
$ | 10.18 | $ | 10.82 | $ | 11.12 | |||||||||
|
|
|
|
|
|
||||||||||
Total
Return |
(4.65 | )% | 3.65 | % | (2.93 | )%3 | |||||||||
Ratios/Supplemental
Data: |
|||||||||||||||
Net
Assets, end of period (in thousands) |
$ | 170,455 | $ | 116,857 | $ | 97 | 4 | ||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||
Before
expense waivers and reimbursements |
0.52 | % | 0.52 | % | 0.33 | %5 | |||||||||
After
expense waivers and reimbursements |
0.52 | % | 0.52 | % | 0.33 | %5 | |||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||
After
expense waivers and reimbursements |
1.33 | % | 1.32 | % | 3.49 | %5 | |||||||||
Portfolio
Turnover Rate |
467 | % | 470 | % | 405 | %3 |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Amount
is greater than $(0.005) per share. |
3 |
Non-Annualized.
|
4 |
Represents
the whole number without rounding to the 000s. |
5 |
Annualized.
|
* |
The
Total Return Bond Fund Class I-2 Shares commenced operations on
March 6, 2020. |
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 10.83 | $ | 11.13 | $ | 10.65 | $ | 10.47 | $ | 10.58 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.12 | 0.13 | 0.25 | 0.27 | 0.20 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.65 | ) | 0.24 | 0.57 | 0.18 | (0.11 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.53 | ) | 0.37 | 0.82 | 0.45 | 0.09 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.11 | ) | (0.13 | ) | (0.25 | ) | (0.27 | ) | (0.20 | ) | |||||||||||||||
From
net capital gains |
(0.00 | )2 | (0.54 | ) | (0.09 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Distributions |
(0.11 | ) | (0.67 | ) | (0.34 | ) | (0.27 | ) | (0.20 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 10.19 | $ | 10.83 | $ | 11.13 | $ | 10.65 | $ | 10.47 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(4.89 | )% | 3.19 | % | 7.80 | % | 4.36 | % | 0.83 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 1,963,315 | $ | 2,083,842 | $ | 1,739,034 | $ | 1,011,637 | $ | 975,897 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.77 | % | 0.78 | % | 0.78 | % | 0.78 | % | 0.78 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.77 | % | 0.78 | % | 0.78 | % | 0.78 | % | 0.78 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
1.06 | % | 1.15 | % | 2.26 | % | 2.58 | % | 1.87 | % | |||||||||||||||
Portfolio
Turnover Rate |
467 | % | 470 | % | 405 | % | 255 | % | 291 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Amount
is greater than $(0.005) per share. |
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 10.15 | $ | 10.46 | $ | 10.01 | $ | 9.84 | $ | 9.95 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.15 | 0.17 | 0.28 | 0.29 | 0.23 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.60 | ) | 0.23 | 0.54 | 0.17 | (0.11 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.45 | ) | 0.40 | 0.82 | 0.46 | 0.12 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.15 | ) | (0.17 | ) | (0.28 | ) | (0.29 | ) | (0.23 | ) | |||||||||||||||
From
net capital gains |
(0.00 | )2 | (0.54 | ) | (0.09 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Distributions |
(0.15 | ) | (0.71 | ) | (0.37 | ) | (0.29 | ) | (0.23 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 9.55 | $ | 10.15 | $ | 10.46 | $ | 10.01 | $ | 9.84 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(4.50 | )% | 3.65 | % | 8.29 | % | 4.80 | % | 1.18 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 22,197,865 | $ | 24,605,977 | $ | 23,822,841 | $ | 20,611,577 | $ | 18,363,121 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.36 | % | 0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.36 | % | 0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
1.47 | % | 1.57 | % | 2.67 | % | 3.00 | % | 2.28 | % | |||||||||||||||
Portfolio
Turnover Rate |
467 | % | 470 | % | 405 | % | 255 | % | 291 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Amount
is greater than $(0.005) per share. |
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 4.25 | $ | 4.23 | $ | 4.26 | $ | 4.25 | $ | 4.27 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.02 | 0.02 | 0.11 | 0.09 | 0.05 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.07 | ) | 0.02 | (0.03 | ) | 0.01 | (0.02 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.05 | ) | 0.04 | 0.08 | 0.10 | 0.03 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.02 | ) | (0.02 | ) | (0.11 | ) | (0.09 | ) | (0.05 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 4.18 | $ | 4.25 | $ | 4.23 | $ | 4.26 | $ | 4.25 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(1.14 | )% | 1.03 | % | 1.85 | % | 2.37 | % | 0.68 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 39,477 | $ | 61,925 | $ | 28,355 | $ | 34,376 | $ | 50,777 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.64 | % | 0.65 | % | 0.77 | % | 0.74 | % | 0.69 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
0.49 | % | 0.49 | % | 2.53 | % | 2.08 | % | 1.14 | % | |||||||||||||||
Portfolio
Turnover Rate |
336 | % | 210 | % | 303 | % | 172 | % | 183 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 4.26 | $ | 4.23 | $ | 4.27 | $ | 4.26 | $ | 4.27 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.03 | 0.03 | 0.12 | 0.10 | 0.06 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.08 | ) | 0.03 | (0.04 | ) | 0.01 | (0.01 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.05 | ) | 0.06 | 0.08 | 0.11 | 0.05 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.03 | ) | (0.03 | ) | (0.12 | ) | (0.10 | ) | (0.06 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 4.18 | $ | 4.26 | $ | 4.23 | $ | 4.27 | $ | 4.26 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(1.21 | )% | 1.43 | % | 1.78 | % | 2.53 | % | 1.08 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 158,258 | $ | 181,248 | $ | 76,340 | $ | 68,020 | $ | 68,698 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.49 | % | 0.48 | % | 0.58 | % | 0.56 | % | 0.52 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.34 | % | 0.34 | % | 0.34 | % | 0.34 | % | 0.34 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
0.66 | % | 0.67 | % | 2.70 | % | 2.27 | % | 1.30 | % | |||||||||||||||
Portfolio
Turnover Rate |
336 | % | 210 | % | 303 | % | 172 | % | 183 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 11.96 | $ | 11.12 | $ | 11.80 | $ | 11.83 | $ | 11.90 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.30 | 0.30 | 0.42 | 0.41 | 0.29 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.66 | ) | 0.93 | (0.69 | ) | (0.03 | ) | (0.03 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.36 | ) | 1.23 | (0.27 | ) | 0.38 | 0.26 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.30 | ) | (0.30 | ) | (0.41 | ) | (0.41 | ) | (0.31 | ) | |||||||||||||||
From
net capital gains |
(0.13 | ) | (0.09 | ) | — | — | (0.02 | ) | |||||||||||||||||
Return
of capital |
— | — | — | (0.00 | )2 | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Distributions |
(0.43 | ) | (0.39 | ) | (0.41 | ) | (0.41 | ) | (0.33 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 11.17 | $ | 11.96 | $ | 11.12 | $ | 11.80 | $ | 11.83 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(3.15 | )% | 11.14 | % | (2.47 | )% | 3.31 | % | 2.18 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 214,792 | $ | 258,424 | $ | 267,139 | $ | 454,968 | $ | 642,999 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
1.02 | % | 1.03 | % | 1.03 | % | 1.03 | %3 | 1.05 | % | |||||||||||||||
After
expense waivers and reimbursements |
1.02 | % | 1.03 | % | 1.03 | % | 1.03 | % | 1.04 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
2.50 | % | 2.56 | % | 3.49 | % | 3.46 | % | 2.39 | % | |||||||||||||||
Portfolio
Turnover Rate |
182 | % | 165 | % | 85 | % | 43 | % | 62 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Amount
is greater than $(0.005) per share. |
3 |
Includes
recoupment of past waived fees. Excluding the recoupment of past waived
fees, the ratio would have been 0.99%. |
Year Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net
Asset Value, Beginning of Year |
$ | 11.95 | $ | 11.12 | $ | 11.79 | $ | 11.82 | $ | 11.89 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income
from Investment Operations: |
|||||||||||||||||||||||||
Net
investment income1 |
0.33 | 0.33 | 0.44 | 0.44 | 0.33 | ||||||||||||||||||||
Net
realized and unrealized gain (loss) |
(0.66 | ) | 0.92 | (0.67 | ) | (0.02 | ) | (0.04 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Income (Loss) from Investment Operations |
(0.33 | ) | 1.25 | (0.23 | ) | 0.42 | 0.29 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less
Distributions: |
|||||||||||||||||||||||||
From
net investment income |
(0.33 | ) | (0.33 | ) | (0.44 | ) | (0.45 | ) | (0.34 | ) | |||||||||||||||
From
net capital gains |
(0.13 | ) | (0.09 | ) | — | — | (0.02 | ) | |||||||||||||||||
Return
of capital |
— | — | — | (0.00 | )2 | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Distributions |
(0.46 | ) | (0.42 | ) | (0.44 | ) | (0.45 | ) | (0.36 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net
Asset Value, End of Year |
$ | 11.16 | $ | 11.95 | $ | 11.12 | $ | 11.79 | $ | 11.82 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
Return |
(2.88 | )% | 11.35 | % | (2.11 | )% | 3.60 | % | 2.49 | % | |||||||||||||||
Ratios/Supplemental
Data: |
|||||||||||||||||||||||||
Net
Assets, end of year (in thousands) |
$ | 3,648,832 | $ | 3,271,289 | $ | 2,760,187 | $ | 2,651,631 | $ | 2,627,294 | |||||||||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||||||||||||
Before
expense waivers and reimbursements |
0.74 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.73 | % | |||||||||||||||
After
expense waivers and reimbursements |
0.74 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.73 | % | |||||||||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||||||||||||
After
expense waivers and reimbursements |
2.79 | % | 2.82 | % | 3.72 | % | 3.76 | % | 2.77 | % | |||||||||||||||
Portfolio
Turnover Rate |
182 | % | 165 | % | 85 | % | 43 | % | 62 | % |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Amount
is greater than $(0.005) per share. |
Year Ended March 31, | Period Ended March 31, 2020 | ||||||||||||||
2022 | 2021 | ||||||||||||||
Net
Asset Value, Beginning of Period |
$ | 11.94 | $ | 11.11 | $ | 11.96 | |||||||||
|
|
|
|
|
|
||||||||||
Income
from Investment Operations: |
|||||||||||||||
Net
investment income1 |
0.34 | 0.34 | 0.03 | ||||||||||||
Net
realized and unrealized gain (loss) |
(0.66 | ) | 0.92 | (0.85 | ) | ||||||||||
|
|
|
|
|
|
||||||||||
Total
Income (Loss) from Investment Operations |
(0.32 | ) | 1.26 | (0.82 | ) | ||||||||||
|
|
|
|
|
|
||||||||||
Less
Distributions: |
|||||||||||||||
From
net investment income |
(0.34 | ) | (0.34 | ) | (0.03 | ) | |||||||||
From
net capital gains |
(0.13 | ) | (0.09 | ) | — | ||||||||||
|
|
|
|
|
|
||||||||||
Total
Distributions |
(0.47 | ) | (0.43 | ) | (0.03 | ) | |||||||||
|
|
|
|
|
|
||||||||||
Net
Asset Value, End of Period |
$ | 11.15 | $ | 11.94 | $ | 11.11 | |||||||||
|
|
|
|
|
|
||||||||||
Total
Return |
(2.83 | )% | 11.44 | % | (6.88 | )%2 | |||||||||
Ratios/Supplemental
Data: |
|||||||||||||||
Net
Assets, end of period (in thousands) |
$ | 120,524 | $ | 63,815 | $ | 93 | 3 | ||||||||
Ratio
of Expenses to Average Net Assets |
|||||||||||||||
Before
expense waivers and reimbursements |
0.69 | % | 0.69 | % | 0.68 | %4 | |||||||||
After
expense waivers and reimbursements |
0.69 | % | 0.69 | % | 0.68 | %4 | |||||||||
Ratio
of Net Investment Income to Average Net Assets |
|||||||||||||||
After
expense waivers and reimbursements |
2.87 | % | 2.88 | % | 4.06 | %4 | |||||||||
Portfolio
Turnover Rate |
182 | % | 165 | % | 85 | %2 |
1 |
Per
share numbers have been calculated using the average share method.
|
2 |
Non-Annualized.
|
3 |
Represents
the whole number without rounding to the 000s. |
4 |
Annualized.
|
* |
The
Unconstrained Bond Fund Plan Class Shares commenced operations on
March 6, 2020. |