Fund Goal

We pursue a strategy of broad diversification in order to benefit from investments in both corporate and government fixed-income securities as well as mortgage backed securities (MBS) and asset-backed securities (ABS), with the fund maintaining a dollar-weighted average duration of no longer than 3.5 years.

Process

Our Fixed Income management process is fundamentally driven, disciplined and value oriented. We construct portfolios using duration management, yield curve positioning, sector allocation, and security selection, and use these strategies as a blueprint to strive to earn results for you.

How We Strive To Make Fixed Income Funds Work For You:

Discover

We seek opportunities to generate returns for our investors.

Assess

We test our discoveries for relative value and associated risk. If it’s not worth it, we go back to the drawing board.

Invest

We invest in assets that have value within the current market and buy when we believe the price is right.

Monitor

We monitor our investments closely. We ensure our reasoning remains valid and, if it isn’t, we return to the discovery phase.

Market Concerns

Fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rise when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates. Short-term investment-grade bonds offer less risk and generally a lower rate of return than longer-term higher yielding bonds. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of changing interest rates.

Morningstar Rankings

Category: US OE Fund Short-Term Bond (as of 9/30/2021)

RankPercentile
1 Year423/60374
3 Year307/55061
5 Year245/48556
10 Year120/31845

Rankings are for Institutional Class and are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. For periods not shown, Morningstar does not provide rankings based on synthetic performance.

Morningstar rankings are based on a fund’s average annual total return relative to all funds in the same Morningstar category. Fund performance used within the rankings, reflects certain fee waivers, without which, returns and Morningstar rankings would have been lower. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100.

2021 Morningstar, Inc., All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Rankings are for Institutional Class and are based on average annual total returns, but do not consider sales charges.

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Lipper Leaders Designation

  • 5
    Preservation
    Lipper Leader
    Preservation
    (A, Institutional and Investor Shares)
  • 5
    Expense
    Lipper Leader
    Expense
    (Investor Shares)

Lipper Rankings

Category: Lipper Short Investment-Grade Debt Funds (as of 9/30/2021)

RankPercentile
1 Year300/37181
3 Year140/33642
5 Year140/29548
10 Year62/20031

The Lipper ratings for Preservation reflect the funds' historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative measures, rather than absolute measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds. Lipper ratings for Expense identify a fund that has successfully managed to keep its expenses low relative to its peers and within its load structure. Lipper ratings for Total Return reflect the funds' historical total return performance relative to its peers. Lipper ratings for Consistent Return identify a fund that has provided relatively superior consistency and risk-adjusted returns when compared to a group of similar funds, which achieve high ratings for Consistent Return, may be the best fit for investors who value a fund's year-to-year consistency relative to other funds in a particular peer group. Lipper ratings are subject to change every month and are based on an equal weighted average of percentile ranks for Total Return, Consistent Return, Preservation and Expense metrics over three-, five-, and ten- year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leaders with a rating of 5, the next 20% receive a rating of 4, the middle 20% are rated 3, the next 20% are rated 2, and the lowest 20% are rated 1.

The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends. Lipper ratings are not intended to predict future results., and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2021, all rights reserved.

Past performance is no guarantee of future results.
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Fund Information as of 11/30/21

Class AInstitutionalInvestor
Net Asset Value$9.61$9.60$9.60
SymbolAASTXAISTXAPSTX
CUSIP14956P63814956P40614956P307
Inception05/02/1112/29/0510/19/94
Gross Expense Ratio0.81%0.71%0.96%
Net Expense Ratio0.71%0.46%0.71%

Fund Statistics as of 9/30/21

Total Net Assets$82,763,296
Number of Holdings218
Turnover Ratio65.93%
5-Year Standard Deviation1.17
Weighted Average Maturity (bonds)3.14 yrs.
Effective Duration (bonds)2.18 yrs.

Currently, contractural fee waivers are in effect from December 28, 2020 through December 31, 2021.

Diversification does not assure a profit nor protect against loss. While the fund seeks to manage and monitor risk, there is no way to remove risk.

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