Investment Objective and Strategy

Is this fund a good choice for me?
The Short-Term Bond Fund may be appropriate if you’re seeking a little more interest income from your savings than you’d earn in a traditional savings account. You’re also comfortable with potential fluctuations in your account balance based on the performance of the underlying bonds.

Investment objective and strategy
The fund seeks a high level of income consistent with maintaining minimum fluctuation of principal by investing in high-quality, short-term debt securities. These investments include: commercial paper; corporate bonds; U.S. Treasury securities; securities issued or guaranteed by U.S. government entities, agencies or instrumentalities; municipal bonds; U.S. dollar-denominated debt securities of foreign issuers (Yankee bonds); and asset-backed and mortgage-backed securities. The average maturity of the portfolio, under normal circumstances, is expected to be three years or less.

Performance

Total Returns

As of 12/31/2021

Calendar-Year Total Returns

Growth of $10,000

The line chart is a comparison of the change in value of a $10,000 investment in the fund and the ICE BofA 1-5 Year Corp./Gov. Index over a 10-year period. The chart represents past performance, which is no guarantee of future results. Current performance may be higher or lower than that shown above. Returns and the principal value of your investment will fluctuate such that shares, when redeemed, may be worth more or less than their original cost. The fund’s average annual total returns are net of any fee waivers and reimbursements. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares.

Industry Rankings

For the month ending 12/31/2021

Morningstar

Category Short-Term Bond
Rating*
★★★

*Overall, out of 557 funds, according to risk-adjusted return

Lipper

Classification Short Investment-Grade Debt
preservation1
5

1Overall, out of 6,229 funds, according to historical loss avoidance

Share Price History

As of 01/18/2022

The chart plots daily share prices for the last 10 years. The interactive calendar will retrieve the share price for any business day since the fund's inception.

Composition

Security Weightings

As of 12/31/2021

Portfolio Characteristics

As of 12/31/2021

Net Assets $565,306,312
Number of Holdings 245
Weighted Average Maturity 2.68 years
Duration 2.34 years

Distributions

Income and/or capital gains distributions for this fund, if any, are listed in the table below for the current and previous calendar year. Mutual funds are required to pass through to their shareholders substantially all of the interest income and capital gains earned by the fund during the year. These distributions are paid on a regular schedule as shown in the table below.

2021 Earnings Distribution

Distribution Type Record Date Declaration Date $/Per Share
Ordinary Income Daily 1/29/21 $0.0022
Ordinary Income Daily 2/26/21 $0.0024
Ordinary Income Daily 3/31/21 $0.002
Ordinary Income Daily 4/30/21 $0.002
Ordinary Income Daily 5/28/21 $0.0018
Long-Term Capital Gains 6/30/21 6/30/21 $0.001
Ordinary Income Daily 6/30/21 $0.0013
Short-Term Capital Gains 6/30/21 6/30/21 $0.0206
Ordinary Income Daily 7/30/21 $0.0015
Ordinary Income Daily 8/31/21 $0.0016
Ordinary Income Daily 9/30/21 $0.0017
Ordinary Income Daily 10/29/21 $0.0019
Ordinary Income Daily 11/30/21 $0.0024
Long-Term Capital Gains 12/15/21 12/16/21 $0.0114
Short-Term Capital Gains 12/15/21 12/16/21 $0.0152
Ordinary Income Daily 12/31/21 $0.0024

The record date is the date on which you must be a shareholder in order to receive a portion of the fund’s distribution.

The declaration date, typically the business day after the record date, is the date the amount of the distribution is announced and deducted from fund assets. On this day, the amount of the distribution is deducted from fund assets and calculated as a per share amount to be passed through to shareholders. The fund’s share price will decline by the amount of the distribution (plus or minus any share price change related to market activity). The following business day, shareholders will see their portion of the distribution posted to their account as either a cash dividend or dividend reinvestment.

Portfolio Management

Debt securities are subject to interest rate risk, credit risk, extension risk, income risk, issuer risk and market risk. The value of U.S. government securities can decrease due to changes in interest rates or changes to the financial condition or credit rating of the U.S. government. Investments in asset-backed and mortgage-backed securities are also subject to prepayment risk as well as increased susceptibility to adverse economic developments. High-yield, lower-rated securities involve greater risk than higher-rated securities.