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Core Plus Bond Fund

Summary

Summary

What is the Core Plus Bond Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing in a wide range of fixed income securities, including U.S. investment grade and high yield corporate bonds, mortgage-backed, asset-backed, and government-related securities, with select allocations to non-U.S. (including emerging market) debt securities.

 

Yield

Dividend Yield 1 as of 03/27/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.44% 1.72%

30-Day Standardized Yield 2 as of 02/29/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.40% 2.39%

Fund Basicsas of 02/28/2020

Total Net Assets
$271.72 M
Inception Date
12/08/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
2.17%
Fund Net Expense Ratio
0.46%
Number of Holdings
644

Fund Expense Ratio :

Gross 2.17%

Net 0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 2.90% 10.92% 5.17% - - 5.32%
Lipper Category Avg. Core Plus Bond Funds 3.21% 10.80% 4.78% - - -
Bloomberg Barclays U.S. Aggregate Bond Index 3.76% 11.68% 5.01% - - 4.32%

Fund Expense Ratio :

Gross 2.17%

Net 0.46%

Fund Expense Ratio :

Gross 2.17%

Net 0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 10.12% 10.12% 4.70% - - 4.79%
Lipper Category Avg. Core Plus Bond Funds 9.31% 9.31% 4.18% - - -
Bloomberg Barclays U.S. Aggregate Bond Index 8.72% 8.72% 4.03% - - 3.55%

Fund Expense Ratio :

Gross 2.17%

Net 0.46%

Type Assets
Investment Grade Corporate
U.S. Government Related
MBS
ABS
CMBS
High Yield Corporate
Sovereign
Bank Loans
Other
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 02/28/2020 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Investment Team

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

25 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

21 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Supported By 64 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 03/27/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.44% 1.72%

30-Day Standardized Yield 2 as of 02/29/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.40% 2.39%

Fund Expense Ratio :

Gross 2.17%

Net 0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 2.90% 10.92% 5.17% - - 5.32%
Lipper Category Avg. Core Plus Bond Funds 3.21% 10.80% 4.78% - - -
Bloomberg Barclays U.S. Aggregate Bond Index 3.76% 11.68% 5.01% - - 4.32%

Fund Expense Ratio :

Gross 2.17%

Net 0.46%

Fund Expense Ratio :

Gross 2.17%

Net 0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 10.12% 10.12% 4.70% - - 4.79%
Lipper Category Avg. Core Plus Bond Funds 9.31% 9.31% 4.18% - - -
Bloomberg Barclays U.S. Aggregate Bond Index 8.72% 8.72% 4.03% - - 3.55%

Fund Expense Ratio :

Gross 2.17%

Net 0.46%

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
U.S. Government Related
MBS
ABS
CMBS
High Yield Corporate
Sovereign
Bank Loans
Other
Cash
Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 02/28/2020

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Portfolio Positioningas of 12/31/2019

  • Over the quarter, we decreased the portfolio’s allocation to corporate credit – both investment-grade and high yield – given softer economic data and tighter spreads.
  • We reallocated proceeds from sales within corporate credit and increased the portfolio’s allocation to sectors in the fixed income market which we believe had better relative value in the face of corporate spread tightening– namely commercial mortgage-backed securities (CMBS), asset-backed securities (ABS), and collateralized loan obligations (CLO).
  • Our team favors SASB (single-asset / single-borrower) CMBS deals across the credit spectrum, which have had strong underwriting and, in some cases, lower spread volatility, than conduit deals.
  • In addition, we continue to favor the liquidity that ABS provide, and have found unique pockets of relative value and appealing risk-adjusted spread, primarily in credit card and auto-related ABS.
  • We continue to emphasize liquidity and flexibility within the portfolio and are tactically adjusting risk exposure to favor asset classes that offer what we believe to be the best risk-adjusted carry opportunities and that have lagged within the recent spread tightening. 

Portfolio Details as of 02/28/2020

Total Net Assets
$271.72 M
Number of Issues
644
Average Coupon
3.47%
Average Life
6.88 Years
Average Maturity
6.88 Years
Average Effective Duration
5.47 Years
Average Modified Duration
6 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 03/27/2020
$0.082
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 02/29/2020 $0.04147 $15.64
Daily Daily 01/31/2020 $0.04104 $15.55

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 03/31/2020
Daily Daily 04/30/2020
Daily Daily 05/31/2020
Daily Daily 06/30/2020
Daily Daily 07/31/2020
Daily Daily 08/31/2020
Daily Daily 09/30/2020
Daily Daily 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

Yield

Yield

Dividend Yield as of 03/27/2020  

  Subsidized Un-Subsidized
w/o sales charge 3.44% 1.72%

30-Day Standardized Yield as of 02/29/2020  

Subsidized Un-Subsidized
2.40% 2.39%

Fees & Expenses

Fees & Expenses

Expense Ratioas of 02/29/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
2.17% 0.46%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Publish Date:11/03/2015

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Class R6 - The inception date for Class R6 shares is June 30, 2015. The performance quotations for Class R6 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R6 shares; and (b) for periods after June 30, 2015, actual Class R6 performance is used, which reflects all charges and fees applicable to Class R6 shares.

Class R6 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

The Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. 

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