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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 08/07/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.31% 2.87%
w/ sales charge 3.24% 2.81%

30-Day Standardized Yield 2 as of 06/30/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.66% 2.56%

Expense Ratioas of 07/31/2020

Fund Basicsas of 06/30/2020

Total Net Assets
$271.42 M
Inception Date
12/08/2015
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
694
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 1.12%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 4.92% 6.90% 4.83% - - 5.00%
Lipper Category Avg. Core Plus Bond Funds 7.35% 9.56% 5.36% - - -
Bloomberg Barclays U.S. Aggregate Bond Index 7.72% 10.12% 5.69% - - 4.76%
w/ sales charge 2.57% 4.50% 4.04% - - 4.49%

Fund Expense Ratio :

Gross 1.12%

Net 0.68%

Fund Expense Ratio :

Gross 1.12%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 1.90% 4.30% 4.06% - - 4.43%
Lipper Category Avg. Core Plus Bond Funds 5.15% 7.61% 4.84% - - -
Bloomberg Barclays U.S. Aggregate Bond Index 6.14% 8.74% 5.32% - - 4.52%
w/ sales charge -0.38% 1.96% 3.28% - - 3.91%

Fund Expense Ratio :

Gross 1.12%

Net 0.68%

Type Assets
Investment Grade Corporate
High Yield Corporate
ABS
MBS
U.S. Government Related
CMBS
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 06/30/2020 View Portfolio

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

Investment Team

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

26 Years of Industry Experience

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

Partner & Portfolio Manager

22 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

19 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

29 Years of Industry Experience

Supported By 61 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 08/07/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.31% 2.87%
w/ sales charge 3.24% 2.81%

30-Day Standardized Yield 2 as of 06/30/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.66% 2.56%

Fund Expense Ratio :

Gross 1.12%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 4.92% 6.90% 4.83% - - 5.00%
Lipper Category Avg. Core Plus Bond Funds 7.35% 9.56% 5.36% - - -
Bloomberg Barclays U.S. Aggregate Bond Index 7.72% 10.12% 5.69% - - 4.76%
w/ sales charge 2.57% 4.50% 4.04% - - 4.49%

Fund Expense Ratio :

Gross 1.12%

Net 0.68%

Fund Expense Ratio :

Gross 1.12%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 1.90% 4.30% 4.06% - - 4.43%
Lipper Category Avg. Core Plus Bond Funds 5.15% 7.61% 4.84% - - -
Bloomberg Barclays U.S. Aggregate Bond Index 6.14% 8.74% 5.32% - - 4.52%
w/ sales charge -0.38% 1.96% 3.28% - - 3.91%

Fund Expense Ratio :

Gross 1.12%

Net 0.68%

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
High Yield Corporate
ABS
MBS
U.S. Government Related
CMBS
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 06/30/2020

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

Portfolio Positioningas of 6/30/2020

  • Over the quarter the largest change in the portfolio composition was an increase to corporate credit – both high yield and investment grade. Most notably, we added to corporate issues within consumer non-cyclical, technology, and energy sectors. We believe these sectors will continue to benefit from the gradual re-opening of the economy.
  • We decreased the allocation to U.S. Treasuries over the period. With rates rallying in the first quarter as investors flocked into Treasuries and moved out of corporate credit, we saw an opportunity to sell Treasuries in order to aim to take advantage of attractive relative value in risk-on sectors.
  • We maintained our overweight position within asset-backed securities (ABS). We favor high quality ABS that are backed by credit cards and auto loans, and we have avoided areas of the market that have been more directly exposed to the impact of the coronavirus (such as container and aircraft ABS).

Portfolio Details as of 06/30/2020

Total Net Assets
$271.42 M
Number of Issues
694
Average Coupon
3.95%
Average Life
7.23 Years
Average Maturity
7.23 Years
Average Effective Duration
5.81 Years
Average Modified Duration
6.19 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 08/07/2020
$0.299
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 07/31/2020 $0.04347 $15.72
Daily Daily 06/30/2020 $0.04432 $15.31
Daily Daily 05/31/2020 $0.04431 $15.16
Daily Daily 04/30/2020 $0.04658 $14.93
Daily Daily 03/31/2020 $0.04452 $14.64
Daily Daily 02/29/2020 $0.03838 $15.64
Daily Daily 01/31/2020 $0.03768 $15.54

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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 08/07/2020  

  Subsidized Un-Subsidized
w/o sales charge 3.31% 2.87%
w/ sales charge 3.24% 2.81%

30-Day Standardized Yield as of 06/30/2020  

Subsidized Un-Subsidized
2.66% 2.56%

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 08/07/2020

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $16.11
$100,000 to $249,999 1.75% 1.50% $16.03
$250,000 to $499,999 1.25% 1.00% $15.95
$500,000 to $999,999 0.00% 1.00% $15.75
$1,000,000 to $5,000,000 0.00% 1.00% $15.75

Expense Ratioas of 07/31/2020

Fund Documents

Fund Documents

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Summary 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 A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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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