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Core Fixed Income Fund

Summary

Summary

What is the Core Fixed Income Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in U.S. investment grade corporate, government, and mortgage- and asset-backed securities.

Yield

Dividend Yield 1 as of 11/15/2019  

w/o sales charge 2.35%

30-Day Standardized Yield 2 as of 10/31/2019  

1.98%

Fund Basicsas of 10/31/2019

Total Net Assets
$1.46 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Expense Ratio
0.34%
Number of Holdings
333

Fund Expense Ratio :

0.34%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 8.40% 10.70% 3.11% 3.05% 3.92% -
Lipper Category Avg. Core Bond Funds 8.76% 10.66% 3.12% 2.96% 3.80% -
Bloomberg Barclays U.S. Aggregate Bond Index 8.85% 11.51% 3.29% 3.24% 3.73% -

Fund Expense Ratio :

0.34%

Fund Expense Ratio :

0.34%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 8.19% 9.64% 2.79% 3.18% 3.97% -
Lipper Category Avg. Core Bond Funds 8.50% 9.49% 2.80% 3.06% 3.87% -
Bloomberg Barclays U.S. Aggregate Bond Index 8.52% 10.30% 2.92% 3.38% 3.75% -

Fund Expense Ratio :

0.34%

Type Assets
MBS
U.S. Government Related
ABS
Sovereign
CMBS
Corporates
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 10/31/2019 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB

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

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Supported By 65 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 11/15/2019  

w/o sales charge 2.35%

30-Day Standardized Yield 2 as of 10/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.98% 1.98%

Fund Expense Ratio :

0.34%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 8.40% 10.70% 3.11% 3.05% 3.92% -
Lipper Category Avg. Core Bond Funds 8.76% 10.66% 3.12% 2.96% 3.80% -
Bloomberg Barclays U.S. Aggregate Bond Index 8.85% 11.51% 3.29% 3.24% 3.73% -

Fund Expense Ratio :

0.34%

Fund Expense Ratio :

0.34%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 8.19% 9.64% 2.79% 3.18% 3.97% -
Lipper Category Avg. Core Bond Funds 8.50% 9.49% 2.80% 3.06% 3.87% -
Bloomberg Barclays U.S. Aggregate Bond Index 8.52% 10.30% 2.92% 3.38% 3.75% -

Fund Expense Ratio :

0.34%

Year Fund Returns Bloomberg Barclays U.S. Aggregate Bond Index
2018 -0.16% 0.01%
2017 3.57% 3.54%
2016 3.04% 2.65%
2015 -0.22% 0.55%
2014 6.45% 5.97%
2013 -1.90% -2.02%
2012 6.06% 4.22%
2011 7.92% 7.84%
2010 7.00% 6.54%
2009 12.99% 5.93%
2008 1.58% -
2007 6.71% -
2006 - -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 2.91% 2.96% 2.11% - 7.83%
2018 -1.31% -0.27% 0.09% 1.35% -0.16%
2017 0.93% 1.38% 0.83% 0.38% 3.57%
2016 2.74% 2.36% 0.92% -2.91% 3.04%
2015 1.44% -1.58% 0.71% -0.76% -0.22%
2014 2.17% 2.25% 0.20% 1.69% 6.45%
2013 0.16% -2.65% 0.43% 0.18% -1.90%
2012 1.10% 2.23% 2.05% 0.56% 6.06%
2011 0.66% 2.27% 3.54% 1.26% 7.92%
2010 2.17% 3.31% 2.65% -1.24% 7.00%
2009 2.51% 4.07% 5.54% 0.35% 12.99%
2008 1.30% 0.03% -1.16% 1.41% 1.58%
2007 1.57% -0.72% 2.98% 2.76% 6.71%
2006 - - - 1.17% -

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
MBS
U.S. Government Related
ABS
Sovereign
CMBS
Corporates
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 10/31/2019

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB

Portfolio Positioning as of 9/30/2019

  • We decreased the portfolio’s exposure to structured product sectors (including ABS, CMBS and MBS) during the period.  As corporate credit spreads widened during the risk-off environment in August, we reinvested a portion of the proceeds from maturing structured products into investment-grade corporates as valuations became more attractive. 
  • Despite decreasing exposure to these sectors during the quarter, we maintained the portfolio’s overweight to commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS). CMBS continues to offer less sensitivity to potential deterioration of U.S. trade conditions as the asset class has a domestic orientation. Our team favors SASB (single-asset / single-borrower) CMBS deals across the credit spectrum, which have had superior 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 believe the mixed messaging from the Fed and geopolitical/trade risks will result in volatility remaining heightened for the next few months.

Portfolio Details as of 10/31/2019

Total Net Assets
$1.46 B
Number of Issues
333
Average Coupon
3.01%
Average Life
8.44 Years
Average Effective Duration
5.86 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 11/15/2019
$0.264
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 10/31/2019 $0.02166 $11.13
Daily Daily 09/30/2019 $0.02418 $11.13
Daily Daily 08/31/2019 $0.02192 $11.22
Daily Daily 07/31/2019 $0.02517 $10.97
Daily Daily 06/30/2019 $0.02840 $10.97
Daily Daily 05/31/2019 $0.02999 $10.87
Daily Daily 04/30/2019 $0.02821 $10.72
Daily Daily 03/31/2019 $0.03149 $10.74
Daily Daily 02/28/2019 $0.02573 $10.57
Daily Daily 01/31/2019 $0.02741 $10.60

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2019

0.34%

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
Publish Date:11/03/2015
Flyer
Publish Date:11/03/2015

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Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to June 30, 2015,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; (b) for periods prior to April 4, 2017 but after June 30, 2015, performance is based on the historical performance of the Fund’s Class R6 shares, which have an equivalent expense ratio to the Fund’s F3 shares; and (c) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 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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