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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  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.31% 2.27%

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

  Subsidized3 Un-Subsidized4
w/o sales charge 1.94% 1.90%

Fund Basicsas of 10/31/2019

Total Net Assets
$1.46 B
Inception Date
03/16/1998
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.42%
Fund Net Expense Ratio
0.38%
Number of Holdings
333
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

Gross 0.42%

Net 0.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/16/1998
w/o sales charge 8.36% 10.56% 2.98% 2.94% 3.81% 5.25%
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% 4.92%

Fund Expense Ratio :

Gross 0.42%

Net 0.38%

Fund Expense Ratio :

Gross 0.42%

Net 0.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/16/1998
w/o sales charge 8.25% 9.61% 2.72% 3.09% 3.87% 5.26%
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% 4.93%

Fund Expense Ratio :

Gross 0.42%

Net 0.38%

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  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.31% 2.27%

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

  Subsidized5 Un-Subsidized6
w/o sales charge 1.94% 1.90%

Fund Expense Ratio :

Gross 0.42%

Net 0.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/16/1998
w/o sales charge 8.36% 10.56% 2.98% 2.94% 3.81% 5.25%
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% 4.92%

Fund Expense Ratio :

Gross 0.42%

Net 0.38%

Fund Expense Ratio :

Gross 0.42%

Net 0.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/16/1998
w/o sales charge 8.25% 9.61% 2.72% 3.09% 3.87% 5.26%
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% 4.93%

Fund Expense Ratio :

Gross 0.42%

Net 0.38%

Year Fund Returns Bloomberg Barclays U.S. Aggregate Bond Index
2018 -0.29% 0.01%
2017 3.46% 3.54%
2016 2.92% 2.65%
2015 -0.34% 0.55%
2014 6.34% 5.97%
2013 -2.00% -2.02%
2012 5.95% 4.22%
2011 7.82% 7.84%
2010 6.90% 6.54%
2009 12.88% 5.93%
2008 1.47% -
2007 6.60% -
2006 4.24% -
2005 2.40% -
2004 4.36% -
2003 4.18% -
2002 9.73% -
2001 9.46% -
2000 12.99% -
1999 0.22% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 2.89% 3.04% 2.10% - 7.89%
2018 -1.43% -0.28% 0.19% 1.25% -0.29%
2017 0.90% 1.37% 0.80% 0.34% 3.46%
2016 2.71% 2.42% 0.80% -2.94% 2.92%
2015 1.41% -1.61% 0.67% -0.80% -0.34%
2014 2.15% 2.22% 0.18% 1.66% 6.34%
2013 0.13% -2.68% 0.41% 0.15% -2.00%
2012 1.07% 2.20% 2.03% 0.53% 5.95%
2011 0.63% 2.24% 3.51% 1.24% 7.82%
2010 2.15% 3.28% 2.63% -1.27% 6.90%
2009 2.49% 4.04% 5.52% 0.33% 12.88%
2008 1.28% 0.01% -1.18% 1.39% 1.47%
2007 1.54% -0.75% 2.95% 2.74% 6.60%
2006 -0.47% -0.18% 3.74% 1.15% 4.24%
2005 -0.21% 2.97% -0.81% 0.48% 2.40%
2004 2.55% -2.39% 3.08% 1.15% 4.36%
2003 1.26% 2.79% -0.21% 0.31% 4.18%
2002 0.10% 2.94% 3.93% 2.46% 9.73%
2001 3.27% 0.53% 5.04% 0.38% 9.46%
2000 2.13% 2.18% 3.50% 4.61% 12.99%
1999 -0.19% -0.86% 1.16% 0.13% 0.22%
1998 - 2.64% 4.39% 0.59% 7.46%

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
$0.259
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 10/31/2019 $0.02126 $11.12
Daily Daily 09/30/2019 $0.02385 $11.13
Daily Daily 08/31/2019 $0.02166 $11.22
Daily Daily 07/31/2019 $0.02473 $10.97
Daily Daily 06/30/2019 $0.02771 $10.97
Daily Daily 05/31/2019 $0.02960 $10.87
Daily Daily 04/30/2019 $0.02784 $10.71
Daily Daily 03/31/2019 $0.03102 $10.73
Daily Daily 02/28/2019 $0.02528 $10.56
Daily Daily 01/31/2019 $0.02691 $10.60

Upcoming Dividend Payment Dates

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

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2015 12/18/2015 $0.0064 $0.0168 $0.0232 $10.79

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
0.42% 0.38%

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 I - SEC Returns reflect performance for Class I shares at Net Asset Value.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and 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 1.50% if the shares are repurchased 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.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and 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 1.50% if the shares are repurchased 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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