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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 09/20/2019  

w/o sales charge 1.79%

30-Day Standardized Yield 2 as of 08/31/2019  

1.42%

Fund Basicsas of 08/30/2019

Total Net Assets
$1.43 B
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Expense Ratio
0.92%
Number of Holdings
355

Fund Expense Ratio :

0.92%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 8.41% 9.04% 2.38% 2.55% 3.55% 4.16%
Lipper Category Avg. Core Bond Funds 9.03% 9.43% 2.97% 3.00% 4.08% -
Bloomberg Barclays U.S. Aggregate Bond Index 9.10% 10.17% 3.09% 3.35% 3.91% 4.37%

Fund Expense Ratio :

0.92%

Fund Expense Ratio :

0.92%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 5.65% 6.88% 1.76% 2.18% 3.70% 3.99%
Lipper Category Avg. Core Bond Funds 6.29% 7.35% 2.37% 2.62% 4.25% -
Bloomberg Barclays U.S. Aggregate Bond Index 6.11% 7.87% 2.31% 2.95% 3.90% 4.18%

Fund Expense Ratio :

0.92%

Type Assets
MBS
U.S. Government Related
ABS
CMBS
Sovereign
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 08/30/2019 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 68 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 09/20/2019  

w/o sales charge 1.79%

30-Day Standardized Yield 2 as of 08/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.42% 1.42%

Fund Expense Ratio :

0.92%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 8.41% 9.04% 2.38% 2.55% 3.55% 4.16%
Lipper Category Avg. Core Bond Funds 9.03% 9.43% 2.97% 3.00% 4.08% -
Bloomberg Barclays U.S. Aggregate Bond Index 9.10% 10.17% 3.09% 3.35% 3.91% 4.37%

Fund Expense Ratio :

0.92%

Fund Expense Ratio :

0.92%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 5.65% 6.88% 1.76% 2.18% 3.70% 3.99%
Lipper Category Avg. Core Bond Funds 6.29% 7.35% 2.37% 2.62% 4.25% -
Bloomberg Barclays U.S. Aggregate Bond Index 6.11% 7.87% 2.31% 2.95% 3.90% 4.18%

Fund Expense Ratio :

0.92%

Year Fund Returns Bloomberg Barclays U.S. Aggregate Bond Index
2018 -0.72% 0.01%
2017 2.96% 3.54%
2016 2.41% 2.65%
2015 -0.84% 0.55%
2014 5.82% 5.97%
2013 -2.57% -2.02%
2012 5.43% 4.22%
2011 7.38% 7.84%
2010 6.36% 6.54%
2009 12.34% 5.93%
2008 0.97% -
2007 5.62% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 2.76% 2.81% - - 7.49%
2018 -1.46% -0.41% 0.05% 1.11% -0.72%
2017 0.78% 1.34% 0.59% 0.22% 2.96%
2016 2.58% 2.30% 0.67% -3.06% 2.41%
2015 1.38% -1.82% 0.55% -0.92% -0.84%
2014 2.02% 2.10% 0.05% 1.54% 5.82%
2013 -0.08% -2.71% 0.28% -0.07% -2.57%
2012 0.95% 1.99% 1.90% 0.50% 5.43%
2011 0.60% 2.02% 3.48% 1.11% 7.38%
2010 2.10% 3.06% 2.59% -1.47% 6.36%
2009 2.37% 3.92% 5.39% 0.21% 12.34%
2008 1.15% -0.12% -1.31% 1.26% 0.97%
2007 1.32% -0.77% 2.39% 2.60% 5.62%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
MBS
U.S. Government Related
ABS
CMBS
Sovereign
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 08/30/2019

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

Portfolio Positioning as of 6/30/2019

  • We increased the portfolio’s allocation to MBS over the quarter. MBS valuations became attractive as     mortgage spreads over Treasuries reached their widest levels in the post crisis era, as lower rates     have resulted in a mini-refinancing boom and thus increased call risk within MBS, increasing risk     premium. We continue to monitor and trade a range with respect to MBS spreads to Treasuries.
  • We reduced the portfolio’s allocation to asset-backed securities (ABS) that are backed by student     loans and credit card receivables. While we continue to maintain a favorable view on ABS, we were     able to take profits and reallocate the portfolio’s ABS positioning following the volatility that occurred     within risk assets during May, which resulted in tighter ABS spreads relative to corporate bonds. In     addition, we sold deals that did not have strong language regarding the eventual change from using     LIBOR to using the Secured Overnight Financing Rate (SOFR).
  • We maintained the portfolio’s overweight position within commercial mortgage-backed securities     (CMBS). CMBS continue to offer less sensitivity to the potential deterioration of U.S. trade conditions     as it is an asset class with a domestic orientation. We favor SASB (single-asset / single-borrower)     deals across the credit spectrum. Generally, these deals have had superior asset quality and     underwriting versus conduit deals as well as stronger borrower profiles.

Portfolio Details as of 08/30/2019

Total Net Assets
$1.43 B
Number of Issues
355
Average Coupon
3.07%
Average Life
7.72 Years
Average Effective Duration
5.74 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/20/2019
$0.176
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2019 $0.01656 $11.22
Daily Daily 07/31/2019 $0.01988 $10.98
Daily Daily 06/30/2019 $0.02327 $10.97
Daily Daily 05/31/2019 $0.02471 $10.87
Daily Daily 04/30/2019 $0.02312 $10.72
Daily Daily 03/31/2019 $0.02620 $10.74
Daily Daily 02/28/2019 $0.02093 $10.57
Daily Daily 01/31/2019 $0.02211 $10.60

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 09/30/2019
Daily Daily 10/31/2019
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 08/31/2019

0.92%

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

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Class R3 - The performance quotations for Class R3 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R3, a restated figure is used based on the Fund's Class A performance, excluding the effect of Class A's maximum sales charge (which does not apply to Class R3, adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R3, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R3, actual Class R3 performance is used reflecting all charges and fees applicable to Class R3 shares. Hypothetical performance data for Class R3, as measured from since inception of the Fund using the methodology described above, is not available if the Class A inception date is equal or greater than ten years old. Please refer to the Class R3 performance information for the inception date for Class R3. Please refer to the Class A performance information for the inception date for Class A.

Class R3 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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