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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 05/29/2020  

w/o sales charge 2.37%
w/ sales charge 2.32%

30-Day Standardized Yield 2 as of 04/30/2020  

1.75%

Expense Ratioas of 04/30/2020

Fund Basicsas of 04/30/2020

Total Net Assets
$1.85 B
Inception Date
08/31/2000
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
458
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge 3.38% 8.35% 4.10% 2.99% 3.63% 4.93%
Lipper Category Avg. Core Bond Funds 2.93% 8.27% 4.20% 3.17% 3.69% -
Bloomberg Barclays U.S. Aggregate Bond Index 4.98% 10.84% 5.17% 3.80% 3.96% 5.04%
w/ sales charge 1.09% 5.88% 3.31% 2.52% 3.39% 4.81%

Fund Expense Ratio :

0.64%

Fund Expense Ratio :

0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge 1.63% 6.57% 3.76% 2.57% 3.56% 4.86%
Lipper Category Avg. Core Bond Funds 0.43% 5.79% 3.61% 2.60% 3.57% -
Bloomberg Barclays U.S. Aggregate Bond Index 3.15% 8.93% 4.82% 3.36% 3.88% 4.97%
w/ sales charge -0.62% 4.15% 2.97% 2.10% 3.33% 4.74%

Fund Expense Ratio :

0.64%

Type Assets
U.S. Government Related
MBS
ABS
CMBS
Corporates
Sovereign
Other
Cash
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 04/30/2020 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

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

29 Years of Industry Experience

Supported By 62 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 05/29/2020  

w/o sales charge 2.37%
w/ sales charge 2.32%

30-Day Standardized Yield 2 as of 04/30/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.75% 1.75%

Fund Expense Ratio :

0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge 3.38% 8.35% 4.10% 2.99% 3.63% 4.93%
Lipper Category Avg. Core Bond Funds 2.93% 8.27% 4.20% 3.17% 3.69% -
Bloomberg Barclays U.S. Aggregate Bond Index 4.98% 10.84% 5.17% 3.80% 3.96% 5.04%
w/ sales charge 1.09% 5.88% 3.31% 2.52% 3.39% 4.81%

Fund Expense Ratio :

0.64%

Fund Expense Ratio :

0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge 1.63% 6.57% 3.76% 2.57% 3.56% 4.86%
Lipper Category Avg. Core Bond Funds 0.43% 5.79% 3.61% 2.60% 3.57% -
Bloomberg Barclays U.S. Aggregate Bond Index 3.15% 8.93% 4.82% 3.36% 3.88% 4.97%
w/ sales charge -0.62% 4.15% 2.97% 2.10% 3.33% 4.74%

Fund Expense Ratio :

0.64%

Year Fund Returns Bloomberg Barclays U.S. Aggregate Bond Index
2019 7.83% 8.72%
2018 -0.43% 0.01%
2017 3.25% 3.54%
2016 2.71% 2.65%
2015 -0.54% 0.55%
2014 6.13% 5.97%
2013 -2.28% -2.02%
2012 5.84% 4.22%
2011 7.60% 7.84%
2010 6.66% 6.54%
2009 12.49% -
2008 1.12% -
2007 6.15% -
2006 3.97% -
2005 2.14% -
2004 3.71% -
2003 3.82% -
2002 9.30% -
2001 9.45% -
2000 5.70% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 1.63% - - - 4.11%
2019 2.83% 2.89% 2.04% -0.12% 7.83%
2018 -1.39% -0.34% 0.03% 1.29% -0.43%
2017 0.85% 1.32% 0.75% 0.29% 3.25%
2016 2.65% 2.37% 0.75% -2.99% 2.71%
2015 1.36% -1.66% 0.62% -0.85% -0.54%
2014 2.10% 2.17% 0.12% 1.61% 6.13%
2013 0.00% -2.72% 0.36% 0.10% -2.28%
2012 1.11% 2.06% 1.97% 0.57% 5.84%
2011 0.58% 2.19% 3.56% 1.09% 7.60%
2010 2.16% 3.13% 2.67% -1.40% 6.66%
2009 2.40% 3.95% 5.43% 0.24% 12.49%
2008 1.19% -0.08% -1.27% 1.30% 1.12%
2007 1.36% -0.74% 2.79% 2.65% 6.15%
2006 -0.56% -0.27% 3.75% 1.06% 3.97%
2005 -0.20% 2.87% -0.90% 0.39% 2.14%
2004 2.37% -2.39% 2.96% 0.81% 3.71%
2003 1.18% 2.68% -0.26% 0.19% 3.82%
2002 0.00% 2.80% 3.86% 2.38% 9.30%
2001 3.27% 0.53% 5.03% 0.37% 9.45%
2000 - - - 4.71% 5.70%

Growth of $10,000 as of 03/31/2020

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
U.S. Government Related
MBS
ABS
CMBS
Corporates
Sovereign
Other
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 04/30/2020

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

Portfolio Positioning as of 3/31/2020

  • Over the quarter we decreased the portfolio’s overweight to agency mortgage-backed securities (MBS). The asset class outperformed corporate credit  and other securitized products, as it benefited from the Fed’s announcement that they would buy a minimum of $200B of agency MBS to help stimulate the economy. Given the relative outperformance, we used proceeds from the sales of agency MBS in order to allocate to sectors with more attractive relative value, in our opinion.
  • We also sold U.S. Treasury securities in the portfolio in order to shift into risk assets, as we believe the dramatic move in spreads during the quarter led to attractive valuations in certain areas of the market.
  • We reallocated proceeds from the sales of agency MBS and U.S. Treasuries, and invested in corporate credit. With the continued weakness throughout the quarter in corporate credit, we found the valuations of certain issues to be fairly attractive. Notably, we added to short-term investment grade corporate debt, which is a part of the market where we saw a severe dislocation as many investors aggressively sold short-term bonds in order to raise cash. Specifically, we added to consumer non-cyclical corporate debt, including drug and dollar stores.

Portfolio Details as of 04/30/2020

Total Net Assets
$1.85 B
Number of Issues
458
Average Coupon
2.93%
Average Life
7.77 Years
Average Maturity
-
Average Effective Duration
5.47 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/29/2020
$0.082
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2020 $0.02090 $11.41
Daily Daily 04/30/2020 $0.02253 $11.35
Daily Daily 03/31/2020 $0.02228 $11.18
Daily Daily 02/29/2020 $0.01932 $11.45
Daily Daily 01/31/2020 $0.01885 $11.28

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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

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
12/17/2020 12/18/2020

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 05/29/2020

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $11.67
$100,000 to $249,999 1.75% 1.50% $11.61
$250,000 to $499,999 1.25% 1.00% $11.55
$500,000 to $999,999 0.00% 1.00% $11.41
$1,000,000 to $5,000,000 0.00% 1.00% $11.41

Expense Ratioas of 04/30/2020

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
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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.

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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