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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 07/13/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.54% 3.10%

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

  Subsidized3 Un-Subsidized4
w/o sales charge 2.82% 2.71%

Fund Basicsas of 05/29/2020

Total Net Assets
$262.10 M
Inception Date
12/08/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.02%
Fund Net Expense Ratio
0.58%
Number of Holdings
650

Fund Expense Ratio :

Gross 1.02%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 1.95% 4.40% 4.14% - - 4.51%
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%

Fund Expense Ratio :

Gross 1.02%

Net 0.58%

Fund Expense Ratio :

Gross 1.02%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 1.95% 4.40% 4.14% - - 4.51%
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%

Fund Expense Ratio :

Gross 1.02%

Net 0.58%

Type Assets
Investment Grade Corporate
ABS
MBS
U.S. Government Related
High Yield Corporate
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 05/29/2020 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 07/13/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.54% 3.10%

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

  Subsidized5 Un-Subsidized6
w/o sales charge 2.82% 2.71%

Fund Expense Ratio :

Gross 1.02%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 1.95% 4.40% 4.14% - - 4.51%
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%

Fund Expense Ratio :

Gross 1.02%

Net 0.58%

Fund Expense Ratio :

Gross 1.02%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 1.95% 4.40% 4.14% - - 4.51%
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%

Fund Expense Ratio :

Gross 1.02%

Net 0.58%

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
ABS
MBS
U.S. Government Related
High Yield Corporate
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 05/29/2020

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

Portfolio Positioningas 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.
  • We reallocated proceeds from the sales of agency MBS and invested in corporate credit. With the continued weakness throughout the quarter in both investment grade and high yield corporate credit, and relative underperformance compared to securitized products, we found the valuations of certain issues to be fairly attractive. Notably, we added to short-term 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.
  • 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 05/29/2020

Total Net Assets
$262.10 M
Number of Issues
650
Average Coupon
3.66%
Average Life
6.98 Years
Average Maturity
6.98 Years
Average Effective Duration
5.68 Years
Average Modified Duration
6.11 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/13/2020
$0.263
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2020 $0.04553 $15.30
Daily Daily 05/31/2020 $0.04554 $15.14
Daily Daily 04/30/2020 $0.04752 $14.92
Daily Daily 03/31/2020 $0.04570 $14.62
Daily Daily 02/29/2020 $0.03977 $15.63
Daily Daily 01/31/2020 $0.03899 $15.53

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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

Yield

Yield

Dividend Yield as of 07/13/2020  

  Subsidized Un-Subsidized
w/o sales charge 3.54% 3.10%

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

Subsidized Un-Subsidized
2.82% 2.71%

Fees & Expenses

Fees & Expenses

Expense Ratioas of 06/30/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
1.02% 0.58%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
n/a
Statutory Prospectus
Publish Date:11/03/2015
n/a
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 F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. 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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