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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 04/18/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.50% 1.79%

30-Day Standardized Yield 2 as of 03/31/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.07% 2.31%

Fund Basicsas of 03/29/2019

Total Net Assets
$37.24 M
Inception Date
12/08/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
2.44%
Fund Net Expense Ratio
0.73%
Number of Holdings
468

Fund Expense Ratio :

Gross 2.44%

Net 0.73%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 3.95% 4.26% 3.53% - - 3.75%
Lipper Category Avg. Core Plus Bond Funds 3.53% 4.02% 2.92% - - -
Bloomberg Barclays U.S. Universal Index 3.32% 4.53% 2.65% - - 3.22%

Fund Expense Ratio :

Gross 2.44%

Net 0.73%

Fund Expense Ratio :

Gross 2.44%

Net 0.73%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 3.95% 4.26% 3.53% - - 3.75%
Lipper Category Avg. Core Plus Bond Funds 3.53% 4.02% 2.92% - - -
Bloomberg Barclays U.S. Universal Index 3.32% 4.53% 2.65% - - 3.22%

Fund Expense Ratio :

Gross 2.44%

Net 0.73%

Type Assets
MBS
Investment Grade Corporate
ABS
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 03/29/2019 View Portfolio

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

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

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Supported By 67 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 04/18/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.50% 1.79%

30-Day Standardized Yield 2 as of 03/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.07% 2.31%

Fund Expense Ratio :

Gross 2.44%

Net 0.73%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 3.95% 4.26% 3.53% - - 3.75%
Lipper Category Avg. Core Plus Bond Funds 3.53% 4.02% 2.92% - - -
Bloomberg Barclays U.S. Universal Index 3.32% 4.53% 2.65% - - 3.22%

Fund Expense Ratio :

Gross 2.44%

Net 0.73%

Fund Expense Ratio :

Gross 2.44%

Net 0.73%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 3.95% 4.26% 3.53% - - 3.75%
Lipper Category Avg. Core Plus Bond Funds 3.53% 4.02% 2.92% - - -
Bloomberg Barclays U.S. Universal Index 3.32% 4.53% 2.65% - - 3.22%

Fund Expense Ratio :

Gross 2.44%

Net 0.73%

Portfolio

Portfolio

Rating Assets
MBS
Investment Grade Corporate
ABS
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 03/29/2019

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

Portfolio Positioningas of 3/31/2019

  • We hold the view that U.S. domestic growth will separate from global weakness. Despite the recent market volatility and downturn of some soft economic indicators, we are cautiously optimistic in the U.S. economy as the labor market remains tight. We continue to believe that inflation expectations will gradually increase, and we remain focused on domestic opportunities given the potential for increased volatility and event risk abroad.
  • We decreased the portfolio’s allocation to high yield corporate bonds as risk assets recovered from a volatile fourth quarter of 2018 and spreads tightened.
  • We increased the portfolio’s exposure to U.S. Treasuries and investment grade corporate bonds during the quarter, with an overweight to the banking sector.
  • We decreased the portfolio’s exposure to structured products including asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), and mortgage-backed securities (MBS). Within high quality ABS we favored longer duration securities as they have provided a notable risk-adjusted spread pick-up. Within CMBS we decreased the portfolio’s exposure due to spread tightening, but continue to favor single-asset/ single-borrower securities across the credit spectrum.  The portfolio’s allocation to MBS was moved into “Uniform MBS” (UMBS) given Fannie Mae and Freddie Mac’s joint initiative, which seeks to simplify investment by standardizing MBS issues currently offered by each entity. We continue to hold an overweight to higher-coupon MBS.

Portfolio Details as of 03/29/2019

Total Net Assets
$37.24 M
Number of Issues
468
Average Coupon
3.98%
Average Life
5.96 Years
Average Maturity
5.96 Years
Average Effective Duration
6.08 Years
Average Modified Duration
5.97 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 04/18/2019
$0.128
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 03/31/2019 $0.04332 $14.89
Daily Daily 02/28/2019 $0.04095 $14.67
Daily Daily 01/31/2019 $0.04431 $14.68

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 04/30/2019
Daily Daily 05/31/2019
Daily Daily 06/30/2019
Daily Daily 07/31/2019
Daily Daily 08/31/2019
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 03/31/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
2.44% 0.73%

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

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Class R4 - The inception date for Class R4 shares is June 30, 2015. The performance quotations for Class R4 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R4 shares; and (b) for periods after June 30, 2015, actual Class R4 performance is used, which reflects all charges and fees applicable to Class R4 shares.

Class R4 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index.

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