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Short Duration Core Bond Fund

Summary

Summary

What is the Short Duration Core Bond Fund ?

The Fund seeks to deliver current income consistent with the preservation of capital by investing in a wide variety of short duration investment grade debt securities including corporate debt securities, U.S. government and government-related securities, and mortgage-backed and other asset-backed securities.

EXPERIENCED, TENURED TEAM

Constructed through the collaboration among 50+ investment professionals with extensive experience managing, researching, and trading short-term debt securities. 

HIGH QUALITY, LOW DURATION

Seeks to generate attractive income by investing in a broad range of high-quality, short duration bonds, limiting credit risk and interest rate risk.

LOW EXPENSES

Offers lower expenses relative to its Lipper and Morningstar peer group category average.

Yield

Dividend Yield as of 03/21/2019  

  Subsidized Un-Subsidized
w/o sales charge 3.22% 0.71%

30-Day Standardized Yield as of 02/28/2019  

  Subsidized Un-Subsidized
w/o sales charge 2.66% 1.03%

Fund Basicsas of 02/28/2019

Total Net Assets
$15.75 M
Inception Date
04/20/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
2.83%
Fund Net Expense Ratio
0.32%
Number of Holdings
321
CUSIP
54401X406
Type Assets
ABS
Investment Grade Corporate
CMBS
U.S. Government Related
Bank Loans
Other
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years

CREDIT QUALITY DISTRIBUTION as of 02/28/2019 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
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

Supported By 68 Investment Professionals with 14 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Dividend Yield 1 as of 03/21/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.22% 0.71%

30-Day Standardized Yield 2 as of 02/28/2019  

  Subsidized Un-Subsidized
w/o sales charge 2.66% 1.03%

Fund Expense Ratio :

Gross 2.83%

Net 0.32%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 0.95% 2.98% - - - 1.99%
Lipper Category Avg. Short Investment Grade Debt Funds 1.01% 2.31% - - - -
Bloomberg Barclays 1-3 Year US Government/Credit Bond Index 0.55% 2.52% - - - 1.24%

Fund Expense Ratio :

Gross 2.83%

Net 0.32%

Fund Expense Ratio :

Gross 2.83%

Net 0.32%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 1.80% 1.80% - - - 1.61%
Lipper Category Avg. Short Investment Grade Debt Funds 1.03% 1.02% - - - -
Bloomberg Barclays 1-3 Year US Government/Credit Bond Index 1.60% 1.60% - - - 1.04%

Fund Expense Ratio :

Gross 2.83%

Net 0.32%

Year Fund Returns Bloomberg Barclays 1-3 Year US Government/Credit Bond Index
2018 1.80% 1.60%
2017 0.94% 0.84%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 1.46%
2018 -0.05% 0.45% 0.60% 0.80% 1.80%
2017 - - 0.50% 0.13% 0.94%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
ABS
Investment Grade Corporate
CMBS
U.S. Government Related
Bank Loans
Other
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years

CREDIT QUALITY DISTRIBUTION as of 02/28/2019

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

Portfolio Positioning as of 12/31/2018

  • We continue to hold the view that U.S. domestic growth will separate from global weakness. Despite the recent market volatility and the downturn of some soft economic indicators, we are cautiously optimistic in the U.S. economy due to the strength in the labor market. We remain focused on domestic opportunities given the potential for increased volatility and event risk abroad.  For example, we believe domestically-focused areas of the market, such as commercial mortgage-backed securities and asset-backed securities that are backed by credit card receivables and auto loans, offer relative value and strong carry opportunities.
  • We increased the portfolio’s allocation to investment grade corporate bonds as spreads widened during the quarter. We remain constructive on the fundamental and technical factors of this market segment and believe that the volatility experienced in the fourth quarter resulted in idiosyncratic opportunities to capture relative value, particularly within “BBB” rated debt.
  • We also increased the portfolio’s allocation to U.S. government related securities and mortgage-backed securities (MBS). Within MBS, we traded a range with respect to spread to Treasuries.
  • We decreased the portfolio’s allocation to asset-backed securities. While we continue to closely monitor this sector, as we believe it provides liquidity as well as presents unique opportunities to find pockets of relative value and attractive risk adjusted spread, we reduced the portfolio’s allocation in order to take advantage of attractive spreads within lower-rated, investment grade corporate bonds.

Portfolio Details as of 02/28/2019

Total Net Assets
$15.75 M
Number of Issues
321
Average Coupon
3.75%
Average Life
2.37 Years
Average Effective Duration
1.66 Years

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 03/21/2019
$0.052
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 02/28/2019 $0.02633 $9.78
Daily Daily 01/31/2019 $0.02653 $9.78

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 03/31/2019
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 02/28/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
2.83% 0.32%

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

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Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to June 30, 2015,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; (b) for periods prior to April 4, 2017 but after June 30, 2015, performance is based on the historical performance of the Fund’s Class R6 shares, which have an equivalent expense ratio to the Fund’s F3 shares; and (c) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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