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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 01/27/2020  

  Subsidized Un-Subsidized
w/o sales charge 3.61% 1.10%

30-Day Standardized Yield as of 12/31/2019  

  Subsidized Un-Subsidized
w/o sales charge 2.20% 1.52%

Fund Basicsas of 12/31/2019

Total Net Assets
$51.31 M
Inception Date
04/20/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
2.89%
Fund Net Expense Ratio
0.38%
Number of Holdings
409
Type Assets
ABS
Investment Grade Corporate
U.S. Government Related
CMBS
Sovereign
High Yield Corporate
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 12/31/2019 View Portfolio

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

INVESTMENT TEAM

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

26 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

22 Years of Industry Experience

Supported By 66 Investment Professionals with 17 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Dividend Yield 1 as of 01/27/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.61% 1.10%

30-Day Standardized Yield 2 as of 12/31/2019  

  Subsidized Un-Subsidized
w/o sales charge 2.20% 1.52%

Fund Expense Ratio :

Gross 2.89%

Net 0.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 4.81% 4.81% - - - 2.78%
Lipper Category Avg. Short Investment Grade Debt Funds 4.46% 4.46% - - - -
Bloomberg Barclays 1-3 Year US Government/Credit Bond Index 4.03% 4.03% - - - 2.14%

Fund Expense Ratio :

Gross 2.89%

Net 0.38%

Fund Expense Ratio :

Gross 2.89%

Net 0.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 4.81% 4.81% - - - 2.78%
Lipper Category Avg. Short Investment Grade Debt Funds 4.46% 4.46% - - - -
Bloomberg Barclays 1-3 Year US Government/Credit Bond Index 4.03% 4.03% - - - 2.14%

Fund Expense Ratio :

Gross 2.89%

Net 0.38%

Year Fund Returns Bloomberg Barclays 1-3 Year US Government/Credit Bond Index
2019 4.81% 4.03%
2018 1.80% 1.60%
2017 0.94% 0.84%
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - 0.50%
2019 1.65% 1.59% 0.87% 0.62% 4.81%
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
U.S. Government Related
CMBS
Sovereign
High Yield Corporate
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 12/31/2019

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

Portfolio Positioning as of 12/31/2019

  • As a result of softer economic data and spread tightening, we reduced the portfolio’s allocation to investment grade corporate bonds in an attempt to reinvest in sectors that have not seen quite as significant spread compression. Additionally, within investment grade corporate bonds, we primarily reduced the portfolio’s overweight to European financials companies that could potentially be impacted by the Brexit trade.
  • The portfolio’s commercial mortgage-backed securities (“CMBS”) allocation also came down during the period as a large CMBS deal was repaid. We continue to remain attracted to this domestic asset class, and we believe it offers opportunities for further spread compression. We currently favor single-asset, single-borrower deals at this time, preferring their compelling asset quality, geographic locations, and stronger borrower profiles relative to conduit deals.
  • Given the continued tightening in corporate credit, we increased the portfolio’s allocation to asset-backed securities (“ABS”), as we believed ABS offered strong relative value opportunities and had not participated in the risk compression seen within investment grade credit. We also increased the portfolio’s allocation to Treasury Inflation-Protected Securities (“TIPS”) in response to the strong labor market and the expectation that inflation may pick up in the next several months.

Portfolio Details as of 12/31/2019

Total Net Assets
$51.31 M
Number of Issues
409
Average Coupon
3.1%
Average Life
2.17 Years
Average Effective Duration
1.58 Years

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 01/27/2020
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2019 $0.02982 $9.88
Daily Daily 11/30/2019 $0.02506 $9.89
Daily Daily 10/31/2019 $0.02660 $9.91
Daily Daily 09/30/2019 $0.02337 $9.90
Daily Daily 08/31/2019 $0.02536 $9.91
Daily Daily 07/31/2019 $0.02740 $9.88
Daily Daily 06/30/2019 $0.02863 $9.89
Daily Daily 05/31/2019 $0.02882 $9.86
Daily Daily 04/30/2019 $0.02778 $9.83
Daily Daily 03/31/2019 $0.02725 $9.82
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 01/31/2020
Daily Daily 02/29/2020
Daily Daily 03/31/2020
Daily Daily 04/30/2020
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

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 12/31/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
2.89% 0.38%

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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