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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 08/16/2019  

  Subsidized Un-Subsidized
w/o sales charge 3.28% 0.77%

30-Day Standardized Yield as of 07/31/2019  

  Subsidized Un-Subsidized
w/o sales charge 2.53% 1.25%

Fund Basicsas of 07/31/2019

Total Net Assets
$20.75 M
Inception Date
04/20/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
2.91%
Fund Net Expense Ratio
0.40%
Number of Holdings
331
Type Assets
Investment Grade Corporate
ABS
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 07/31/2019 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<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 69 Investment Professionals with 15 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Dividend Yield 1 as of 08/16/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.28% 0.77%

30-Day Standardized Yield 2 as of 07/31/2019  

  Subsidized Un-Subsidized
w/o sales charge 2.53% 1.25%

Fund Expense Ratio :

Gross 2.91%

Net 0.40%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 3.41% 4.63% - - - 2.63%
Lipper Category Avg. Short Investment Grade Debt Funds 3.18% 3.93% - - - -
Bloomberg Barclays 1-3 Year US Government/Credit Bond Index 2.65% 4.15% - - - 1.93%

Fund Expense Ratio :

Gross 2.91%

Net 0.40%

Fund Expense Ratio :

Gross 2.91%

Net 0.40%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 3.23% 4.63% - - - 2.65%
Lipper Category Avg. Short Investment Grade Debt Funds 3.09% 4.04% - - - -
Bloomberg Barclays 1-3 Year US Government/Credit Bond Index 2.71% 4.27% - - - 2.04%

Fund Expense Ratio :

Gross 2.91%

Net 0.40%

Year Fund Returns Bloomberg Barclays 1-3 Year US Government/Credit Bond Index
2018 1.71% 1.60%
2017 0.87% 0.84%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 1.63% 1.58% - - 3.88%
2018 -0.07% 0.42% 0.58% 0.77% 1.71%
2017 - - 0.47% 0.10% 0.87%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Investment Grade Corporate
ABS
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 07/31/2019

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

Portfolio Positioning as of 06/30/2019

  • We reduced the portfolio’s allocation to U.S. Treasuries and reallocated to risk assets following the spread widening within the second quarter of 2019. In particular, we increased the portfolio’s allocation to “A” and “BBB” rated investment grade corporate bonds. Given our views on an accommodative U.S. Federal Reserve (“Fed”) policy, we believe further spread tightening will occur. We continue to favor securities within the financials sector due to their improved quality profile relative to pre-crisis periods, more conservative management teams, and stricter regulations. We also increased the portfolio’s allocation to the energy sector, focusing on issues with improving credits.
  • We also increased the portfolio’s allocation to high quality collateralized loan obligations (“CLOs”), as we believe CLOs are trading cheap relative to investment grade corporate bonds and spreads have the potential to tighten.
  • During the market volatility and spread widening that occurred within May, we increased the portfolio’s allocation to asset-backed securities (“ABS”), primarily within the auto loan space. ABS experienced stronger performance during the risk-off period and only widened one basis point. We continue to believe ABS provide a good source of liquidity and attractive risk-adjusted spreads.
  • We are closely monitoring the risks to the Fund, including U.S.-China trade tensions, the weakening of consumer confidence, and the downturn of soft economic indicators. However, we believe that the Fed’s accommodative actions will support modest spread tightening.

Portfolio Details as of 07/31/2019

Total Net Assets
$20.75 M
Number of Issues
331
Average Coupon
3.47%
Average Life
2.29 Years
Average Effective Duration
1.62 Years

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 08/16/2019
$0.190
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 07/31/2019 $0.02712 $9.88
Daily Daily 06/30/2019 $0.02836 $9.89
Daily Daily 05/31/2019 $0.02870 $9.86
Daily Daily 04/30/2019 $0.02769 $9.83
Daily Daily 03/31/2019 $0.02661 $9.82
Daily Daily 02/28/2019 $0.02572 $9.78
Daily Daily 01/31/2019 $0.02583 $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 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 07/31/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
2.91% 0.40%

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 R5 - The inception date for Class R5 shares is June 30, 2015. The performance quotations for Class R5 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 R5 shares; and (b) for periods after June 30, 2015, actual Class R5 performance is used, which reflects all charges and fees applicable to Class R5 shares.

Class R5 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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