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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 05/17/2019  

  Subsidized Un-Subsidized
w/o sales charge 3.39% 0.88%

30-Day Standardized Yield as of 04/30/2019  

  Subsidized Un-Subsidized
w/o sales charge 2.86% 1.55%

Fund Basicsas of 04/30/2019

Total Net Assets
$18.55 M
Inception Date
04/20/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
2.89%
Fund Net Expense Ratio
0.38%
Number of Holdings
326
Type Assets
ABS
Investment Grade Corporate
U.S. Government Related
CMBS
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 04/30/2019 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 69 Investment Professionals with 15 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Dividend Yield 1 as of 05/17/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.39% 0.88%

30-Day Standardized Yield 2 as of 04/30/2019  

  Subsidized Un-Subsidized
w/o sales charge 2.86% 1.55%

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 2.04% 3.95% - - - 2.36%
Lipper Category Avg. Short Investment Grade Debt Funds 1.98% 3.19% - - - -
Bloomberg Barclays 1-3 Year US Government/Credit Bond Index 1.44% 3.37% - - - 1.58%

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 1.65% 3.53% - - - 2.26%
Lipper Category Avg. Short Investment Grade Debt Funds 1.66% 2.89% - - - -
Bloomberg Barclays 1-3 Year US Government/Credit Bond Index 1.21% 3.03% - - - 1.53%

Fund Expense Ratio :

Gross 2.89%

Net 0.38%

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 1.65% - - - 2.22%
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
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 04/30/2019

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

Portfolio Positioning as of 03/31/2019

  • We maintain a positive outlook on U.S. domestic growth and are cautiously optimistic in the U.S. economy. In response to the U.S. Federal Reserve’s (“Fed”) dovish policy stance, we believe it will take a significant amount of economic growth, a tight labor market, and a pick-up in inflation for the Fed to resume tightening. Therefore, we believe volatility will remain subdued and risk assets will benefit.
  • During the fourth quarter of 2018, we had increased the portfolio’s allocation to “BBB” rated investment grade corporate bonds in order to capitalize on spreads widening. As investor demand for short credit increased and spreads began to tighten during the first quarter of 2019, we allowed risk assets to run off and reallocated to U.S. Treasuries in an attempt to reduce the risk profile of the portfolio.
  • We also reduced the portfolio’s allocation to asset-backed securities. While we continue to believe this sector offers attractive risk-adjusted spread, relative value and liquidity, specifically within auto loans and credit card receivables, we decreased the portfolio’s exposure, allowing spread assets to mature.
  • We increased the portfolio’s exposure to commercial mortgage-backed securities (“CMBS”). We maintain a positive outlook for the CMBS market, as we believe this sector offers attractive risk-adjusted returns. In particular, we remain attracted to single-asset, single-borrower issues over traditional CMBS and conduit CMBS due to their strong underwriting standards and lower spread volatility.

Portfolio Details as of 04/30/2019

Total Net Assets
$18.55 M
Number of Issues
326
Average Coupon
3.56%
Average Life
2.34 Years
Average Effective Duration
1.74 Years

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 05/17/2019
$0.107
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 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 04/30/2019

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 R6 - The inception date for Class R6 shares is June 30, 2015. The performance quotations for Class R6 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 R6 shares; and (b) for periods after June 30, 2015, actual Class R6 performance is used, which reflects all charges and fees applicable to Class R6 shares.

Class R6 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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