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Ultra Short Bond Fund

Summary

Summary

What is the Ultra Short Bond Fund ?

The Fund seeks to deliver current income consistent with the preservation of capital by investing in a broad range of investment grade ultra-short fixed income and money market securities with a weighted average duration of less than one year.

Yield

7 Day Yield 1,4 as of 05/24/2019  

  Subsidized3 Un-Subsidized3
w/o sales charge 2.56% 2.49%

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

  Subsidized5 Un-Subsidized6
w/o sales charge 2.56% 2.51%

Fund Basicsas of 04/30/2019

Total Net Assets
$16.40 B
Inception Date
10/17/2016
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.44%
Fund Net Expense Ratio
0.37%
Number of Holdings
670

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 1.19% 2.67% - - - 1.89%
Lipper Category Avg. Ultra-Short Obligations Funds 1.24% 2.46% - - - -
ICE BofAML U.S. Treasury Bill Index 0.82% 2.23% - - - 1.41%

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 0.87% 2.52% - - - 1.82%
Lipper Category Avg. Ultra-Short Obligations Funds 0.96% 2.36% - - - -
ICE BofAML U.S. Treasury Bill Index 0.62% 2.17% - - - 1.38%

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

RELATED CONTENT

Volatility Worries? Consider This Diversified Approach to Income
November 26, 2018

A strategic combination of ultra-short and short-term fixed-income securities, along with bank loans, may be an attractive option for income and total return amid market turmoil.

Bond Strategies for a Period of Rising Rates
May 7, 2018

Not all bonds have reacted the same during previous periods of rising rates.

Ultra-Short Bonds: A Source of Potential Income and Stability
April 16, 2018

Historically, floating-rate notes have generated positive returns despite rising rates, and they offer the potential for higher income going forward.

Type Assets
Corp Floating
Commercial Paper
ABS
U.S. Government Related
Corp Fixed Rate
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years

Credit Quality Distribution as of 04/30/2019 View Portfolio

Rating Assets
A-1/P-1
A-2/P-2
A-3/P-3
U.S. Treasury
AAA
AA
A
BBB

INVESTMENT TEAM

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

Partner & Portfolio Manager

21 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

25 Years of Industry Experience

Adam Castle
Adam C. Castle, CFA

Portfolio Manager

11 Years of Industry Experience

Yoana Koleva
Yoana Koleva, CFA

Managing Director & Portfolio Manager

16 Years of Industry Experience

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

Your Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

NAV HISTORICAL PRICES

Date Net Asset Value

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 1.19% 2.67% - - - 1.89%
Lipper Category Avg. Ultra-Short Obligations Funds 1.24% 2.46% - - - -
ICE BofAML U.S. Treasury Bill Index 0.82% 2.23% - - - 1.41%

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 0.87% 2.52% - - - 1.82%
Lipper Category Avg. Ultra-Short Obligations Funds 0.96% 2.36% - - - -
ICE BofAML U.S. Treasury Bill Index 0.62% 2.17% - - - 1.38%

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

Year Fund Returns ICE BofAML U.S. Treasury Bill Index
2018 1.97% 1.88%
2017 1.46% 0.82%
2016 0.16% 0.37%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 0.87% - - - 1.38%
2018 0.33% 0.54% 0.67% 0.41% 1.97%
2017 0.36% 0.40% 0.34% 0.36% 1.46%
2016 - - - - 0.16%

Portfolio

Portfolio

Type Assets
Corp Floating
Commercial Paper
ABS
U.S. Government Related
Corp Fixed Rate
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years

CREDIT QUALITY DISTRIBUTION as of 04/30/2019

Rating Assets
A-1/P-1
A-2/P-2
A-3/P-3
U.S. Treasury
AAA
AA
A
BBB

Portfolio Positioning as of 03/31/2019

  • The portfolio maintained its diversified exposure beyond the Treasury securities represented in its benchmark, the ICE BofA Merrill Lynch U.S. Treasury Bill Index. The portfolio primarily invests in investment grade bonds with floating rate coupons, asset-backed securities, and commercial paper, all with short maturities. We favor these asset classes as we believe they exhibit attractive risk-adjusted carry opportunities.
  • The 3-month London Interbank Offered Rate ("LIBOR") declined during the period, ending the quarter at 2.60%, 21 basis points lower than levels seen last quarter.  Falling LIBOR rates can result in lower coupon income generated by the strategy as a large portion of the portfolio is allocated to securities with floating rate coupons that are tied to LIBOR.
  • After markets experienced a volatile end to 2018, we increased our allocation to floating rate notes in the beginning of 2019 as valuations appeared more attractive. While much of the asset class is comprised of financial issuers, we remain attracted to the financials sector as its quality profile has improved relative to pre-crisis periods given more robust underlying mortgage assets, more conservative management teams, and stricter regulations.
  • We also increased the portfolio’s allocation to asset-backed securities ("ABS"). We remain attracted to high quality ABS that are backed by auto loans and credit card receivables and believe this area of the market offers relative value and opportunities to capture risk-adjusted spread.
  • We decreased the portfolio’s allocation to commercial paper, reallocating a portion of the portfolio’s exposure into floating rate notes and asset-backed securities as commercial paper matured.

Portfolio Details as of 04/30/2019

Total Net Assets
$16.40 B
Number of Issues
670
Average Coupon
2.17%
Average Life
0.87 Years
Average Effective Duration
0.25 Years

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 05/24/2019
$0.088
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2019 $0.02174 $10.02
Daily Daily 03/31/2019 $0.02289 $10.01
Daily Daily 02/28/2019 $0.02127 $10.01
Daily Daily 01/31/2019 $0.02249 $10.00

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

CAPITAL GAINS DISTRIBUTIONS

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/14/2017 12/15/2017 - $0.0003 $0.0003 $10.01

Upcoming Capital Gain Distribution

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
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 04/30/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
0.44% 0.37%

Fund Documents

Fund Documents

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Summary 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 F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. For additional information, see the Fund’s current prospectus.

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