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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 01/17/2020  

  Subsidized3 Un-Subsidized3
w/o sales charge 2.07% 2.00%

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

  Subsidized5 Un-Subsidized6
w/o sales charge 2.05% 1.99%

Fund Basicsas of 12/31/2019

Total Net Assets
$21.19 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.29%
Fund Net Expense Ratio
0.22%
Number of Holdings
648

Fund Expense Ratio :

Gross 0.29%

Net 0.22%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 3.03% 3.03% 2.26% - - 2.17%
Lipper Category Avg. Ultra-Short Obligations Funds 2.93% 2.93% 1.94% - - -
ICE BofAML U.S. Treasury Bill Index 2.35% 2.35% 1.68% - - -

Fund Expense Ratio :

Gross 0.29%

Net 0.22%

Fund Expense Ratio :

Gross 0.29%

Net 0.22%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 3.03% 3.03% 2.26% - - 2.17%
Lipper Category Avg. Ultra-Short Obligations Funds 2.93% 2.93% 1.94% - - -
ICE BofAML U.S. Treasury Bill Index 2.35% 2.35% 1.68% - - -

Fund Expense Ratio :

Gross 0.29%

Net 0.22%

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.

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

Credit Quality Distribution as of 12/31/2019 View Portfolio

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

INVESTMENT TEAM

Yoana N. Koleva
Yoana N. Koleva, CFA

Managing Director & Portfolio Manager

16 Years of Industry Experience

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 C. Castle
Adam C. Castle, CFA

Managing Director, Portfolio Manager

11 Years of Industry Experience

Supported By 64 Investment Professionals with 17 Years Avg. Industry Experience

Your Representative

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Performance

Performance

NAV HISTORICAL PRICES

Date Net Asset Value
Year Fund Returns ICE BofAML U.S. Treasury Bill Index
2019 3.03% 2.35%
2018 2.11% 1.88%
2017 1.63% 0.82%
2016 0.20% 0.37%
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - 0.12%
2019 1.00% 0.79% 0.64% 0.57% 3.03%
2018 0.37% 0.68% 0.61% 0.44% 2.11%
2017 0.41% 0.44% 0.37% 0.40% 1.63%
2016 - - - - 0.20%

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

CREDIT QUALITY DISTRIBUTION as of 12/31/2019

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

Portfolio Positioning

  • 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 1.91%, 18 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.
  • Due to the repo market dislocation, commercial paper spreads widened. We took advantage of this displacement by adding to short-term commercial paper in order to capture the higher rate levels, ultimately bringing down the portfolio’s overall average duration.
  • Following strong performance in the beginning of the quarter, we reduced the portfolio’s allocation to corporate bonds with floating rate coupons. While we remain attracted to floating rate notes, we rotated a portion of our exposure to other asset classes including commercial paper.
  • As securities have rolled off and valuations have tightened, we reduced the portfolio’s allocation to asset-backed securities (“ABS”). We continue to remain attracted to the sector, primarily within the auto-loan and credit card receivable space.

Portfolio Details as of 12/31/2019

Total Net Assets
$21.19 B
Number of Issues
648
Average Coupon
1.78%
Average Life
0.81 Years
Average Effective Duration
0.19 Years

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 01/17/2020
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2019 $0.01836 $10.03
Daily Daily 11/30/2019 $0.01849 $10.03
Daily Daily 10/31/2019 $0.01982 $10.03
Daily Daily 09/30/2019 $0.02054 $10.03
Daily Daily 08/31/2019 $0.02128 $10.03
Daily Daily 07/31/2019 $0.02220 $10.03
Daily Daily 06/30/2019 $0.02242 $10.03
Daily Daily 05/31/2019 $0.02337 $10.02
Daily Daily 04/30/2019 $0.02307 $10.02
Daily Daily 03/31/2019 $0.02397 $10.02
Daily Daily 02/28/2019 $0.02226 $10.01
Daily Daily 01/31/2019 $0.02365 $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 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

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
12/17/2020 12/18/2020

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 12/31/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
0.29% 0.22%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Publish Date:11/03/2015
Annual Report
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Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
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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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