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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 02/15/2019  

  Subsidized3 Un-Subsidized3
w/o sales charge 2.84% 2.75%

30-Day Standardized Yield 2 as of 01/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.81% 2.76%

Fund Basicsas of 12/31/2018

Total Net Assets
$14.65 B
Inception Date
10/17/2016
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.34%
Fund Net Expense Ratio
0.25%
Number of Holdings
667
CUSIP
54401E440

Fund Expense Ratio :

Gross 0.34%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 0.34% 2.30% - - - 1.85%
Lipper Category Avg. Ultra-Short Obligations Funds 0.42% 1.70% - - - -
ICE BofAML U.S. Treasury Bill Index 0.21% 1.98% - - - 1.29%

Fund Expense Ratio :

Gross 0.34%

Net 0.25%

Fund Expense Ratio :

Gross 0.34%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 2.10% 2.10% - - - 1.76%
Lipper Category Avg. Ultra-Short Obligations Funds 1.34% 1.35% - - - -
ICE BofAML U.S. Treasury Bill Index 1.88% 1.88% - - - 1.25%

Fund Expense Ratio :

Gross 0.34%

Net 0.25%

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
Other
Cash
Maturity Assets
Less than 1 year
1-2.99 years

Credit Quality Distribution as of 12/31/2018 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 66 Investment Professionals with 14 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 0.34%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 0.34% 2.30% - - - 1.85%
Lipper Category Avg. Ultra-Short Obligations Funds 0.42% 1.70% - - - -
ICE BofAML U.S. Treasury Bill Index 0.21% 1.98% - - - 1.29%

Fund Expense Ratio :

Gross 0.34%

Net 0.25%

Fund Expense Ratio :

Gross 0.34%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 2.10% 2.10% - - - 1.76%
Lipper Category Avg. Ultra-Short Obligations Funds 1.34% 1.35% - - - -
ICE BofAML U.S. Treasury Bill Index 1.88% 1.88% - - - 1.25%

Fund Expense Ratio :

Gross 0.34%

Net 0.25%

Year Fund Returns ICE BofAML U.S. Treasury Bill Index
2018 2.10% 1.88%
2017 1.60% 0.82%
2016 0.19% 0.37%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 0.55%
2018 0.36% 0.67% 0.61% 0.44% 2.10%
2017 0.40% 0.44% 0.37% 0.39% 1.60%
2016 - - - - 0.19%

Portfolio

Portfolio

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

CREDIT QUALITY DISTRIBUTION as of 12/31/2018

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 12/31/2018

  • 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 all three of these asset classes as we believe they exhibit attractive risk-adjusted carry opportunities.
  • The 3-month London Interbank Offered Rate (LIBOR) rose during the period, ending the quarter at 2.81%, 41 basis points higher than levels seen last quarter. Higher LIBOR rates tend to benefit the strategy, as a large portion of the portfolio have floating rate coupons tied to LIBOR.
  • We reduced the portfolio’s allocation to floating rate notes within the financials sector during the fourth quarter. While we continue to maintain a positive view on the sector, we reduced the portfolio’s allocation as financial companies were hurt due to the impact of Brexit negotiations, falling interest rates, and economic growth concerns.
  • We increased the portfolio’s allocation to floating rate notes within consumer non-cyclicals, a sector which is generally more stable during periods of market volatility.  Although we do not anticipate a recession in the near term, volatility associated with recessionary fears and economic downturn increased during the quarter.
  • We also modestly increased the portfolio’s allocation to commercial paper. We have found opportunities within the commercial paper space during the year as the U.S. Federal Reserve continues to increase the federal funds rate.

Portfolio Details as of 12/31/2018

Total Net Assets
$14.65 B
Number of Issues
667
Average Coupon
1.83%
Average Life
0.77 Years
Average Effective Duration
0.24 Years

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 02/15/2019
$0.023
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 01/31/2019 $0.02360 $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 02/28/2019
Daily Daily 03/31/2019
Daily Daily 04/30/2019
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 01/31/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
0.34% 0.25%

Fund Documents

Fund Documents

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