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The Core Plus Bond Fund seeks income as well as stability of principal by investing at least 80% of its net assets in investment-grade bonds. The fund also has the flexibility to invest up to 20% of total assets in higher-yielding securities
Portfolio Management
Peter Palfrey, CFA
Rick Raczkowski
Total Fund Assets (as of 10/31/2011): $569.8 million
Lipper Category: Intermediate Investment Grade Debt Funds
Morningstar Category: Intermediate-Term Bond
Primary Benchmark: Barclays Capital US Aggregate Bond Index
Goal: Seeks high level of current income
- The Fund invests primarily in quality corporate and US government bonds, generally maintaining an average effective maturity of ten years or less
- The Fund is structured with benchmark-aware risk and return objectives
- Tactical investments in non-benchmark sectors are a key source of potential return
- Portfolio construction is driven by bottom-up security selection and top-down macroeconomic analysis
- We believe the resulting portfolio is well diversified and positioned to generate strong long-term risk-adjusted investment performance
- May invest up to 80% of its assets in government bonds, corporate bonds and agency pass-throughs
- May invest 0-20% in high yield securities
- May invest 0-10% in non-US dollar denominated securities
- Any allocation to non-investment grade emerging market debt, is captured within the above guidelines, and is typically limited to 10%
- May shift assets among various types of securities based upon changing market conditions
- Fund is structured to be benchmark-aware as one means of risk management
- Mutual funds that invest in bonds can lose their value as interest rates rise and bond prices usually fall; investor can lose principal
- High yield securities are subject to a high degree of market and credit risk. In addition, the secondary market for these securities may lack liquidity, which in turn may adversely affect the value of these securities and that of the Fund
- Foreign investments involve special risks including greater economic, political and currency fluctuation risks, which may be even greater in emerging markets
- Securities issued by US government agencies are not insured, and may not be guaranteed by the US government
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FUND FACTS as of 10/31/2011
| Ticker |
| Fund Inception |
| Class Inception |
| CUSIP |
| Minimum Initial Investment1 |
| Gross Expense Ratio2 |
| Net Expense Ratio2 |
| Net Asset Value as of 10/31/2011 |
| 30-Day SEC Yield as of 10/31/2011 | | Unsubsidized 30-Day SEC Yield as of 10/31/2011 |
|
| Ticker |
| Fund Inception |
| Class Inception |
| CUSIP |
| Minimum Initial Investment1 |
| Gross Expense Ratio2 |
| Net Expense Ratio2 |
| Net Asset Value as of 10/31/2011 |
| 30-Day SEC Yield as of 10/31/2011 | | Unsubsidized 30-Day SEC Yield as of 10/31/2011 |
|
| Ticker |
| Fund Inception |
| Class Inception |
| CUSIP |
| Minimum Initial Investment1 |
| Gross Expense Ratio2 |
| Net Expense Ratio2 |
| Net Asset Value as of 10/31/2011 |
| 30-Day SEC Yield as of 10/31/2011 | | Unsubsidized 30-Day SEC Yield as of 10/31/2011 |
| Ticker |
| Fund Inception |
| Class Inception |
| CUSIP |
| Minimum Initial Investment1 |
| Gross Expense Ratio2 |
| Net Expense Ratio2 |
| Net Asset Value as of 10/31/2011 |
| 30-Day SEC Yield as of 10/31/2011 | | Unsubsidized 30-Day SEC Yield as of 10/31/2011 |
| Ticker |
| Fund Inception |
| Class Inception |
| CUSIP |
| Minimum Initial Investment1 |
| Gross Expense Ratio2 |
| Net Expense Ratio2 |
| Net Asset Value as of 10/31/2011 |
| 30-Day SEC Yield as of 10/31/2011 | | Unsubsidized 30-Day SEC Yield as of 10/31/2011 |
| Fact Sheet | | Commentary | | Fund Application | |
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Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.
Investment return and principal value may fluctuate so that shares, when redeemed, may be worth more or less than their original cost.
Performance data quoted represents past performance and current returns may be higher or lower.
Past performance is no guarantee of future results.
Unlike net expense ratio, gross expense ratio does not reflect any potential reimbursement/waiver of expenses, if any, as stated in the most recent Fund prospectus.
Fund expenses and expense reductions are subject to change. Expense reductions are contractual and are set to expire 4/30/2012. Investors should consult the most
recent prospectus for more detailed information.
Frequent portfolio turnover may result in increased tax liabilities, which will reduce your overall return from the Fund.
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1 For further detail regarding Minimum Initial Investment, please see the fund prospectus. 2 Unlike net expense ratio, gross expense ratio does not reflect any potential reimbursement/waiver of expenses, if any, as stated in the most recent Fund prospectus. Fund expenses and expense reductions are subject to change. Expense reductions are contractual and are set to expire 1/31/2012. Investors should consult the most recent prospectus for more detailed information. The Barclays Capital US Aggregate Bond Index is an unmanaged index of investment grade bonds with one- to ten-year maturities issued by the US government, its agencies and US corporations. Indexes are unmanaged, do not incur fees and it is not possible to invest directly in an index. Before investing, consider the fund's investment objectives, risks, charges, and expenses. You may obtain a prospectus or a summary prospectus, if available, containing this and other information on this web site. Read it carefully.
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Monthly as of 10/31/2011
| Characteristics |
|
| Number of Issues |
306 |
| Average Maturity |
9.05 |
| Weighted Average Duration |
6.25 |
| Annual Turnover (9/30/2011) |
86% |
| Currency Distribution |
|
| U S Dollars |
100.44% |
| Mexican Peso |
4.58% |
| Euro |
-5.02% |
| Duration Distribution |
|
| Less than 1 Yr. |
1.05% |
| 1 to 3 Yrs. |
17.42% |
| 3 to 5 Yrs. |
33.39% |
| 5 to 7 Yrs. |
17.63% |
| 7 to 10 Yrs. |
14.59% |
| 10 Yrs. or more |
15.16% |
| Other |
0.00% |
| Cash & Equiv |
0.76% |
Top Ten Holdings
as of 10/31/2011 |
% Assets |
| MEXICAN BONOS M 10 MXN |
4.5% |
| U S TREASURY BOND |
3.7% |
| U S TREASURY NOTES |
2.5% |
| U S TREASURY NOTES |
2.5% |
| FHLMC GOLD POOL Q02675 |
1.9% |
| FHLMC GOLD POOL A89169 |
1.8% |
| U S TREASURY NOTES |
1.3% |
| FHLMC GOLD POOL G05546 |
1.3% |
| GENERAL ELEC CAP CORP |
1.1% |
| U S TREASURY NOTES |
1.1% |
| Total |
21.6% |
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| Sector Distribution |
|
| Investment Grade Credit |
28.73% |
| MBS |
19.83% |
| High Yield Credit |
18.44% |
| US Treasury |
14.43% |
| CMBS |
9.66% |
| Non-US Dollar (Ex CAD) |
4.58% |
| ABS |
2.73% |
| Emerging Markets Debt |
0.48% |
| Preferred/Equity |
0.35% |
| US Agency |
0.00% |
| Cash & Equivalents |
0.76% |
| Country Distribution |
|
| United States |
83.30% |
| Mexico |
5.81% |
| Cayman Islands |
3.50% |
| Korea, Republic Of |
1.24% |
| Brazil |
0.82% |
| United Kingdom |
0.70% |
| Canada |
0.66% |
| France |
0.65% |
| Luxembourg |
0.51% |
| Other |
2.81% |
| Maturity Distribution |
|
| Less than 1 Yr. |
0.80% |
| 1 to 3 Yrs. |
10.98% |
| 3 to 5 Yrs. |
24.42% |
| 5 to 7 Yrs. |
25.30% |
| 7 to 10 Yrs. |
17.62% |
| 10 Yrs. or more |
20.12% |
| Other |
0.00% |
| Cash & Equiv |
0.76% |
| Credit Quality |
|
| Govt/Agency |
33.40% |
| Aaa |
10.92% |
| Aa |
5.24% |
| A |
12.63% |
| Baa |
19.81% |
| Ba |
14.24% |
| B |
2.68% |
| Caa & Lower |
0.00% |
| Not Rated |
0.32% |
| Cash & Equiv |
0.76% |
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Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody's, S&P or Fitch; ratings are subject to change. The Fund's shares are not rated by any rating agency and no credit rating for Fund shares is implied. Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflects the market value of future trade commitments for the fund. In the Sector, Duration and Maturity distributions, the calculations are based on the specific traits of each security related to that distribution, which can result in variations of the Cash & Equivalents weightings. Due to rounding, quality, maturity, sector, currency, country and duration totals may not equal 100.00%. Before investing, consider the fund's investment objectives, risks, charges, and expenses. You may obtain a prospectus or a summary prospectus, if available, containing this and other information on this web site. Read it carefully.
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Quarterly as of 9/30/2011
| Characteristics |
Fund |
Index |
| Number of Issues |
300 |
7844 |
| Average Maturity |
8.72 |
7.01 |
| Weighted Average Duration |
5.94 |
4.89 |
| Annual Turnover (9/30/2011) |
86% |
|
| Currency Distribution |
Fund |
Index |
| U S Dollars |
101.12% |
100.00% |
| Mexican Peso |
4.19% |
0.00% |
| Euro |
-5.31% |
0.00% |
| Duration Distribution |
Fund |
Index |
| Less than 1 Yr. |
1.55% |
2.79% |
| 1 to 3 Yrs. |
16.61% |
37.61% |
| 3 to 5 Yrs. |
37.66% |
29.88% |
| 5 to 7 Yrs. |
14.58% |
11.07% |
| 7 to 10 Yrs. |
15.94% |
7.32% |
| 10 Yrs. or more |
12.63% |
11.33% |
| Other |
0.00% |
0.00% |
| Cash & Equiv |
1.02% |
0.00% |
Top Ten Holdings
as of 9/30/2011 |
% Assets |
| MEXICAN BONOS M 10 MXN |
4.1% |
| U S TREASURY NOTES |
3.7% |
| U S TREASURY NOTES |
2.8% |
| FHLMC GOLD POOL Q02675 |
2.1% |
| FHLMC GOLD POOL Q01798 |
2.1% |
| U S TREASURY BOND |
2.0% |
| U S TREASURY NOTES |
1.9% |
| FHLMC GOLD POOL G05546 |
1.4% |
| U S TREASURY NOTES |
1.2% |
| GENERAL ELEC CAP CORP |
1.2% |
| Total |
22.5% |
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| Sector Distribution |
Fund |
Index |
| Investment Grade Credit |
27.09% |
24.92% |
| High Yield Credit |
18.63% |
0.00% |
| MBS |
18.52% |
32.60% |
| US Treasury |
15.51% |
34.20% |
| CMBS |
11.16% |
2.10% |
| Non-US Dollar (Ex CAD) |
4.19% |
0.00% |
| ABS |
3.01% |
0.26% |
| Emerging Markets Debt |
0.53% |
0.00% |
| Preferred/Equity |
0.34% |
0.00% |
| US Agency |
0.00% |
5.91% |
| Cash & Equivalents |
1.02% |
0.00% |
| Country Distribution |
Fund |
Index |
| United States |
84.85% |
93.56% |
| Mexico |
5.50% |
0.44% |
| Cayman Islands |
2.58% |
0.00% |
| Korea, Republic Of |
1.31% |
0.17% |
| Brazil |
0.80% |
0.48% |
| United Kingdom |
0.73% |
0.80% |
| Canada |
0.71% |
1.30% |
| Argentina |
0.53% |
0.00% |
| Thailand |
0.51% |
0.00% |
| Other |
2.48% |
3.25% |
| Maturity Distribution |
Fund |
Index |
| Less than 1 Yr. |
1.05% |
0.61% |
| 1 to 3 Yrs. |
11.78% |
23.61% |
| 3 to 5 Yrs. |
19.78% |
27.45% |
| 5 to 7 Yrs. |
27.90% |
20.16% |
| 7 to 10 Yrs. |
21.27% |
15.35% |
| 10 Yrs. or more |
17.19% |
12.81% |
| Other |
0.00% |
0.00% |
| Cash & Equiv |
1.02% |
0.00% |
| Credit Quality |
Fund |
Index |
| Govt/Agency |
33.08% |
41.44% |
| Aaa |
12.70% |
35.51% |
| Aa |
5.41% |
4.43% |
| A |
10.37% |
10.15% |
| Baa |
20.29% |
8.45% |
| Ba |
13.54% |
0.02% |
| B |
3.25% |
0.00% |
| Caa & Lower |
0.00% |
0.00% |
| Not Rated |
0.35% |
0.00% |
| Cash & Equiv |
1.02% |
0.00% |
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Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody's, S&P or Fitch; ratings are subject to change. The Fund's shares are not rated by any rating agency and no credit rating for Fund shares is implied. Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflects the market value of future trade commitments for the fund. In the Sector, Duration and Maturity distributions, the calculations are based on the specific traits of each security related to that distribution, which can result in variations of the Cash & Equivalents weightings. Due to rounding, quality, maturity, sector, currency, country and duration totals may not equal 100.00%. Before investing, consider the fund's investment objectives, risks, charges, and expenses. You may obtain a prospectus or a summary prospectus, if available, containing this and other information on this web site. Read it carefully.
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