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Core Bond Fund (MBFIX) 

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All data as of 6-30-17 unless otherwise noted.

NAV as of 7-21-17 Daily change Daily change
$12.92 $0.02 0.16%

Morningstar RatingTM
Overall Rating This is a 4 star fund.

Based on risk-adjusted return through 06-30-17
Intermediate-Term Bond category (856 funds)

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The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) ratings.

Ticker MBFIX
CUSIP 94975J581
Fund number 944
YTD return as of 7-21-17 2.95%
Inception date 10-31-01
Net fund assets as of 7-21-17 4936253437
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Fund highlights

    • Focuses on bottom-up security selection in a universe of high-quality, liquid bonds.
    • Uses a bottom-up security selection process that focuses on measuring relative value on a return-to-risk basis.
    • Typically keeps duration neutral to that of the benchmark, with a predominant emphasis on issue selection.
    • Uses proprietary risk management systems as the foundation for a highly disciplined decision-making process.
    • Risk management and research: The team combines a proprietary risk management system with extensive bottom-up security selection to add incremental levels of alpha with each trade. This process empowers the team to tactically trade for value among a universe of highly liquid, high-quality securities.
    • Bottom-up credit selection process: The team's credit selection process of tactically trading in the most liquid markets, coupled with a rigorous risk management system, enables it to add modest levels of alpha in all market cycles. By contrast, many traditional core bond strategies are not designed in this way and consequently may find cycles in which it is more difficult to add excess returns.
    • Risk management: Risk controls are the foundation of every step of the team's process. Risk management is integrated into valuations, analytics, and trading, with the resulting portfolio composed of securities that are vetted through bottom-up credit research but modeled in a manner that seeks to minimize excessive risk relative to the benchmark.

    Management

    Thomas O'Connor, CFA
    29 years of investment experience

    Troy Ludgood
    17 years of investment experience

    Total returns (%)

        3 month Year to date 1 year 3 year 5 year 10 year Since inception
    Core Bond Fund (formerly Total Return Bond) NAV 1.46 2.35 -0.06 2.54 2.56 5.21 5.71
    Bloomberg Barclays US Aggregate Bond Index 1.45 2.27 -0.31 2.48 2.21 4.48 0.00
    Lipper Core Bond Funds 1.43 2.40 0.46 2.14 2.29 4.14

    Three-month and year-to-date returns are not annualized.

    Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on a fund. Investment return, principal value, and yields of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains.

    Net asset value (NAV) is the value of one share of the fund excluding any sales charges.

    Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

    Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower.

    Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. This fund is exposed to foreign investment risk and mortgage- and asset-backed securities risk. Consult the fund’s prospectus for additional information on these and other risks.

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