CORE BOND INVESTING. Limited Term Income Fund Limited Term Municipal Fund Intermediate Municipal Fund
|
|
- Madison Lee
- 6 years ago
- Views:
Transcription
1 Preservation & Income from the Ground Up CORE BOND INVESTING Limited Term Income Fund Limited Term Municipal Fund Intermediate Municipal Fund Whether you re focused on preservation, income, or a little of both, you need a core component within any fixed income strategy.
2 Core Bonds are Important Depending on your goals for income or capital preservation, core bonds play a vital role in a diversified investment strategy. Core bonds can offer: n Predictable income stream n Safety and stability of principal n Liquidity n Low to negative correlation to equity funds Historically Low to Negative Correlation to Stocks (as of 3/31/17) A comprehensive, well-constructed investor portfolio includes asset classes that don t move in lockstep with one another. 10-Year Correlations Thornburg Limited Term Income, A Thornburg Limited Term Municipal, A Thornburg Intermediate Municipal, A S&P 500 Index MSCI EAFE Index NASDAQ Composite Index PR S&P 500 Index MSCI EAFE Index NASDAQ Composite Index PR iboxx $ Liquid High Yield Index Source: Bloomberg Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses. The S&P 500 Index is an unmanaged broad measure of the U.S. stock market. The MSCI EAFE (Europe, Australasia, Far East) Index is an unmanaged index. It is a generally accepted benchmark for major overseas markets. Index weightings represent the relative capitalizations of the major overseas developed markets on a U.S. dollar adjusted basis. Th e index is calculated with net dividends reinvested in U.S. dollars. The NASDAQ Composite Index is a market value-weighted, technology-oriented index composed of approximately 5,000 domestic and non-us-based securities. The Markit iboxx USD Liquid High Yield Index consists of liquid U.S. dollar-denominated, high-yield bonds selected to provide a balanced representation of the broad USD high yield corporate bond universe. All bonds need to have an average independent agency rating of sub-investment grade. Before investing, carefully consider the Fund s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.
3 What We Do: Fundamental Credit Selection and Monitoring Thornburg Investment Management has successfully navigated the dynamic bond market since 1984, the year we launched Thornburg Limited Term Municipal strategy. Since that time we ve honed an active, repeatable process and developed a flexible team well versed in finding relative value within the vast universe of bond issues. APPROACH Fundamental, Bottom-up Credit Research GOALS Relatively Steady Yield Ladder Short and Intermediate Bonds CORE BOND STRATEGIES Low Correlation to Equities Maintain Well-Diversified Portfolios Relatively Steady NAV Our bond research process focuses on four primary areas: Understand the structure of each bond. Assess the issuer s disposition and preparedness to meet obligations. Determine their capacity and capability to cross the finish line. Find the relative value of the bond vs. others in the market.
4 How We Do it: Active Laddering n Enables us to balance a respectable rate of return without experiencing the higher risk associated with the fluctuation of interest rates. n Tends to perform very well against other bond strategies over the long term. Simultaneously accomplishes two goals: n Captures price appreciation as the bonds age and their remaining life shortens. n Reinvests principal from maturing bonds (low-yielding bonds) into new longer-term bonds (higher-yielding bonds). Thornburg Limited Term Income Fund (as of 3/31/17) Current Portfolio Ladder* Average Maturity 3.6 Yrs Effective Duration 2.6 Yrs 14% 12% 11% 12% 15% 7% 4% Credit Quality Ratings Cash & Cash Equivalents 10.5% U.S. Government 14.2% AAA 18.0% Not Rated 0. Below Invest. Grade 1. BBB 28.1% CASH AA 8.0% A 18.8% Thornburg Limited Term Municipal Fund (as of 3/31/17) Current Portfolio Ladder* Average Maturity 4.2 Yrs Effective Duration 3.5 Yrs 12% 8% 12% Credit Quality Ratings Cash & Cash Equivalents 8.1% AAA 12.4% Not Rated 0.5% Below Invest. Grade 0.1% BBB 2. A 20.5% CASH AA 55. Thornburg Intermediate Municipal Fund (as of 3/31/17) Current Portfolio Ladder* Average Maturity 8.1 Yrs Effective Duration 5.2 Yrs 8% 13% 11% Credit Quality Ratings Cash & Cash Equivalents 8.7% AAA 15.0% Not Rated 0. Below Invest. Grade 0.3% BBB 4.5% A 28.0% CASH AA 42. *Percentage of portfolio maturing in each year. The percentages can and do vary over time. Cash includes cash equivalents. Charts may not add up to 100% due to rounding. A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds. Credit quality ratings for Thornburg s global fixed income portfolios used ratings from Moody s Investors Service. Where Moody s ratings are not available, we have used Standard & Poor s ratings. Where neither rating is available, we have used ratings from other nationally recognized statistical rating organizations (NRSROs). Credit quality ratings for Thornburg s municipal portfolios used the highest rating available from Standard & Poor s or Moody s Investors Service.
5 How We Think At Thornburg, we believe that long-term preservation of principal is best achieved by diversification and performing through a variety of market cycles and conditions. Results Preservation of Portfolio Value (Hypothetical $100,000 Investment over a 10-year period as of 3/31/17) Thornburg Limited Term Income Fund, Class A (Inception: 10/1/1992) A: THIFX I: THIIX $600 $ Month Period Payments Portfolio Value (right axis): $111,121 Monthly Income Payment (left axis) $150,000 $125,000 Monthly Income $400 $300 $200 $100,000 $75,000 $50,000 Portfolio Value $100 $25,000 $4,212 $4,714 $4,663 $3,928 $3,665 $3,088 $2,548 $2,321 $2,144 $2,045 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar13 Mar-14 Mar-15 Mar-16 Mar-17 Thornburg Limited Term Municipal Fund, Class A (Inception: 9/28/1984) A: LTMFX I: LTMIX $600 $ Month Period Payments Portfolio Value (right axis): $106,157 Monthly Income Payment (left axis) $150,000 $125,000 Monthly Income $400 $300 $200 $100,000 $75,000 $50,000 Portfolio Value $100 $25,000 $3,513 $3,566 $3,186 $2,644 $2,576 $2,066 $1,957 $1,756 $1,675 $1,691 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar13 Mar-14 Mar-15 Mar-16 Mar-17 Thornburg Intermediate Municipal Fund, Class A (Inception: 7/22/1991) A: THIMX I: THMIX $600 $ Month Period Payments Portfolio Value (right axis): $105,593 Monthly Income Payment (left axis) $150,000 $125,000 Monthly Income $400 $300 $200 $100,000 $75,000 $50,000 Portfolio Value $100 $3,862 $3,990 $3,951 $3,591 $3,403 $2,748 $2,518 $2,401 $2,197 $2,202 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar13 Mar-14 Mar-15 Mar-16 Mar-17 Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call Hypothetical illustrations above do not account for the funds sales charges. If sales charges had been included, results would be lower. The portfolio values include any capital appreciation and capital gains payments, which were reinvested. See the back page for total returns. Investments carry risks, including possible loss of principal. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond funds have ongoing fees and expenses. Investments in mortgage-backed securities (MBS) may bear additional risk. Investments in the Funds are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity. $25,000
6 Core Fixed Income Solutions for the Long-Term Average Annual Total Returns (as of 3/31/17) Thornburg Limited Term Income Fund YTD SINCE INCEPTION 30-DAY SEC YIELD A Shares THIFX (Incep: 10/1/92) Without sales charge 0.75% 2.08% 2.04% 2.52% 4.30% 5.02% 0.8 With sales charge -0.74% 0.57% 1.54% 2.22% 4.14% % I Shares THIIX (Incep: 7/5/96) 0.84% 2.45% 2.41% % 2.05% 0.50% Thornburg Limited Term Municipal Fund A Shares LTMFX (Incep: 9/28/84) Without sales charge % 1.27% 1.40% 3.00% 4.87% 0.72% With sales charge -0.48% -1.98% % 4.82% 1.04% I Shares LTMIX (Incep: 7/5/96) 1.13% % 1.73% 3.34% 3.88% % Thornburg Intermediate Municipal Fund A Shares THIMX (Incep: 7/22/91) Without sales charge 0.84% -0.85% 2.18% 2.37% 3.63% 4.73% 0.92% With sales charge -1.15% -2.81% 1.50% % 4.65% 1.43% I Shares THMIX (Incep: 7/5/96) 0.84% -0.62% 2.48% 2.68% % 1.74% 0.61% Returns are annualized for periods greater than one year. EXPENSE RATIO Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call The maximum sales charge for class A shares of the Limited Term Funds is 1.50% and 2.00% for the Intermediate Fund. There is no up-front sales charge for class I shares. Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes. Neither the laddering strategy nor diversification can assure or guarantee better performance and neither eliminates the risk of investment losses. There is no guarantee the funds will meet their objectives. It s more than what we do. It s how we do it. How we How we How we re Flexible Perspective Our perspective on investment opportunities is more flexible than most, viewing a wide range of opportunities beyond conventional boundaries to find hidden value. Collaboration Collectively, we hone ideas via borderless cross-pollination for better judgment and better results. Portfolio Construction Disciplined construction guided more by our convictions than convention. CONVICTION Thorough analysis and our relativevalue framework lead to conviction in our securities selection. UNCONVENTIONAL Active management means we seek the best value for our clients rather than using conventional benchmarks as our starting point. Structured for Excellence How we think and how we invest is made possible by how we re structured. TEAM APPROACH FAR FROM THE HERD ACCESS & TRANSPARENCY Thornburg Securities Corporation, Distributor 2300 North Ridgetop Road Santa Fe, New Mexico /21/17 TH2596
GLOBALLY DIVERSIFIED INCOME
Cultivating the Growth of the Dividend GLOBALLY DIVERSIFIED INCOME Thornburg Investment Income Builder Fund With a dual focus on current dividend generation and capital appreciation over time, Thornburg
More informationINTERNATIONAL INVESTING: GET AHEAD OF THE CURVE
INTERNATIONAL INVESTING: GET AHEAD OF THE CURVE Classic and Current Rationale Spell Investment Opportunities Overseas Why International Always Classic Rationale.S. and overseas equities take turns outu
More informationAn Introduction to Bonds
An Introduction to Bonds Agenda Bond basics Different types of bonds Bond features Yield and tax considerations Bond risks Credit quality Bond investing strategies and client suitability Defining Characteristics
More informationStable Value Fund... Benchmark
Release Date: 3-31-214... Benchmark Morningstar Category Overall Morningstar Rating Morningstar Return Morningstar Risk BofAML US Treasury Bill 3 Mon Stable Value QQQ Average Low Rated against 43 Short-Term
More informationULTRA SHORT BOND FUND
ULTRA SHORT BOND FUND S E P T E M B E R 3 0, 2 0 1 7 Copyright 2017 by Lord, Abbett & Co. LLC. All rights reserved. Lord Abbett mutual fund shares are distributed by Lord Abbett Distributor LLC. Lord,
More informationWhy Are Fixed Income ETFs Growing?
Fixed Income ETFs Why Are Fixed Income ETFs Growing? Lee Sterne, CFA Vice President, ETF Strategy Angus Stewart, CFP Director, Investment Product Michael Hodapp Fixed Income Regional Brokerage Consultant
More informationLearn about bond investing. Investor education
Learn about bond investing Investor education The dual roles bonds can play in your portfolio Bonds can play an important role in a welldiversified investment portfolio, helping to offset the volatility
More informationFocus on. Fixed Income. Member SIPC 1 MKD-3360L-A-SL EXP 31 JUL EDWARD D. JONES & CO, L.P. ALL RIGHTS RESERVED.
Focus on Fixed Income www.edwardjones.com Member SIPC 1 5 HOW CAN I STAY ON TRACK? 4 HOW DO I GET THERE? 1 WHERE AM I TODAY? MY FINANCIAL NEEDS 3 CAN I GET THERE? 2 WHERE WOULD I LIKE TO BE? 2 Our Objectives
More informationSemi-Annual Report. March 31, 2018
Semi-Annual Report March 31, 2018 About Thornburg Investment Management It s more than what we do. It s how we do it. At Thornburg, we are very different in how we think, invest, and are structured. We
More informationishares If you have additional questions, please call iShares ( ).
ishares ishares Trust (the Trust ) Supplement dated January 26, 2018 (the Supplement ) to the Summary Prospectus dated March 1, 2017 (as revised May 9, 2017), Prospectus dated March 1, 2017 (as revised
More informationThe Deutsche Asset Management municipal bond suite
Tax-Free Income 3rd quarter 2017 The Deutsche Asset Management municipal bond suite Long-term results from an experienced team Four reasons to consider municipal bonds and the Deutsche Asset Management
More informationQuarterly Fund Fact Sheets March 31, Retirement Share Classes
Quarterly Fund Fact Sheets March 31, 2018 Retirement Share Classes About Thornburg Investment Management It s more than what we do. It s how we do it. At Thornburg, we are very different in how we think,
More information4Q17 Fixed Income BOND FUND FLEXIBLE. 30 Years of Fundamental Fixed Income Investing A: JDFAX C: JFICX I: JFLEX N: JDFNX R: JDFRX S: JADFX T: JAFIX
4Q17 Fixed Income FLEXIBLE BOND FUND 30 Years of Fundamental Fixed Income Investing A: JDFAX C: JFICX I: JFLEX N: JDFNX R: JDFRX S: JADFX T: JAFIX Flexible Bond Fund Portfolio at a Glance Highlights Dynamic
More informationFirst Trust Intermediate Duration Preferred & Income Fund Update
1st Quarter 2015 Fund Performance Review & Current Positioning The First Trust Intermediate Duration Preferred & Income Fund (FPF) produced a total return for the first quarter of 2015 of 3.84% based on
More informationA More Conservative Approach to High Yield Opportunities
FUND performance Analysis APRIL 2010 www.calamos.com Calamos Financial Services LLC, Distributor High Yield Fund Fund Ticker Symbols A Shares B Shares C Shares I Shares CHYDX CAHBX CCHYX CIHYX > Performance
More informationOppenheimer Ultra-Short Duration Fund OSDYX; OSDIX
Portfolio Managers Christopher Proctor, CFA Adam Wilde, CFA Total AUM (all share classes) $952 million Class Y: 4/25/11 Class I: 11/28/14 Ticker / CUSIP Class Y: OSDYX / 68385K206 Class I: OSDIX / 68385K305
More informationA WELL-DIVERSIFIED CORE BOND PORTFOLIO
A WELL-DIVERSIFIED CORE BOND PORTFOLIO PRUDENTIAL TOTAL RETURN BOND FUND MORNINGSTAR OVERALL RATING Class A, Q, and Z Class C and R Broad mix of sectors, industries, credit qualities, and maturities Research
More informationFixed Income Investing
Fixed Income Investing Understanding how fixed income can fit into an investment portfolio. Contents 1 Understanding fixed income 2 Navigating the bond markets 3 How to evaluate bonds 4 Bonds in a rising
More informationQ Performance Report
Q1 2018 Performance Report Generated by: NASDAQ: TIPRX (A Shares) Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose
More informationIn our experience, advisors often work to educate their clients about the importance of diversification across asset classes.
THE BTS TACTICAL FIXED INCOME FUND IN THE CONTEXT OF A BROADER PORTFOLIO by Matthew Pasts, CMT, CEO, BTS Asset Management, Inc. In our experience, advisors often work to educate their clients about the
More informationMINT An actively managed alternative to low money market yields and short-duration index ETFs
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (MINT) PIMCO ETFs MINT An actively managed alternative to low money market yields and short-duration index ETFs Putting Cash to Work for Greater
More informationPractical Solutions for Today s Bond Markets VIRTUS SEIX LEVERAGED FINANCE FUNDS
Practical Solutions for Today s Bond Markets VIRTUS SEIX LEVERAGED FINANCE FUNDS The Challenge In a market environment defined by low yields, volatility, and rising interest rates, investors are seeking
More informationFocus On... CapitalMarkets. Senior Loans Understanding the Asset Class. What are senior loans?
CapitalMarkets Focus On... Senior Loans Understanding the Asset Class As investments based on senior loans become more popular, it is important that investors fully understand what they are and how they
More informationFranklin Flexible Alpha Bond Fund. Advisor Class
Franklin Flexible Alpha Bond Fund Advisor Class Absolute Return Fixed Income Product Profile Product Details 1 Fund Assets $416,313,682.95 Fund Inception Date 08/03/2015 Number of 406 Including Cash NASDAQ
More informationRetirement Cornerstone 17 Series B. Variable Annuity
Retirement Cornerstone 17 Series B Variable Annuity PROTECTED BENEFIT ACCOUNT INVESTMENT OPTIONS Retirement Cornerstone Series B is a combination variable and fixed annuity deferred contract issued by
More informationBuilding stronger fixed income portfolios
FOR INSTITUTIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION PORTFOLIO INSIGHTS Building stronger fixed income portfolios Summer/Fall 2017 PLEASE VISIT jpmorganfunds.com for access to all of our Insights publications.
More informationBuilding stronger fixed income portfolios
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE INVESTMENT INSIGHTS Building stronger fixed income portfolios 1Q 2017 PLEASE VISIT jpmorganfunds.com for access to all of our Insights publications. Still
More informationQ4 December 31, 2017 MFS GROWTH ALLOCATION FUND
Q4 December 31, 2017 MFS GROWTH ALLOCATION FUND Asset class Asset Allocation Strategies Objective Seeks a high level of total return consistent with a greater than moderate level of risk relative to other
More informationMulti-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review
NORTHERN FUNDS Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review June 30, 2018 Must be preceded or accompanied by a current prospectus Fund Facts Fund Objective: Total
More informationMorgan Stanley Pathway Ultra-Short Term Fixed Income Fund Objective: Total return, consistent with capital preservation
Morgan Stanley Pathway Ultra-Short Term Fixed Income Fund Objective: Total return, consistent with capital preservation OVERVIEW PIMCO sub-advises the fund focusing on short duration, relatively high credit
More informationNEAR-TERM TAX FREE FUND (NEARX) usfunds.com US.FUNDS October
NEAR-TERM TAX FREE FUND (NEARX) 1.800.US.FUNDS October 2014 14-491 Corporate Overview Boutique investment management firm specializing in actively managed equity and bond strategies. Longstanding history
More informationWESTERN ASSET MUNICIPAL BOND LADDERS
1Q 2018 Separately Managed Accounts WESTERN ASSET MUNICIPAL BOND LADDERS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction Legg Mason Meet our investment managers Having
More informationSCHOLARS CHOICE 529 COLLEGE SAVINGS PROGRAM
1Q 2018 Performance Summary SCHOLARS CHOICE 529 COLLEGE SAVINGS PROGRAM INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Scholars Choice Performance Date YTD 1 Yr 3 Yr 5 Yr 10 Yr
More informationSenior Floating Rate Loans: The Whole Story
Senior Floating Rate Loans: The Whole Story Mutual fund shares are not guaranteed or insured by the FDIC, the Federal Reserve Board or any other agency. The investment return and principal value of an
More informationQ4 December 31, 2017 MFS GLOBAL HIGH YIELD FUND
Q4 December 31, 2017 MFS GLOBAL HIGH YIELD FUND Asset class Bond Objective Seeks total return with an emphasis on high current income, but also considering capital appreciation. Portfolio management David
More informationSEEKING A BALANCE OF SAFETY AND TOTAL RETURN
SEEKING A BALANCE OF SAFETY AND TOTAL RETURN PRUDENTIAL SHORT-TERM CORPORATE BOND FUND, INC. MORNINGSTAR OVERALL RATING Class R Class A, Q, and Z Positive performance in the past 26 out of 27 years Portfolio
More informationMorgan Stanley Pathway International Fixed Income Fund (TIFUX) Objective: Seeks to maximize current income consistent with capital preservation
Morgan Stanley Pathway International Fixed Income Fund (TIFUX) Objective: Seeks to maximize current income consistent with capital preservation OVERVIEW Pacific Investment Management Company (PIMCO), the
More informationMulti-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 3Q 2017 Performance Review
NORTHERN FUNDS Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 3Q 2017 Performance Review September 30, 2017 Must be preceded or accompanied by a current prospectus Fund Facts Fund Objective:
More informationIncome Investing basics
Income Investing basics investment options that can offer income, growth, and diversification Key questions to consider: What are your income-oriented investment options? What is the role of income in
More informationOppenheimer Ultra-Short Duration Fund OSDYX; OSDIX
Portfolio Managers Christopher Proctor, CFA Adam Wilde, CFA Total AUM (all share classes) $260 million Class Y: 4/25/11 Class I: 11/28/14 Ticker / CUSIP Class Y: OSDYX / 68385K206 Class I: OSDIX / 68385K305
More informationThe total return for ibonds ETFs that have matured was within 3 to 21 bps from the initial yield less fund expenses at inception.
December 2017 Update ibonds ETFs: Fund Maturities Case Study ibonds ETFs Bring Together Two Great Investment Ideas: Bond Ladders and Funds In January 2010, ishares launched a series of ibonds ETFs, the
More informationFidelity Real Estate Income Fund
QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Real Estate Income Fund Investment Approach Fidelity Real Estate Income Fund seeks above-average income and capital growth by investing in a mix
More information2 ADAPTING TO 1 A FLEXIBLE 3 SEEKING TAX- 4,000 2,368 TAXABLE INVESTMENT EARNINGS STRATEGIC MUNICIPAL OPPORTUNITIES FUND KEPT $ KEPT $
www.blackrock.com STRATEGIC MUNICIPAL OPPORTUNITIES FUND Today s income investors are challenged with high taxes, volatile interest rates and greater overall risks. Consider re-evaluating traditional approaches
More informationSchwab Diversified Growth Allocation Trust Fund (Closed to new investors) Institutional Unit Class As of June 30, 2017
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Morningstar Category Allocation - 50-70% Equity Benchmark Global Growth Custom Index 1 Unit Class Inception Date 3/7/2012 Fund Inception
More informationNorthern Multi-Manager High Yield Opportunity Fund
N O R T H E R N F U N D S Northern Multi-Manager High Yield Opportunity Fund 4Q'13 Attribution & Performance Must be preceded or accompanied by a current prospectus 2013 Northern Funds northerntrust.com
More information80% Equity / 2% Fixed Income / 16% Alternative / 2% Allocation Strategy
2018 80% Equity / 2% Fixed Income / 16% Alternative / 2% Allocation Strategy INVESTMENT OBJECTIVE: Designed to provide strong growth potential through strategies with the ability to adjust allocations
More informationKP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX
The KP Funds KP Retirement Path 2015 Fund: KPRAX KP Retirement Path 2020 Fund: KPRBX KP Retirement Path 2025 Fund: KPRCX KP Retirement Path 2030 Fund: KPRDX KP Retirement Path 2035 Fund: KPREX KP Retirement
More informationQuarterly Fund Fact Sheets March 31, 2018
Quarterly Fund Fact Sheets March 31, 2018 About Thornburg Investment Management It s more than what we do. It s how we do it. At Thornburg, we are very different in how we think, invest, and are structured.
More informationInvestment case: municipal bonds
March 2018 Investment case: municipal bonds ETF disclosure This material does not constitute an offer to sell or solicitation to buy any security, including shares of any Fund. An offer or solicitation
More informationPROSPECTUS INVESTOR CLASS SHARES M AY 1,
12507_COV.qxd 4/26/04 4:25 PM Page 1 PROSPECTUS INVESTOR CLASS SHARES M AY 1, 2 0 0 4 TRANSAMERICA PREMIER FUNDS INVESTOR SHARES Prospectus: May 1, 2004 Equity Funds Transamerica Premier Focus Fund Transamerica
More informationFranklin Global Absolute Return Bond (USD) Composite
Franklin Global Absolute Return Bond (USD) Composite Absolute Return Fixed Income Product Profile Product Details Strategy Assets $600,884,324.94 Inception Date 09/30/2015 Base Currency USD Investment
More informationFund Information. Partnering for Success. SSgA Real-Life Insight
SM SSgA Real-Life Insight Fund Information Partnering for Success For Plan Participant Use only. The information contained in this document is intended as investment education only. None of the information
More informationINVEST IN SOMETHING REAL NOT FOR USE IN OHIO.
TM INVEST IN SOMETHING REAL NOT FOR USE IN OHIO. RISK FACTORS u Past performance is not a guarantee of future results. u Investing in real estate assets entails certain risks, including changes in: the
More informationJ.P. Morgan Municipal Bond Funds
Semi-Annual Report J.P. Morgan Municipal Bond Funds August 31, 2017 (Unaudited) JPMorgan Municipal Income Fund JPMorgan Ohio Municipal Bond Fund JPMorgan Short-Intermediate Municipal Bond Fund JPMorgan
More informationQ3 September 30, 2017 MFS GROWTH ALLOCATION FUND
Q3 September 30, 2017 MFS GROWTH ALLOCATION FUND Asset class Asset Allocation Strategies Objective Seeks a high level of total return consistent with a greater than moderate level of risk relative to other
More informationThe Current and Long- Term Case for Overseas Investing
The Current and Long- Term Case for Overseas Investing Q1 2017 TP666 Bank of America Corporation ( Bank of America ) is a financial holding company that, through its subsidiaries and affiliated companies,
More information5-yr Investment Grade Corporate CDS Markit (bps) 500
Treasury Yield Curve (percent) 2-yr/1-yr Treasury Spread (bps) % 7. 35 6. 3 25 5. 2 4. 15 3. 2. 1. Treasury Curve 'A' Composite 1 5-5. 1-yr 5-yr 1-yr 3-yr The Treasury yield curve is derived from available
More informationNavigator Taxable Fixed Income
CCM-17-09-966 As of 9/30/2017 Navigator Taxable Fixed Navigate Fixed with Individual Bonds With yields hovering at historic lows, an active strategy focused on managing risk may deliver better client outcomes
More informationInvesco Unit Trusts Fixed income. Celebrating 40+ years in unit trusts
Celebrating 40+ years in unit trusts Invesco Unit Trusts Fixed income Before investing, investors should carefully read the prospectus and consider the investment objectives, risks, charges and expenses.
More informationClass A: GSBFX Class C: GSBCX Class I: GSBIX Class IR: GKIRX Class R6: GSBUX. Fund Overview
Class A: GSBFX Class C: GSBCX Class I: GSBIX Class IR: GKIRX Class R6: GSBUX Class I Overall Morningstar Rating ( 5 Equity Allocation Category 4 Investments in Overall Morningstar Rating) Class I Summary
More informationMarket & Product Opportunity S E P T E M B E R 3 0,
BOND DEBENTURE FUND Market & Product Opportunity S E P T E M B E R 3 0, 2 0 1 7 Copyright 2017 by Lord, Abbett & Co. LLC. All rights reserved. Lord Abbett mutual fund shares are distributed by Lord Abbett
More informationAsset manager profiles
SECTION 1 Asset manager profiles John Hancock USA All financial obligations under the group annuity contract are the sole obligation of John Hancock Life Insurance Company (U.S.A.). John Hancock is a division
More informationCGCM Ultra-Short Term Fixed Income Fund (TSDUX)
CGCM Ultra-Short Term Fixed Income Fund (TSDUX) Objective: Total return, consistent with capital preservation OVERVIEW PIMCO sub-advises the fund focusing on short duration, relatively high credit quality
More informationWealth Strategies Monitor
Blend Strategies MUTUAL FUNDS Wealth Strategies Monitor Third Quarter 2011 Highlights Stocks fell sharply as fundamentals were overwhelmed by risk aversion amid doubts about the global economy and Europe
More informationParticipant investment disclosure
Participant investment disclosure Share Class A-MOP Investment options as of 12/31/2014 Fund name Fund manager Growth 1 year 5 years 10 years Lifetime 1 year 5 years 10 years Lifetime AMCAP Fund 5/1/1967
More informationA Guide to Investing In Corporate Bonds
A Guide to Investing In Corporate Bonds Access the corporate debt income portfolio TABLE OF CONTENTS What are Corporate Bonds?... 4 Corporate Bond Issuers... 4 Investment Benefits... 5 Credit Quality and
More informationInvestment Terms Glossary
Investment Terms Glossary 12b-1 Fee: A fee assessed on certain funds and associated share classes permitted under an SEC rule to help cover the cost associated with marketing and selling the fund; 12b-1
More informationTempleton International Bond Fund. Class C
Templeton International Bond Fund Class A, C Unconstrained Fixed Income Product Profile Product Details 1 Fund Assets $360,795,665.52 Fund Inception Date 12/03/2007 Number of Securities 124 Including Cash
More informationFederated Ohio Municipal Income Fund
Summary Prospectus October 31, 2017 The information contained herein relates to all classes of the Fund s Shares, as listed below, unless otherwise noted. Share Class Ticker A OMIAX F OMIFX Federated Ohio
More informationQ2 June 30, 2018 MFS EMERGING MARKETS DEBT LOCAL CURRENCY FUND
Q2 June 30, 2018 MFS EMERGING MARKETS DEBT LOCAL CURRENCY FUND Asset class Bond Objective Seeks total return with an emphasis on high current income, but also considering capital appreciation. Portfolio
More informationFixed income. income investors. Michael Korber Head of Credit. August 2009
Fixed income Old lessons re-learned for income investors Michael Korber Head of Credit August 2009 Role of fixed income in a portfolio The role of fixed income in a portfolio a fixed or floating rate of
More informationMarch 29, 2018 THE FAIRHOLME FOCUSED INCOME FUND (FOCIX) A no-load, non-diversified fund seeking current income SUMMARY PROSPECTUS
THE FAIRHOLME FOCUSED INCOME FUND (FOCIX) A no-load, non-diversified fund seeking current income SUMMARY PROSPECTUS March 29, 2018 A series of FAIRHOLME FUNDS, INC. Managed by FAIRHOLME CAPITAL MANAGEMENT
More informationShort exposure to US equities
Portfolio performance The All Asset Fund aims to serve as a differentiated asset allocation strategy. It focuses on third pillar assets in seeking three key outcomes: 1) long-term real return consistent
More informationIDOG ALPS INTERNATIONAL SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION
ALPS INTERNATIONAL SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION analysis diversification discipline IDOG provides the potential opportunity to capture above-market returns and high dividend
More informationDrexel University Retirement Plan
Drexel University Retirement Plan 23A 7% is the average saving rate at Vanguard. Source: Vanguard, How America Saves 2016. Vanguard recommends saving 12% 15%. Retirement Income Calculator How much
More informationAIG Strategic Bond Fund
Class A: SDIAX Class C: SDIBX Class C: NAICX Class W: SDIWX AIG Strategic Bond Fund Combining Four Global Bond Strategies to Deliver High Income and Capital Appreciation Potential Combining Four Global
More informationDoubleLine Core Fixed Income Fund Fourth Quarter 2017
Income Fund Fourth Quarter 2017 333 S. Grand Ave., 18th Floor Los Angeles, CA 90071 (213) 633-8200 The Income Fund (DBLFX/DLFNX) is DoubleLine s flagship fixed income asset allocation fund. The fund seeks
More informationPotential applications of China commercial paper in portfolios
Potential applications of China commercial paper in portfolios KraneShares E Fund China Commercial Paper ETF (NYSE:KCNY) Diversify your cash with KCNY Aaron Dillon aaron.dillon@kraneshares.com Brendan
More informationLORD ABBETT ANNUAL REPORT
LORD ABBETT ANNUAL REPORT Lord Abbett Municipal Income Fund Short Duration Tax Free Fund Intermediate Tax Free Fund AMT Free Municipal Bond Fund National Tax Free Fund High Yield Municipal Bond Fund Short
More informationJPMorgan Funds statistics report: Mortgage-Backed Securities Fund
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Mortgage-Backed Securities Fund Must be preceded or accompanied by a prospectus. jpmorganfunds.com Table of contents
More informationFranklin Global Absolute Return Fixed Income Composite (AUD Hedged)
Franklin Global Absolute Return Fixed Income Composite (AUD Hedged) Absolute Return Fixed Income Product Profile Product Details Strategy Assets $482,005,922.94 Inception Date 31/10/2007 Number of Securities
More informationManning & Napier Fund, Inc. Target 2060 Series Class K
Target 2060 Series Class K Fund Facts Ticker CUSIP MTKKX 56382R779 Inception Date 09/21/2015 Fund Manager Team Approach Investment Minimum* $2,000 Before Fee Waiver 10.50% After Fee Waiver** 1.13% *May
More informationFixed-Income Insights
Fixed-Income Insights The Appeal of Short Duration Credit in Strategic Cash Management Yields more than compensate cash managers for taking on minimal credit risk. by Joseph Graham, CFA, Investment Strategist
More informationSemi-Annual Report. March 31, 2018
Semi-Annual Report March 31, 2018 About Thornburg Investment Management It s more than what we do. It s how we do it. At Thornburg, we are very different in how we think, invest, and are structured. We
More informationCalamos Phineus Long/Short Fund
Calamos Phineus Long/Short Fund Performance Update SEPTEMBER 18 FOR INVESTMENT PROFESSIONAL USE ONLY Why Calamos Phineus Long/Short Equity-Like Returns with Superior Risk Profile Over Full Market Cycle
More informationDifferent Perspectives on Investment Performance Tweedy, Browne Global Value Fund
Different Perspectives on Investment Performance Tweedy, Browne Global Value Fund This booklet provides an historical perspective concerning the year-by-year variability of investment returns for the Tweedy,
More informationWells Fargo Short-Term High Yield Bond Fund
All information is as of 12-31-17 unless otherwise indicated. General fund information Ticker: STYIX Portfolio manager: Thomas Price, CFA; Kevin Maas, CFA; Michael Schueller, CFA Subadvisor: Wells Capital
More informationAmerican Funds Insurance Series Bond Fund
American Funds Insurance Series Bond Fund Summary prospectus Class 1 shares May 1, 2017 Before you invest, you may want to review the fund s prospectus and statement of additional information, which contain
More informationA Guide To DEFINED FOCUSED DISCIPLINED
A Guide To F I R S T T R U S T U N I T I N V E S T M E N T T R U S T S DEFINED FOCUSED DISCIPLINED W H A T I S A U N I T I N V E S T M E N T T R U S T? U I T F E A T U R E S A unit investment trust or
More informationQuarterly Portfolio Guide
An Educational Guide for Individuals Quarterly Portfolio Guide December 31, 2013 Insight into the underlying funds of Variable Universal Life III (VUL III) Insurance Investment Strategies 1 of 78 VUL III
More informationThe Glenmede Fund, Inc. The Glenmede Portfolios
The Glenmede Fund, Inc. The Glenmede Portfolios Annual Report The performance for the portfolios shown on pages 2 to 4 and 6 to 24 represents past performance and is not a guarantee of future results.
More informationPacific Mutual Door Company Partnership 401k Profit Sharing Plan
Pacific Mutual Door Company Partnership 401k Profit Sharing Plan 1 Plan Highlights 3 Plan Highlights 4 Plan Highlights 5 Plan Highlights 6 Plan Highlights 7 Plan Highlights 8 1.866.909.5148 3400 College
More informationTD ASSET MANAGEMENT USA FUNDS INC. TD Target Return Fund Epoch U.S. Equity Shareholder Yield Fund. (Together, the "Funds" and each, a "Fund")
TD ASSET MANAGEMENT USA FUNDS INC. TD Target Return Fund Epoch U.S. Equity Shareholder Yield Fund (Together, the "Funds" and each, a "Fund") Supplement dated November 30, 2017 to the Summary Prospectus
More informationCHNB. Chinese Onshore Bonds: CHNB provides direct access to Chinese onshore bonds that are among the highest quality in the credit spectrum.
Chinese Onshore Bonds: CHNB provides direct access to Chinese onshore bonds that are among the highest quality in the credit spectrum. KEY FEATURES Attractive Yield Onshore bonds typically have offered
More informationCohen & Steers Low Duration Preferred and Income Fund
Preferred Securities First Quarter 2018 Cohen & Steers Low Duration Preferred and Income Fund NASDAQ Symbols: Class A: LPXAX Class C: LPXCX Class I: LPXIX Class R: LPXRX Class Z: LPXZX This Fund offers
More informationPersonal Strategy Income Fund
SUMMARY PROSPECTUS PRSIX PPIPX Investor Class I Class October 1, 2017 T. Rowe Price Personal Strategy Income Fund A fund seeking primarily income through a diversified portfolio of stocks, bonds, and other
More informationKP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX
The KP Funds KP Retirement Path 2015 Fund: KPRAX KP Retirement Path 2020 Fund: KPRBX KP Retirement Path 2025 Fund: KPRCX KP Retirement Path 2030 Fund: KPRDX KP Retirement Path 2035 Fund: KPREX KP Retirement
More informationWells Fargo Target Date Funds
All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:
More informationPRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC. Class 1 and Class 2 Shares ("PVC" or the "Fund ) The date of this Prospectus is May 1, 2017, as revised May 2, 2017 and previously supplemented on May 2, 2017.
More informationThe Yorktown Funds. each a series of American Pension Investors Trust. Ticker Symbols Institutional Yorktown Funds Class A Class L Class
The Yorktown Funds each a series of American Pension Investors Trust Ticker Symbols Institutional Yorktown Funds Class A Class L Class YORKTOWN GROWTH FUND (formerly API Growth Fund) AFGGX APITX APGRX
More information