DOCSLIB.ORG

Carillon Reams Core Bond Fund

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Carillon Reams Core Bond Fund CARILLON REAMS CORE BOND FUND INSIGHT | COMMENTARY SECOND QUARTER | 2021 Investment Team Market Overview Mark Egan, CFA Although the U.S. Federal Reserve (Fed) has communicated an inflation target of 2% for many years, realized inflation has fallen short of this level except for brief periods of time. Multiple inflation measures reported during the second Managing Director and quarter of 2021 indicate that greater than 2% inflation has indeed arrived. Although some market commentators point Lead Portfolio Manager to the base effect of low numbers in the middle of the pandemic a year ago, month-over-month numbers also showed Clark Holland, CFA a sharp pickup in recent price levels. Several rounds of fiscal stimulus combined with extremely loose monetary policy have seemingly succeeded in producing higher inflation where monetary stimulus alone has failed in the past. Portfolio Co-Manager Shortages in lumber, metals, and even glass have also caused pockets of upward price pressure, although many of Todd Thompson, CFA these supply chain factors moderated late in the quarter. Portfolio Co-Manager Anecdotal evidence suggests that employers have been forced to pay higher wages to coax employees to return to work, Stephen Vincent, CFA in particular within the service sector. A significant number of would-be employees are choosing to remain at home due to Portfolio Co-Manager expanded unemployment benefits and the cost/availability of child care during the summer months, along with lingering health concerns related to COVID-19. The winding down of federally funded supplemental unemployment benefits should Jason Hoyer, CFA ultimately prompt workers to re-enter the labor force, but some employers are also choosing to incentivize people back into Portfolio Co-Manager jobs by offering them higher wages. Hopefully this combination, along with alleviated concerns regarding COVID-19 and access to affordable child care, will allow the overall employment picture to continue to improve. Should these recent wage Dimitri Silva, CFA increases gain traction and momentum, higher inflation could prove stickier than most are currently projecting. Portfolio Co-Manager During the second quarter, President Biden proposed a $6 trillion budget and two infrastructure packages totaling $4.1 trillion, spread over multiple years, in a continuing effort to stimulate the economy. The administration has been clear for some time now that it views doing too little as a much higher risk than doing too much, but efforts to push Characteristics through additional large-scale fiscal stimulus have been stymied by Senate Republicans and several conservative Democrats. Late in the quarter, a tentative agreement was reached on a $579 billion bipartisan infrastructure package, but certain factions within the Democratic Party have ostensibly tied their support for the bill to promises of a much Total Net Assets larger spending package that would be passed through reconciliation, creating renewed uncertainty. (millions): $585.0 The Fed continues to argue that the current state of heightened inflation is simply transitory and, therefore, they do not need to remove the punch bowl just yet. This constant “transitory” refrain was called into some question at the June Fed meeting, Number of holdings: 145 however. The Fed “dot plot” of expected future Fed funds rates indicated more diversity of thought among the Fed governors versus the previous estimates given in March, with several members pulling forward their projections of when the first rate Top Holdings hike will occur. No action was taken on rates or asset purchases, or even hinted at for that matter, but the June meeting sowed some minor seeds of doubt regarding the Fed’s outlook on inflation and commitment to a dovish stance through 2023. US TREASURY N/B T 0 3/8 03/31/22 Valuations in most risk markets moved higher during the second quarter from levels that were already elevated. Credit spreads US TREASURY N/B T 0 3/4 03/31/26 continued to tighten, with the high yield (HY) sector once again outperforming. High yield corporate option-adjusted spreads US TREASURY N/B T 1 1/4 10/31/21 (OAS) tightened 42 basis points (bps), asset-backed securities (ABS) 12 bps, commercial mortgage-backed securities (CMBS) 12 bps, and investment-grade (IG) corporates 10 bps, while mortgage-backed securities (MBS) widened 16 bps. In a reversal of US TREASURY N/B T 1 1/8 07/31/21 the first-quarter move, intermediate and long-term Treasury rates declined and the yield curve flattened. The 2-year Treasury US TREASURY N/B T 1 5/8 05/15/31 yield rose 9 bps while the 5-year, 10-year, and 30-year Treasury yields fell 5, 27, and 32 bps, respectively. (Source: Bloomberg) FN MA4126 Portfolio Review US TREASURY N/B T 1 1/8 05/15/40 Macro factors detracted due to a below-index duration stance, as intermediate and long-term U.S. Treasury rates fell WELLS FARGO 4.478 04/04/31 during the second quarter. Sector allocation contributed due to an underweight to the underperforming MBS sector. US TREASURY N/B T 1 1/8 02/15/31 Security selection contributed as well, primarily within the IG corporates sector. Selection within the MBS and CMBS sectors also contributed a modest amount. All other sectors had a minimal impact on performance. BANK OF AMERICA CORP BAC 2.496 02/13/31 The Fund’s weight in IG corporates remained elevated during the second quarter but declined slightly quarter-over- quarter, with exposure focused on short-maturity and lower-beta credits. We viewed select IG corporate bonds as offering Please consider the investment moderately attractive spreads relative to U.S. Treasurys on a risk-adjusted basis. The Fund’s allocation to U.S. Treasurys objectives, risks, charges, and decreased during the second quarter and shifted from an overweight relative to the index to a slight underweight relative expenses of any fund carefully to the index. The reduction in U.S. Treasury exposure was primarily driven by shifts in maturity/duration positioning, before investing. Call 800.421.4184 as the reduction was offset by a corresponding increase in cash and equivalents. The Fund’s agency MBS exposure or your financial professional for a decreased slightly quarter-over-quarter and remained at a low absolute level, as we viewed agency MBS spreads as prospectus, which contains this and offering very little relative value. CMBS exposure increased slightly and represented an overweight relative to the index other important information about at quarter’s end. CMBS holdings remained concentrated in well-structured senior securities due to their stable cash the funds. Read the prospectus flow characteristics. The Fund’s ABS weight also increased but remained moderate on an absolute basis, with holdings carefully before you invest or send focused on high-quality auto loan collateral. money. 880 Carillon Parkway | St. Petersburg, FL 33716 | 800.421.4184 | carillontower.com/our-funds/fund-strategies Not FDIC Insured May Lose Value No Bank Guarantee Carillon Fund Distributors, Inc., Member FINRA The Funds’ duration decreased significantly accommodative monetary and fiscal policy. The information provided should not be construed as during the second quarter, moving from slightly If inflation is more persistent than transitory, a recommendation to buy, sell, or hold any particular below that of the index to significantly below however, it may become increasingly security. The data is shown for informational purposes only and is not indicative of future portfolio that of the index. This shift occurred due to challenging for the Fed to remain dovish. characteristics or returns. Portfolio holdings are not the meaningful decline in risk-free rates and Nominal yields have meaningfully increased stagnant and may change over time without prior notice. subsequent view that real interest rates are year to date but so have inflation expectations, unattractive at current levels, with long-term leaving real rates still firmly in negative Basis points (bps) are units of measure often used in rate risk skewed to the upside. The Fund territory. This dynamic stands in stark contrast discussions of interest rates, equity indices, and yields of fixed-income securities. One basis point is equal to remained underweight the 10+ year maturity with the economic conditions currently in 1/100th of 1%. segment of the yield curve, along with the one place. The tailwinds for growth remain strong, to three year and five to seven year segments, but valuations in almost every spread sector Duration incorporates a bond’s yield, coupon, final balanced by overweights to the zero to one year appear vulnerable. maturity and call features into one number, expressed in years, that indicates how price-sensitive a bond or and seven to 10 year segments. portfolio is to changes in interest rates. Bonds with higher durations carry more risk and have higher price Outlook Risk Considerations: The return of principal in volatility than bonds with lower durations. Despite a bit of mixed messaging at the last a fixed income fund is not guaranteed. Fixed Benchmark Index meeting, the Fed has every incentive to ensure income funds have the same interest rate, The Bloomberg Barclays U.S. Aggregate Bond Index is inflation, issuer, maturity and credit risks that composed of the total U.S. investment-grade bond market. The a sustained recovery and will be extremely market-weighted index includes Treasuries, agencies, CMBS, reluctant to admit that elevated inflation data are associated with underlying fixed income ABS and investment-grade corporates. It is not possible to is anything but transitory. Modest tapering and securities owned by the fund. Mortgage- invest in an index. eventually a rise in rates are expected to occur, and Asset-Backed Securities are subject to Carillon Tower Advisers is the investment adviser for the prepayment risk and the risk of default on the Carillon Family of Funds and Scout Investments is the but the committee will likely be slow to tighten sub-adviser to the Carillon Reams Core Bond Fund.
Load more

Recommended publications
  • Short Duration Bond Fund YA Share Fact Sheet
    Q2 | 2021 The fund received a 4-star Overall Morningstar Rating as of 6/30/21 among 524 funds in the Short-Term Bond category Putnam Short Duration Bond Fund (Y shares, based on risk- Pursuing income with a multi-sector, lower duration approach adjusted returns) Objective Sector diversification Managing rate sensitivity Fundamental approach The fund seeks as high a rate of The fund invests in a diversified The fund invests in short-term bonds The fund’s experienced portfolio current income as we believe is consistent with preservation of portfolio of fixed-income securities, and other securities, and generally managers implement active strategies capital. including corporate debt, bank maintains an effective duration, or that consider several factors, including loans, sovereign debt, and interest-rate sensitivity, of three credit, interest-rate, and prepayment Portfolio Managers securitized assets, such as years or less. risks, and general market conditions. Emily E. Shanks mortgage-backed and asset-backed (industry since 1999) securities. Albert Chan, CFA (industry since 2002) Brett S. Kozlowski, CFA (industry since 1997) Morningstar category Pursuing opportunities inside and outside the benchmark Short-Term Bond Portfolio quality Portfolio composition Lipper category l AAA 9.7% Investment-grade corporate 48.6% Short Investment Grade Debt l AA 12.6 bonds l A 22.9 Commercial MBS 15.3 Primary benchmark l Residential MBS (non-agency) 15.2 ICE BofA 1-3 Year U.S. BBB 32.0 Corporate Index l BB 1.2 Asset-backed securities (ABS) 5.6 l B 0.4 High-yield corporate bonds 0.5 Secondary benchmark l CCC and below 0.5 Net cash 14.7 ICE BofA U.S.
    [Show full text]
  • A Guide to Ultra-Short-Term Bond Funds for Cash Investors
    INVESTMENT PERSPECTIVES A guide to ultra-short-term bond funds for cash investors More than 99% of money market Cash investors have been steadily Why? Because ultra-short-term funds yielded less than 0.10% as of moving into ultra-short-term strategies use two primary levers— March 31, 2021.1 bond funds to satisfy their extending maturities and taking search for yield. additional credit risk—to add yield. This guide explains what ultra-short-term bond funds are and why they may be appropriate for both individuals and institutional cash investors as they Jeffrey Weaver, CFA seek to optimize their overall cash portfolio. In today’s low-yield environment, Senior Portfolio Manager, Head of Municipal and Short these types of funds are one place where cash investors can find high-quality Duration Fixed Income, sources of income while maintaining their primary objectives of capital WFAM Global Fixed Income preservation and liquidity. Ultra-short-term bond funds occupy a space just beyond money market funds (MMFs) in the spectrum of liquidity solutions, and Michael Rodgers many cash investors have already begun their journey to this space. According Senior Portfolio Specialist, to Morningstar, ultra-short-term bond funds held $322 billion in assets as of WFAM Global Fixed Income December 2020. Investors chose ultra-short-term bond funds for additional income As investors think about increasing returns on cash investments, it’s important to understand the primary driver of total returns is income. Income return— from yield and/or coupon payments—is and always has been the largest contributor to total return in high-quality short-duration fixed income.
    [Show full text]
  • Amundi NVIT Multi Sector Bond Fund (Formerly, NVIT Multi Sector Bond Fund)
    Amundi NVIT Multi Sector Bond Fund (formerly, NVIT Multi Sector Bond Fund) Summary Prospectus April 30, 2019 Class I Before you invest, you may want to review the Fund’s Prospectus, which contains information about the Fund and its risks. This Summary Prospectus is intended for use in connection with variable insurance contracts, and is not intended for use by other investors. The Fund’s Prospectus and Statement of Additional Information, each dated April 30, 2019 (as may be supplemented or revised), are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund’s Prospectus and other information about the Fund, go to nationwide.com/mutualfundsnvit, email a requestto [email protected] or call 800-848-0920, or ask any variable insurance contract provider who offers shares of the Fund as an underlying investment option in its products. Objective The Amundi NVIT Multi Sector Bond Fund seeks to provide above average total return over a market cycle of three to five years. Fees and Expenses This table describes the fees and expenses you may pay when buying and holding shares of the Fund. Sales charges and other expenses that may be imposed by variable insurance contracts are not included. See the variable insurance contract prospectus. Class I Shares Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.57% Distribution and/or Service (12b-1) Fees None Other Expenses 0.25% Total Annual Fund Operating Expenses 0.82% Example This Example is intended to help you to compare the cost of investing in the Fund with the cost of investing in other mutual funds.
    [Show full text]
  • Corporate Bond Market Dysfunction During COVID-19 and Lessons
    Hutchins Center Working Paper # 69 O c t o b e r 2 0 2 0 Corporate Bond Market Dysfunction During COVID-19 and Lessons from the Fed’s Response J. Nellie Liang* October 1, 2020 Abstract: Changes in the financial sector since the global financial crisis appear to have increased dramatically the demand for liquidity by holders of corporate bonds beyond the ability of the markets to provide it in stress events. The March market turmoil revealed the costs of liquidity mismatch in open-end bond mutual funds. The surprisingly large redemptions of investment-grade corporate bond funds added to stresses in both the corporate bond and Treasury markets. These conditions led to unprecedented Fed interventions, which significantly reduced risk spreads and improved market functioning, with much of the improvements occurring right after the initial announcement. The improved conditions allowed companies to issue bonds, which helped them to maintain employees and investment spending. The episode suggests several areas for further study and possible reforms. * J. Nellie Liang, Hutchins Center on Fiscal and Monetary Policy, Brookings Institution ([email protected]). I would like to thank Darrell Duffie, Bill English, Anil Kashyap, Donald Kohn, Patrick Parkinson, Jeremy Stein, Adi Sunderam, David Wessel, and Alex Zhou for helpful comments and insights, and Manuel Alcalá Kovalski for excellent research assistance. THIS PAPER IS ONLINE AT https://www.brookings.edu/research/corporate- bond-market-dysfunction-during-covid-19-and- lessons-from-the-feds-response/ 1. Introduction As concerns about the pandemic’s effect on economic activity in early March escalated, asset prices began to move in unusual ways—including the prices of investment-grade corporate bonds.
    [Show full text]
  • Variable Rate Debt Options: Auction Rate Securities
    Variable Rate Debt Options: Auction Rate Securities Auction Rate Securities What are Auction Rate Securities? §Long-term securities sold to short-term investors §Variable rate, priced competitively relative to other forms of short-term debt, most notably VRDB’s §Re-priced periodically, most common reset periods are weekly (7 day) or monthly (28/35 day) §Multi-modal with conversion features at issuer option §Does not require liquidity facility as the auction process provides liquidity; investors have no “put” option §Usually insured, most often by a AAA monoline bond insurer 2 Auction Rate Securities What is a Dutch Auction? §Competitive Bidding Process - among Investors who submit bids/orders to buy, sell or hold securities at desired rates §Reverse Price Concept - orders are filled beginning with the lowest bid submitted until all available securities are allocated §Clearing Bid - order at which the last available security is allocated; clearing bid becomes the reset rate for all investors for the upcoming period §Auction Rate Mechanism - can be viewed as an alternative to the Remarketing Agent function in VRDO programs 3 Auction Rate Securities § Market Size – Approximately $250 Billion Overall § Issuers - Closed-End Municipal Bond / Equity Funds - Student Loan Entities - Municipalities § Investors - Corporate Cash Managers - Institutional Investors - High Net Worth Individuals § Holding Periods - Daily, Weekly, Monthly, Flex § Dealers - Sole Managed Programs - Multiple Dealer Participation 4 Auction Rate Securities §Product Introduction
    [Show full text]
  • Doubleline DBLTX Total Return Bond Fund Update
    DoubleLine Total Return Bond Fund (DBLTX/DLTNX) May 2017 333 S. Grand Ave., 18th Floor || Los Angeles, CA 90071 || (213) 633-8200 DoubleLine Total Return Bond Fund The DoubleLine Total Return Bond Fund (DBLTX) seeks to maximize risk-adjusted returns relative to its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. DBLTX is a Mortgage-Backed Securities (MBS) centric strategy, and by pro- spectus the fund will maintain a minimum of 50% of the portfolio in MBS and have less than 33% in below investment grade-rated securities. How is DBLTX similar to its benchmark, the Bloomberg Barclays U.S. Aggregate Index, and how does it differ? Like the Index, the strategy has approximately two-thirds government securities and about one third credit. DoubleLine ex- presses the government and credit exposure in DBLTX outside of U.S. Treasuries and traditional corporate credit. Instead, we express this exposure through Agency MBS, non-Agency MBS and other areas of structured credit. Why Mortgages? We believe we can use the various sectors of the MBS market to construct a portfolio that will outperform the Index with better risk-adjusted returns, lower volatility and drawdown over a 24-36 month period. Agency MBS: Since the DoubleLine team started investing in Agency MBS over 20 years ago, the team’s founda- tion has been in Agency MBS which has offered enough variety to produce what we view as more attractive risk/ reward profiles. Agency MBS principal is either implicitly or explicitly guaranteed by the U.S. government. Agency MBS typically offers a higher yield than Treasuries, and competitive yield depending on market envi- ronment to traditional investment grade corporate bonds.
    [Show full text]
  • What Are High-Yield Corporate Bonds?
    INVESTOR BULLETIN What Are High-yield Corporate Bonds? The SEC’s Office of Investor Education and Advocacy is a high-yield bond, it is important that you understand issuing this Investor Bulletin to educate individual investors the risks involved. about high-yield corporate bonds, also called “junk bonds.” While they generally offer a higher yield than investment-grade Default risk. Also referred to as credit risk, this is the bonds, high-yield bonds also carry a higher risk of default. risk that a company will fail to make timely interest or principal payments and default on its bond. Defaults also What is a high-yield corporate bond? can occur if the company fails to meet certain terms of its A high-yield corporate bond is a type of corporate bond debt agreement. Because high-yield bonds are typically that offers a higher rate of interest because of its higher issued by companies with higher risks of default, this risk risk of default. When companies with a greater estimated is particularly important to consider when investing in default risk issue bonds, they may be unable to obtain high-yield bonds. an investment-grade bond credit rating. As a result, they Interest rate risk. typically issue bonds with higher interest rates in order to Market interest rates have a major entice investors and compensate them for this higher risk. impact on bond investments. The price of a bond moves in the opposite direction than market interest rates—like High-yield bond issuers may be companies characterized opposing ends of a seesaw. This presents investors with as highly leveraged or those experiencing financial interest rate risk, which is common to all bonds.
    [Show full text]
  • The Case of Investment Funds in Corporate Bond Markets
    NBER WORKING PAPER SERIES FINANCIAL FRAGILITY IN THE COVID-19 CRISIS: THE CASE OF INVESTMENT FUNDS IN CORPORATE BOND MARKETS Antonio Falato Itay Goldstein Ali Hortaçsu Working Paper 27559 http://www.nber.org/papers/w27559 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 July 2020, Revised May 2021 Views expressed are those of the authors and do not necessarily represent the views of the Board, its staff, or the National Bureau of Economic Research. We thank Jaewon Choi, Valentin Haddad, Yi Li, Nellie Liang, Yiming Ma, Jeremy Stein, Annette Vissing-Jorgensen, Yao Zeng, and participants at the Brookings Webinar on "COVID-19 and the Financial System - How and Why Were Financial Markets Disrupted?", the Princeton-Stanford Conference on "Corporate Finance and the Macroeconomy under COVID-19", the Atlanta Fed Conference on "Financial Stability and the Coronavirus Pandemic," the Annual Meeting of the American Finance Association, the Darden-ICI Symposium on Mutual Funds and ETFs, and the Annual Meeting of the Midwest Finance Association, for helpful comments and discussions. Jacob Faber provided excellent research assistance. All remaining errors are ours. At least one co-author has disclosed additional relationships of potential relevance for this research. Further information is available online at http://www.nber.org/papers/w27559.ack NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2020 by Antonio Falato, Itay Goldstein, and Ali Hortaçsu. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.
    [Show full text]
  • Amundi Funds Global Bond - A2 Usd
    AMUNDI FUNDS GLOBAL BOND - A2 USD MONTHLY REPORT 30/10/2020 BOND ■ 1. This is a bond fund. 2. Investing in this fund may expose investors to interest rate, credit, prepayment and exchange risks. The use of financial derivative instruments for hedging and efficient portfolio management purposes may lead to exposure to credit risk of the issuer. The fund may also be exposed to liquidity and developing countries risks. 3. The investment focus of the fund might give rise to increased risk over more diversified funds. 4. The value of the fund can be extremely volatile and could go down substantially within a short period of time. It is possible that your investment value could suffer substantial loss. 5. The investment decision is yours, but you should not invest in the product unless the intermediary who sells it to you has advised you that the product is suitable for you and explained why including how buying it would be consistent with your investment objective. Key information Investment objective Fund information NAV per unit : 31.28 ( USD ) To achieve a combination of income and capital growth Sub-fund launch date : 04/01/1993 (total return). Specifically, the Sub-Fund seeks to Fund size : 317.66 ( million USD ) outperform the JP Morgan Government Bond Global All Type of shares : Accumulation NAV and fund size as at : 30/10/2020 Maturities Unhedged in USD index by investing at least Management fee (p.a.) : 0.90% Fund currency : USD 67% of assets in investment-grade bonds that are either Subscription fee (max.) : 4.50% Benchmark : JP Morgan Government Bond Global issued or guaranteed by OECD governments or Switching fee (max.) : 1.00% All Maturities Unhedged in USD index supranational entities (at least 60% of assets), or issued by corporate entities.
    [Show full text]
  • Credit Spread Volatility
    KENNETH J. WINSTON Senior Risk Officer April 2018 Credit Spread Volatility Executive Summary Nurture strength of spirit to shield you in sudden misfortune. -Max Ehrmann, 1927 Some credit markets can be characterized as long peri- ods of boredom punctuated Three Desiderata by moments of sheer terror. Successful portfolio construction involves not only the selection of superior securities and investment Credit spreads, which cap- ture the higher yields that themes, but also the assessment of the ranges of outcomes of the portfolio’s exposures. The best portfolios credit-risky bonds command carefully balance risk and reward. over non-credit-risky bonds, exemplify this dynamic. An important part of assessing portfolio risk is the identification of risk factors, which are the variables that We define three desiderata will affect many or all of the securities in the portfolio. For fixed-income portfolios, some obvious risk fac- that apply to credit spread risk tors are the prevailing key rates of interest in the portfolio’s base currency, general levels of credit spreads factors and exposures: and foreign exchange rates. 1. Exposures must be stable, 2. The relationship between To estimate the range of future returns of a portfolio—either the total return, or the return relative to a movements of a risk factor and of a security affected benchmark—we need, among other things, to measure or estimate the following information: by the risk factor must be realistic, and The exposures the portfolio has to its risk factors, and 3. Risk factors vary in statisti- The likely ranges of outcomes of those risk factors.
    [Show full text]
  • City National Rochdale Government Bond Fund a Series of City National Rochdale Funds
    City National Rochdale Government Bond Fund a series of City National Rochdale Funds SUMMARY PROSPECTUS DATED JANUARY 31, 2021 Class: Ticker: Servicing Class (CNBIX) Class N (CGBAX) Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus and other information about the Fund, including the Fund’s Statement of Additional Information and shareholder reports, online at http://www.citynationalrochdalefunds.com. You can also get this information at no cost by calling (888) 889-0799 or by sending an e-mail request to [email protected] or from your financial intermediary. The Fund’s Prospectus and Statement of Additional Information, dated January 31, 2021, as may be amended or further supplemented, and the independent registered public accounting firm’s report and financial statements in the Fund’s Annual Report to shareholders, dated September 30, 2020, are incorporated by reference into this Summary Prospectus. City National Rochdale Government Bond Fund INVESTMENT GOAL The City National Rochdale Government Bond Fund (the “Government Bond Fund” or the “Fund”) seeks to provide current income (as the primary component of a total return intermediate duration strategy) by investing primarily in U.S. Government securities. FEES AND EXPENSES OF THE FUND The table below describes the fees and expenses you may pay if you buy, hold, and sell shares of the Government Bond Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.
    [Show full text]
  • Invesco U.S. Government Fund Fact Sheet (PDF)
    GOV-PC-1_FactSheet 4/12/2018 5:29 PM Page 1 Mutual Fund Retail Share Classes Data as of March 31, 2018 Invesco U.S. Government Fund Intermediate-term taxable investment grade Investment Objective An actively managed intermediate-term US government bond strategy for The fund seeks total return, comprised of current investors seeking monthly income and limited credit risk. income and capital appreciation. Performance of a $10,000 Investment Portfolio Management Clint W. Dudley, Brian Schneider, Robert Waldner Class A shares at NAV (March 31, 2008 – March 31, 2018) • Invesco U.S. Government Fund - $12,910 Fund Facts $20,000 Nasdaq A: AGOVX C: AGVCX Investor: AGIVX Y: AGVYX R: AGVRX R6: AGVSX R5: AGOIX $10,000 Total Net Assets $562,289,512 Total Number of Holdings 716 Annual Turnover (as of 02/28/17) 30% Distribution Frequency Monthly 0 Distribution Accrual Daily 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 Expense Ratios % Net % Total Investment Results Class A Shares 0.97 0.97 Average Annual Total Returns (%) as of March 31, 2018 Class C Shares 1.72 1.72 Investor Class Class A Shares Class C Shares Shares Class Y Shares Investor Class Shares 0.92 0.92 Inception: Inception: Inception: Inception: Style-Specific Class Y Shares 0.72 0.72 04/28/87 08/04/97 09/30/03 10/03/08 Index Per the current prospectus Bloomberg Max Max Barclays U.S. Load CDSC Government 30-Day SEC Yields Period 4.25% NAV 1.00% NAV NAV NAV Index Class A Shares 1.67 Inception 4.85 5.00 3.03 3.03 2.95 - - Class C Shares 1.00 10 Years 2.14 2.59 1.82 1.82 2.60 2.84 2.70 Investor Class Shares 1.77 5 Years -0.18 0.69 -0.06 -0.06 0.71 0.94 1.07 Class Y Shares 1.98 3 Years -1.12 0.31 -0.48 -0.48 0.34 0.53 0.48 1 Year -3.92 0.33 -1.41 -0.43 0.37 0.58 0.44 Quarter -5.13 -0.94 -2.11 -1.13 -0.92 -0.87 -1.15 Bond Holding Statistics Performance quoted is past performance and cannot guarantee comparable future results; current performance Weighted Average Effective Maturity (years) 6.83 may be lower or higher.
    [Show full text]