Harvest Funds Intermediate Bond

Overview

The Harvest Funds Intermediate Bond seeks long-term return through a combination of capital appreciation and current income.

The Fund seeks to achieve its objective by investing, under normal market conditions, at least 80% of its net assets in a portfolio of fixed income securities of companies and issuers based in China and Hong Kong.

A portion of the fund’s underlying securities are non-rated or non-investment grade.

Potential Fund Features

  • Monthly income
  • Short/intermediate duration portfolio
  • Low volatility
  • Complementary to various portfolio allocations
  • Diversification to non-US corporate credits
  • Bond valuations with potential for capital appreciation
  • Liquidity

Performance

Performance vs. Benchmark as of 3/31/2017

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance shown. A short term trading fee of 1.50% may apply to redemptions if shares redeemed have been held for less than 90 days. Performance does not reflect this redemption fee.  Shareholders who are charged a redemption fee would have lower account performance; however, the Fund's overall performance could be increased due to the collection of redemption fees.

Benchmark: 50% J.P. Morgan Asia Credit – Hong Kong Total Return Index, 50% J.P. Morgan Asia Credit – China Total Return Index

Inception Date: February 27, 2013

Excludes sales charges.

Gross expense ratio: 1.49%, net expense ratio: 0.89%. The advisor has contractually agreed to reduce fees and reimburse expenses until April 30, 2018. In the absence of current fee reductions, performance would be reduced. Additional information about the indices in comparison to the fund is provided at end of page.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance shown. A short term trading fee of 1.50% may apply to redemptions if shares redeemed have been held for less than 90 days. Performance does not reflect this redemption fee.  Shareholders who are charged a redemption fee would have lower account performance; however, the Fund's overall performance could be increased due to the collection of redemption fees. 

Benchmark: 50% J.P. Morgan Asia Credit – Hong Kong Total Return Index, 50% J.P. Morgan Asia Credit – China Total Return Index

Inception Date: February 27, 2013

Excludes sales charges.

Gross expense ratio: 1.90%, net expense ratio: 0.89%. The advisor has contractually agreed to reduce fees and reimburse expenses until April 30, 2016. In the absence of current fee reductions, performance would be reduced. Additional information about the indices in comparison to the fund is provided at end of page.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance shown. A short term trading fee of 1.50% may apply to redemptions if shares redeemed have been held for less than 90 days. Performance does not reflect this redemption fee.  Shareholders who are charged a redemption fee would have lower account performance; however, the Fund's overall performance could be increased due to the collection of redemption fees. 

Benchmark: 50% J.P. Morgan Asia Credit – Hong Kong Total Return Index, 50% J.P. Morgan Asia Credit – China Total Return Index

Inception Date: February 27, 2013

Excludes sales charges.

Gross expense ratio: 1.49%, net expense ratio: 0.89%. The advisor has contractually agreed to reduce fees and reimburse expenses until April 30, 2018. In the absence of current fee reductions, performance would be reduced. Additional information about the indices in comparison to the fund is provided at end of page.

Top Ten Holdings as of 3/31/2017

NamePercentage
JINCHUAN GROUP 2.81%
DBX II HRVST CSI CHINA SOVRN 2.72%
BAOXIN AUTO FINANCE I LTD 2.07%
PROVEN HONOUR CAPITAL LTD 2.01%
AUSTRALIA & NEW ZEALAND BANKING GROUP LTD 1.96%
BEIJING STATE-OWNED ASSETS MANAGEMENT HONG KONG CO 1.93%
BANK OF CHINA LTD 1.90%
VIRGIN AUSTRALIA HOLDINGS LTD 1.88%
CHINA NEW TOWN FINANCE 1.84%
CHINA EVERGRANDE GROUP 1.83%

Holdings are subject to change. Current and future holdings are subject to risk. Holdings are provided as of 3/31/2017 and represent the most recent information available to the public. Excludes cash.

The Harvest Funds are distributed by SEI Investments Distribution Company, 1 Freedom Valley Drive, Oaks, PA 19456. SEI is not affiliated with Harvest Global Investments Limited, the Investment Adviser for the Fund. Check the background of SEI Investments Distribution Co. on FINRA’s BrokerCheck.

Performance vs. Benchmark as of 3/31/2017

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance shown. A short term trading fee of 1.50% may apply to redemptions if shares redeemed have been held for less than 90 days. Performance does not reflect this redemption fee.  Shareholders who are charged a redemption fee would have lower account performance; however, the Fund's overall performance could be increased due to the collection of redemption fees. 

Benchmark: 50% J.P. Morgan Asia Credit – Hong Kong Total Return Index, 50% J.P. Morgan Asia Credit – China Total Return Index

Inception Date: February 27, 2013

Excludes sales charges.

Gross expense ratio: 1.75%, net expense ratio: 1.14%. The advisor has contractually agreed to reduce fees and reimburse expenses until April 30, 2018. In the absence of current fee reductions, performance would be reduced. Max Front End Sales Load:  4.25%. Max 12b1 Fee: 0.25%. Additional information about the indices in comparison to the fund is provided at end of page.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance shown. A short term trading fee of 1.50% may apply to redemptions if shares redeemed have been held for less than 90 days. Performance does not reflect this redemption fee.  Shareholders who are charged a redemption fee would have lower account performance; however, the Fund's overall performance could be increased due to the collection of redemption fees.

Benchmark: 50% J.P. Morgan Asia Credit – Hong Kong Total Return Index, 50% J.P. Morgan Asia Credit – China Total Return Index

Inception Date: February 27, 2013

Excludes sales charges.

Gross expense ratio: 2.07%, net expense ratio: 1.14%. The advisor has contractually agreed to reduce fees and reimburse expenses until April 30, 2016. In the absence of current fee reductions, performance would be reduced. Max Front End Sales Load:  4.25%. Max 12b1 Fee: 0.25%. Additional information about the indices in comparison to the fund is provided at end of page.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance shown. A short term trading fee of 1.50% may apply to redemptions if shares redeemed have been held for less than 90 days. Performance does not reflect this redemption fee.  Shareholders who are charged a redemption fee would have lower account performance; however, the Fund's overall performance could be increased due to the collection of redemption fees. 

Benchmark: 50% J.P. Morgan Asia Credit – Hong Kong Total Return Index, 50% J.P. Morgan Asia Credit – China Total Return Index

Inception Date: February 27, 2013

Excludes sales charges.

Gross expense ratio: 1.75%, net expense ratio: 1.14%. The advisor has contractually agreed to reduce fees and reimburse expenses until April 30, 2018. In the absence of current fee reductions, performance would be reduced. Max Front End Sales Load:  4.25%. Max 12b1 Fee: 0.25%. Additional information about the indices in comparison to the fund is provided at end of page.

Top Ten Holdings as of 3/31/2017

NamePercentage
JINCHUAN GROUP 2.81%
DBX II HRVST CSI CHINA SOVRN 2.72%
BAOXIN AUTO FINANCE I LTD 2.07%
PROVEN HONOUR CAPITAL LTD 2.01%
AUSTRALIA & NEW ZEALAND BANKING GROUP LTD 1.96%
BEIJING STATE-OWNED ASSETS MANAGEMENT HONG KONG CO 1.93%
BANK OF CHINA LTD 1.90%
VIRGIN AUSTRALIA HOLDINGS LTD 1.88%
CHINA NEW TOWN FINANCE 1.84%
CHINA EVERGRANDE GROUP 1.83%

Holdings are subject to change. Current and future holdings are subject to risk. Holdings are provided as of 3/31/2017 and represent the most recent information available to the public. Excludes cash.

The Harvest Funds are distributed by SEI Investments Distribution Company, 1 Freedom Valley Drive, Oaks, PA 19456. SEI is not affiliated with Harvest Global Investments Limited, the Investment Adviser for the Fund. Check the background of SEI Investments Distribution Co. on FINRA’s BrokerCheck.

2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

For each fund with at least a three year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receives 2 stars and the bottom 10% receive 1 star. 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) Morningstar Ratings metrics.

Important Risks

Mutual fund investing involves risk, including possible loss of principal. There can be no assurance that the Fund will achieve its stated objectives. Bond and bond funds will decrease in value as interest rates rise. The Fund focuses its investments primarily with Chinese issuers and issuers with economic ties to China. The Fund is subject to political, social or economic instability within China which may cause decline in value.  Fluctuations in currency of foreign countries may have an adverse affect to domestic currency values. Emerging markets involve heightened risk related to the same factors as well as increase volatility and lower trading volume. The Fund uses derivative instruments. The primary risk of derivative instruments is that changes in the market value of securities held by the fund and of the derivative instruments relating to those securities may not be proportionate. Derivatives are also subject to illiquidity and counterparty risk.  High yield bonds involve greater risk of default or downgrade and are more volatile than investment grade securities, due to the speculative nature of their investments. Current and future holdings are subject to risk. There can be no assurance that the fund will achieve its stated objective.

To determine if the Fund is an appropriate investment for you, carefully consider the funds investment objectives, risk, and charges and expenses. This and other information can be found in the funds full or summary prospectus which can be obtained by calling 1-917-696-3678. Please read the prospectus carefully before investing.

References to market indices are provided for information only. The composition of the indices included will not reflect the manner in which the Fund's portfolio is constructed in relation lo expected or achieved returns, portfolio guidelines. restrictions. sectors, correlations. concentrations. volatility or tracking error targets, all of which are subject to change. As such, comparing the Fund 's returns to that of an index may not be meaningful. The JACI Hong Kong Total Return index measures the performance of Asia dollar bonds issued by Hong Kong based sovereigns. quasi-sovereigns. and corporates. It is a subset of the JP Morgan Asia Credit index. accounting for approximately 13% of the index and includes issues with a current face amount outstanding of US$150 million or more, and a maturity of 12 months or more. The JACI Hong Kong Total Return Index is constructed to provide  a comprehensive and unbiased barometer for the liquid bonds of the Hong Kong USD bond market and is completely reconstituted monthly.

The JACI China Total Return index measures the performance of Asia dollar bonds issued by China based sovereigns, quasi-sovereigns, and corporates. It is a subset of the JP Morgan Asia Credit index, accounting for approximately 30% of the Index and includes issues with a current face amount outstanding of US$150 million or more, and a maturity of 12 months or more. The JACl China Total Return Index is constructed to provide a comprehensive and unbiased barometer for the liquid bonds of the China USD bond market and is completely reconstituted monthly.

Unlike the Fund, the Indices do not include any securities of non-Asian companies. These differences would lead to differences between the Fund and the Indices.

Fund performance is net of all management fees, transaction and fund operating fees and expenses (except redemption fees).  Fund performance is calculated based on the assumption that distributions are reinvested.  In contrast, Index returns do not reflect such fees because indexes are unmanaged and investors cannot invest directly in an index.

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