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Corporate Bond Fund

Summary

Summary

What is the Corporate Bond Fund ?

The Fund seeks to deliver a high level of current income by investing primarily in investment grade corporate debt securities.

EXPERIENCED, TENURED TEAM

Constructed through the collaboration among 50+ investment professionals with extensive experience managing, researching, and trading corporate debt. 

HIGH QUALITY, CORPORATE FOCUS

Invested primarily in corporate debt securities rated investment grade, limiting credit risk.

LOW EXPENSES

Offers lower expenses relative to its Lipper and Morningstar peer group category average.

Yield

Dividend Yield as of 12/06/2019  

  Subsidized Un-Subsidized
w/o sales charge 3.66% 0.00%

30-Day Standardized Yield as of 10/31/2019  

  Subsidized Un-Subsidized
w/o sales charge 2.66% 0.00%

Fund Basicsas of 10/31/2019

Total Net Assets
$7.81 M
Inception Date
04/20/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
4.31%
Fund Net Expense Ratio
0.58%
Number of Holdings
314
Type Assets
Investment Grade Corporate
ABS
U.S. Government Related
High Yield Corporate
CMBS
Other
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

CREDIT QUALITY DISTRIBUTION as of 10/31/2019 View Portfolio

Rating Assets
U.S. Treasury
AAA
AA
A
BBB
<BBB

INVESTMENT TEAM

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

21 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

25 Years of Industry Experience

Supported By 66 Investment Professionals with 16 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Dividend Yield 1 as of 12/06/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.66% 0.00%

30-Day Standardized Yield 2 as of 10/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.66% 0.00%

Fund Expense Ratio :

Gross 4.31%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 12.69% 14.20% - - - 5.17%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 13.03% 14.40% - - - -
Bloomberg Barclays US Corp Investment Grade Index 14.17% 15.85% - - - 5.65%

Fund Expense Ratio :

Gross 4.31%

Net 0.58%

Fund Expense Ratio :

Gross 4.31%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 11.78% 11.27% - - - 5.18%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 12.17% 11.66% - - - -
Bloomberg Barclays US Corp Investment Grade Index 13.20% 13.00% - - - 5.67%

Fund Expense Ratio :

Gross 4.31%

Net 0.58%

Year Fund Returns Bloomberg Barclays US Corp Investment Grade Index
2018 -2.84% -2.51%
2017 4.20% 6.42%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 4.59% 4.01% 2.75% - 12.56%
2018 -1.98% -1.19% 0.78% -0.46% -2.84%
2017 - - 1.42% 1.58% 4.20%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Investment Grade Corporate
ABS
U.S. Government Related
High Yield Corporate
CMBS
Other
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

CREDIT QUALITY DISTRIBUTION as of 10/31/2019

Rating Assets
U.S. Treasury
AAA
AA
A
BBB
<BBB

Portfolio Positioning as of 09/30/2019

  • We reduced the portfolio’s underweight in the consumer non-cyclical sector. However, we remain underweight in the pharmaceutical industry due to drug pricing headwinds, regulatory pressures, valuations, and event risk. Overall, we believe the non-cyclical orientation of the consumer staples sector will hold up in a recessionary environment.
  • We increased the portfolio’s allocation to the financials sector. The financials sector continues to be the portfolio’s largest position. Within the sector, the banking industry has been an ongoing theme in recent months due to their improved credit quality relative to pre-crisis periods, robust underlying mortgage assets, more conservative management teams, and stricter regulations.
  • Relative to the benchmark, the portfolio’s largest overweight position is in the utilities sector. We remain attracted to this defensive sector, as we believe securities within this sector offer attractive yield opportunities while mitigating downside risk due to their non-cyclical nature and their subjection to heavy regulations, which limit leverage.
  • We reduced the portfolio’s allocation to the energy sector during the first two months of the quarter, as the sector experienced heightened volatility and increasing dispersion. When valuations within the energy sector looked more attractive in September, we modestly increased our allocation to the sector in order to capture the wider spread levels.

Portfolio Details as of 10/31/2019

Total Net Assets
$7.81 M
Number of Issues
314
Average Coupon
5.00%
Average Life
11.29 Years
Average Effective Duration
6.91 Years

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 12/06/2019
$0.360
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2019 $0.03121 $10.25
Daily Daily 10/31/2019 $0.03200 $10.25
Daily Daily 09/30/2019 $0.03181 $10.23
Daily Daily 08/31/2019 $0.03193 $10.31
Daily Daily 07/31/2019 $0.03250 $10.09
Daily Daily 06/30/2019 $0.03287 $10.05
Daily Daily 05/31/2019 $0.03330 $9.88
Daily Daily 04/30/2019 $0.03330 $9.80
Daily Daily 03/31/2019 $0.03301 $9.76
Daily Daily 02/28/2019 $0.03476 $9.56
Daily Daily 01/31/2019 $0.03332 $9.57

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 12/31/2019

CAPITAL GAINS DISTRIBUTIONS

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/14/2017 12/15/2017 - $0.0068 $0.0068 $10.16

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 11/30/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
4.31% 0.58%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015

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Class F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. For additional information, see the Fund’s current prospectus.

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