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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 07/23/2019  

  Subsidized Un-Subsidized
w/o sales charge 3.18% 0.00%

30-Day Standardized Yield as of 06/30/2019  

  Subsidized Un-Subsidized
w/o sales charge 2.27% 0.00%

Fund Basicsas of 06/28/2019

Total Net Assets
$6.85 M
Inception Date
04/20/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
5.15%
Fund Net Expense Ratio
1.42%
Number of Holdings
299
Minimum Initial Investment
$1,500+
Type Assets
Investment Grade Corporate
ABS
High Yield Corporate
CMBS
U.S. Government Related
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 06/28/2019 View Portfolio

Rating Assets
U.S. Treasury
AAA
AA
A
BBB
<BBB
Not Rated

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 69 Investment Professionals with 15 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Dividend Yield 1 as of 07/23/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.18% 0.00%

30-Day Standardized Yield 2 as of 06/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.27% 0.00%

Fund Expense Ratio :

Gross 5.15%

Net 1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 8.40% 8.33% - - - 3.55%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 9.07% 9.43% - - - -
Bloomberg Barclays US Corp Investment Grade Index 9.85% 10.72% - - - 4.90%
w/ sales charge 7.40% 8.33% - - - 3.55%

Fund Expense Ratio :

Gross 5.15%

Net 1.42%

Fund Expense Ratio :

Gross 5.15%

Net 1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 8.40% 8.33% - - - 3.55%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 9.07% 9.43% - - - -
Bloomberg Barclays US Corp Investment Grade Index 9.85% 10.72% - - - 4.90%
w/ sales charge 7.40% 8.33% - - - 3.55%

Fund Expense Ratio :

Gross 5.15%

Net 1.42%

Year Fund Returns Bloomberg Barclays US Corp Investment Grade Index
2018 -3.64% -2.51%
2017 3.36% 6.42%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 4.41% 3.82% - - 8.61%
2018 -2.19% -1.41% 0.58% -0.64% -3.64%
2017 - - 1.19% 1.15% 3.36%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Investment Grade Corporate
ABS
High Yield Corporate
CMBS
U.S. Government Related
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 06/28/2019

Rating Assets
U.S. Treasury
AAA
AA
A
BBB
<BBB
Not Rated

Portfolio Positioning as of 06/30/2019

  • We increased the portfolio’s allocation to the consumer staples sector, adding to issuers that have recently experienced a leverage event, such as a merger or acquisition. We remain attracted to the sector and believe it will hold up in a recessionary environment given its non-cyclical orientation
  • We continued to increase the portfolio’s overweight position within the utilities sector. We believe corporate bonds within this defensive sector offer attractive yield opportunities while mitigating downside risks due to their non-cyclical mandate and heavy regulations, which limit leverage.
  • We also increased the portfolio’s allocation to the consumer cyclicals sector. In particular, we increased the portfolio’s exposure to a stable American automotive company, as we maintain a positive view on the company’s management and believe investors’ concerns over trade-war related issues within the auto industry are overstated.
  • We reduced the portfolio’s overweight exposure to the energy sector. While we continue to remain attracted to securities within the energy sector that we believe have improving credit qualities, we reduced the portfolio’s allocation in an attempt to more closely align with the benchmark.
  • We are closely monitoring the risks to the Fund, including U.S.-China trade tensions, the weakening of consumer confidence, and the downturn of soft economic indicators. However, we believe that the U.S. Federal Reserve’s accommodative actions will support modest spread tightening.

Portfolio Details as of 06/28/2019

Total Net Assets
$6.85 M
Number of Issues
299
Average Coupon
5.16%
Average Life
10.96 Years
Average Effective Duration
6.62 Years

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 07/23/2019
$0.164
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2019 $0.02659 $10.03
Daily Daily 05/31/2019 $0.02683 $9.85
Daily Daily 04/30/2019 $0.02710 $9.78
Daily Daily 03/31/2019 $0.02689 $9.74
Daily Daily 02/28/2019 $0.02927 $9.54
Daily Daily 01/31/2019 $0.02772 $9.54

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 07/31/2019
Daily Daily 08/31/2019
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
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 $10.14

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 06/30/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
5.15% 1.42%

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
Commentary
Publish Date:11/03/2015

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