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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 04/03/2020  

  Subsidized Un-Subsidized
w/o sales charge 2.97% 0.00%

30-Day Standardized Yield as of 02/29/2020  

  Subsidized Un-Subsidized
w/o sales charge 1.49% 0.00%

Fund Basicsas of 02/28/2020

Total Net Assets
$8.93 M
Inception Date
04/20/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
4.91%
Fund Net Expense Ratio
1.33%
Number of Holdings
275
Minimum Initial Investment
$1,500+
Type Assets
Investment Grade Corporate
U.S. Government Related
ABS
High Yield Corporate
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 02/28/2020 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

Yoana N. Koleva
Yoana N. Koleva, CFA

Managing Director & Portfolio Manager

16 Years of Industry Experience

Eric P. Kang
Eric P. Kang

Portfolio Manager

20 Years of Industry Experience

Supported By 64 Investment Professionals with 17 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Dividend Yield 1 as of 04/03/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.97% 0.00%

30-Day Standardized Yield 2 as of 02/29/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.49% 0.00%

Fund Expense Ratio :

Gross 4.91%

Net 1.33%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge -6.40% 0.49% - - - 1.50%
Lipper Category Avg. Corporate Debt Funds BBB-Rated - - - - - -
Bloomberg Barclays US Corp Investment Grade Index -3.63% 4.98% - - - 3.80%
w/ sales charge -7.33% 0.49% - - - 1.50%

Fund Expense Ratio :

Gross 4.91%

Net 1.33%

Fund Expense Ratio :

Gross 4.91%

Net 1.33%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge -6.40% 0.49% - - - 1.50%
Lipper Category Avg. Corporate Debt Funds BBB-Rated - - - - - -
Bloomberg Barclays US Corp Investment Grade Index -3.63% 4.98% - - - 3.80%
w/ sales charge -7.33% 0.49% - - - 1.50%

Fund Expense Ratio :

Gross 4.91%

Net 1.33%

Year Fund Returns Bloomberg Barclays US Corp Investment Grade Index
2019 12.10% 14.54%
2018 -3.64% -2.51%
2017 3.36% 6.42%
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -6.40% - - - -6.66%
2019 4.41% 3.82% 2.56% 0.83% 12.10%
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
U.S. Government Related
ABS
High Yield Corporate
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 02/28/2020

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

Portfolio Positioning as of 12/31/2019

  • While the financials sector continues to be the largest absolute position, we reduced the portfolio’s exposure during the fourth quarter, specifically taking down the portfolio’s allocation to financial companies located within the U.K. and Europe. As the market has begun to come to terms with ‘Brexit,’ we were able to capitalize on favorable trades.
  • While we still generally consider the consumer, non-cyclicals sector to be fairly valued and faced with event risks, we have identified select opportunities that led to a reduction in the portfolio’s notable underweight. Within the consumer, non-cyclicals sector, we increased the portfolio’s allocation to a few healthcare and pharmaceutical names, taking advantage of idiosyncratic opportunities that we found attractive.
  • 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.
  • As corporate credit spreads compressed, we have moved up in credit quality and focused on lowered beta industries. We reduced the portfolio’s allocation of “BBB” rated corporate bonds and rotated into higher quality investment grade corporate bonds. We also increased the portfolio’s duration profile to capitalize on opportunities further out on the curve.

Portfolio Details as of 02/28/2020

Total Net Assets
$8.93 M
Number of Issues
275
Average Coupon
4.8%
Average Life
12.27 Years
Average Effective Duration
8.12 Years

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 04/03/2020
$0.070
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 03/31/2020 $0.02346 $9.50
Daily Daily 02/29/2020 $0.02299 $10.57
Daily Daily 01/31/2020 $0.02357 $10.48

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 04/30/2020
Daily Daily 05/31/2020
Daily Daily 06/30/2020
Daily Daily 07/31/2020
Daily Daily 08/31/2020
Daily Daily 09/30/2020
Daily Daily 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

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
12/17/2020 12/18/2020

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 02/29/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
4.91% 1.33%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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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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