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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 05/17/2019  

  Subsidized Un-Subsidized
w/o sales charge 4.22% 0.49%

30-Day Standardized Yield as of 04/30/2019  

  Subsidized Un-Subsidized
w/o sales charge 3.48% 0.00%

Fund Basicsas of 04/30/2019

Total Net Assets
$6.52 M
Inception Date
04/20/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
4.16%
Fund Net Expense Ratio
0.43%
Number of Holdings
286
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 04/30/2019 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 69 Investment Professionals with 15 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Dividend Yield 1 as of 05/17/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.22% 0.49%

30-Day Standardized Yield 2 as of 04/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.48% 0.00%

Fund Expense Ratio :

Gross 4.16%

Net 0.43%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 5.45% 5.59% - - - 3.35%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 5.39% 5.69% - - - -
Bloomberg Barclays US Corp Investment Grade Index 5.71% 6.50% - - - 3.34%

Fund Expense Ratio :

Gross 4.16%

Net 0.43%

Fund Expense Ratio :

Gross 4.16%

Net 0.43%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 4.65% 3.89% - - - 3.09%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 4.91% 4.35% - - - -
Bloomberg Barclays US Corp Investment Grade Index 5.14% 4.94% - - - 3.20%

Fund Expense Ratio :

Gross 4.16%

Net 0.43%

Year Fund Returns Bloomberg Barclays US Corp Investment Grade Index
2018 -2.64% -2.51%
2017 4.14% 6.42%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 4.65% - - - 5.90%
2018 -1.93% -1.15% 0.83% -0.41% -2.64%
2017 - - 1.47% 1.43% 4.14%

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 04/30/2019

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

Portfolio Positioning as of 03/31/2019

  • We increased the portfolio’s allocation within the financials sector. We remain attracted to the sector as its quality profile has improved relative to pre-crisis periods given more robust underlying mortgage assets, more conservative management teams, and stricter regulations.
  • Although we modestly decreased the portfolio’s overweight during the quarter, we maintain a positive view towards 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.
  • The portfolio is overweight the energy sector. Generally, we take a bottom-up, selective approach to this sector and remain attracted to improving credits and those that may benefit from an increase in oil prices.
  • We maintained the portfolio’s overweight in “BBB” rated corporate bonds over higher grade corporate bonds given the relatively compelling valuations in lower rated securities. We added to securities that we believe possessed attractive fundamentals and carry opportunities.
  • While current headwinds to investment grade corporate bonds exist in the form of fallen angels, leverage risk, and late cycle concerns, we believe these risks have been overstated. We maintain a positive outlook on U.S. domestic growth and are cautiously optimistic in the U.S. economy. In response to the Fed’s dovish policy stance, we believe it will take a significant amount of economic growth, a tight labor market, and a pick-up in inflation for the Fed to resume tightening. Therefore, we believe volatility will remain subdued and risk assets will benefit.

Portfolio Details as of 04/30/2019

Total Net Assets
$6.52 M
Number of Issues
286
Average Coupon
5.23%
Average Life
10.91 Years
Average Effective Duration
6.42 Years

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 05/17/2019
$0.140
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2019 $0.03449 $9.78
Daily Daily 03/31/2019 $0.03481 $9.74
Daily Daily 02/28/2019 $0.03626 $9.54
Daily Daily 01/31/2019 $0.03499 $9.55

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 05/31/2019
Daily Daily 06/30/2019
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 04/30/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
4.16% 0.43%

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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Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to June 30, 2015,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; (b) for periods prior to April 4, 2017 but after June 30, 2015, performance is based on the historical performance of the Fund’s Class R6 shares, which have an equivalent expense ratio to the Fund’s F3 shares; and (c) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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