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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 03/22/2019  

  Subsidized Un-Subsidized
w/o sales charge 4.20% 0.34%
w/ sales charge 4.11% 0.33%

30-Day Standardized Yield as of 02/28/2019  

  Subsidized Un-Subsidized
w/o sales charge 3.51% 0.00%

Expense Ratioas of 02/28/2019

Fund Basicsas of 02/28/2019

Total Net Assets
$6.01 M
Inception Date
04/20/2017
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
273
CUSIP
54401X851
Minimum Initial Investment
$1,500+
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 02/28/2019 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 68 Investment Professionals with 14 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Dividend Yield 1 as of 03/22/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.20% 0.34%
w/ sales charge 4.11% 0.33%

30-Day Standardized Yield 2 as of 02/28/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.51% 0.00%

Fund Expense Ratio :

Gross 4.54%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 2.09% 1.35% - - - 1.59%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 2.51% 2.20% - - - -
Bloomberg Barclays US Corp Investment Grade Index 2.57% 2.63% - - - 1.99%
w/ sales charge -0.24% -0.97% - - - 0.36%

Fund Expense Ratio :

Gross 4.54%

Net 0.68%

Fund Expense Ratio :

Gross 4.54%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge -2.94% -2.94% - - - 0.51%
Lipper Category Avg. Corporate Debt Funds BBB-Rated -2.55% -2.55% - - - -
Bloomberg Barclays US Corp Investment Grade Index -2.51% -2.51% - - - 0.66%
w/ sales charge -5.10% -5.10% - - - -0.82%

Fund Expense Ratio :

Gross 4.54%

Net 0.68%

Year Fund Returns Bloomberg Barclays US Corp Investment Grade Index
2018 -2.94% -2.51%
2017 3.93% 6.42%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 4.07%
2018 -2.00% -1.22% 0.75% -0.48% -2.94%
2017 - - 1.40% 1.35% 3.93%

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 02/28/2019

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

Portfolio Positioning as of 12/31/2018

  • 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 names that we believe possessed attractive fundamentals and carry opportunities.
  • We decreased the portfolio’s exposure to the financials sector. Although we continue to maintain a positive stance on this sector, we reduced the portfolio’s allocation as the financials sector faced headwinds during the fourth quarter due to concerns over the impact of Brexit negotiations, falling interest rates, and slowing economic growth.
  • We increased the portfolio’s allocation to the industrials sector. Despite trade war concerns, we believe industrials sector valuations changed more than fundamentals warrant.
  • We continue to hold the view that U.S. domestic growth will separate from global weakness. Despite the recent market volatility and downturn of some soft economic indicators, we are cautiously optimistic in the U.S. economy due to strength in the labor market. We remain focused on domestic opportunities given the potential for increased volatility and event risk abroad.

Portfolio Details as of 02/28/2019

Total Net Assets
$6.01 M
Number of Issues
273
Average Coupon
5.25%
Average Life
10.87 Years
Average Effective Duration
7.20 Years

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 03/22/2019
$0.066
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 02/28/2019 $0.03394 $9.54
Daily Daily 01/31/2019 $0.03250 $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 03/31/2019
Daily Daily 04/30/2019
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

Sales Charge Schedule as of 03/22/2019

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $9.92
$100,000 to $249,999 1.75% 1.50% $9.87
$250,000 to $499,999 1.25% 1.00% $9.82
$500,000 to $999,999 0.00% 1.00% $9.70
$1,000,000 to $5,000,000 0.00% 1.00% $9.70

EXPENSE RATIOas of 02/28/2019

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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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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