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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 01/24/2020  

  Subsidized Un-Subsidized
w/o sales charge 3.46% 0.00%
w/ sales charge 3.38% 0.00%

30-Day Standardized Yield as of 12/31/2019  

  Subsidized Un-Subsidized
w/o sales charge 2.46% 0.00%

Expense Ratioas of 12/31/2019

Fund Basicsas of 12/31/2019

Total Net Assets
$7.85 M
Inception Date
04/20/2017
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
289
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 12/31/2019 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

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

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Performance

Performance

Dividend Yield 1 as of 01/24/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.46% 0.00%
w/ sales charge 3.38% 0.00%

30-Day Standardized Yield 2 as of 12/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.46% 0.00%

Fund Expense Ratio :

Gross 4.41%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 12.95% 12.95% - - - 4.95%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 13.08% 13.08% - - - -
Bloomberg Barclays US Corp Investment Grade Index 14.54% 14.54% - - - 5.59%
w/ sales charge 10.37% 10.37% - - - 4.07%

Fund Expense Ratio :

Gross 4.41%

Net 0.68%

Fund Expense Ratio :

Gross 4.41%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/19/2017
w/o sales charge 12.95% 12.95% - - - 4.95%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 13.08% 13.08% - - - -
Bloomberg Barclays US Corp Investment Grade Index 14.54% 14.54% - - - 5.59%
w/ sales charge 10.37% 10.37% - - - 4.07%

Fund Expense Ratio :

Gross 4.41%

Net 0.68%

Year Fund Returns Bloomberg Barclays US Corp Investment Grade Index
2019 12.95% 14.54%
2018 -2.94% -2.51%
2017 3.93% 6.42%
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - 2.10%
2019 4.57% 3.99% 2.74% 1.09% 12.95%
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
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 12/31/2019

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 12/31/2019

Total Net Assets
$7.85 M
Number of Issues
289
Average Coupon
4.78%
Average Life
11.92 Years
Average Effective Duration
7.92 Years

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 01/24/2020
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2019 $0.03001 $10.23
Daily Daily 11/30/2019 $0.03033 $10.23
Daily Daily 10/31/2019 $0.03109 $10.23
Daily Daily 09/30/2019 $0.03096 $10.21
Daily Daily 08/31/2019 $0.03135 $10.29
Daily Daily 07/31/2019 $0.03168 $10.07
Daily Daily 06/30/2019 $0.03204 $10.03
Daily Daily 05/31/2019 $0.03253 $9.86
Daily Daily 04/30/2019 $0.03251 $9.78
Daily Daily 03/31/2019 $0.03229 $9.74
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 01/31/2020
Daily Daily 02/29/2020
Daily Daily 03/31/2020
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

Sales Charge Schedule as of 01/24/2020

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.66
$100,000 to $249,999 1.75% 1.50% $10.61
$250,000 to $499,999 1.25% 1.00% $10.55
$500,000 to $999,999 0.00% 1.00% $10.42
$1,000,000 to $5,000,000 0.00% 1.00% $10.42

EXPENSE RATIOas of 12/31/2019

Fund Documents

Fund Documents

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Publish Date:11/03/2015
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Publish Date:11/03/2015
Annual Report
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Publish Date:11/03/2015
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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.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and 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 1.50% if the shares are repurchased 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.

 

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and 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 1.50% if the shares are repurchased 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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