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Emerging Markets Corporate Debt Fund

Summary

Summary

What is the Emerging Markets Corporate Debt Fund?

The Fund seeks to deliver current income and long term growth of capital by investing primarily in emerging markets corporate debt securities.

DOLLAR DENOMINATED

Provides an allocation to global investment opportunities without the currency volatility of local debt.

HISTORICALLY HIGHER YIELDS

EM Corporate Debt has provided higher yields than comparably rated U.S. corporate bonds.

STRONG PERFORMANCE

Has provided solid performance, with low expenses, relative to peers.

Yield

Dividend Yield 1 as of 09/20/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.45% 3.96%

30-Day Standardized Yield 2 as of 08/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.07% 3.43%

Fund Basicsas of 08/30/2019

Total Net Assets
$45.82 M
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.59%
Fund Net Expense Ratio
1.10%
Number of Holdings
209

Fund Expense Ratio :

Gross 1.59%

Net 1.10%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2013
w/o sales charge 9.49% 9.99% 3.84% 4.42% - 5.47%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds 9.55% 10.21% 3.79% 2.74% - -
J.P. Morgan CEMBI Broad Diversified Index 9.94% 10.94% 4.88% 4.89% - -

Fund Expense Ratio :

Gross 1.59%

Net 1.10%

Fund Expense Ratio :

Gross 1.59%

Net 1.10%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2013
w/o sales charge 9.18% 10.02% 4.75% 4.62% - 5.59%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds 10.06% 10.10% 4.99% 2.84% - -
J.P. Morgan CEMBI Broad Diversified Index 8.83% 10.21% 5.54% 4.84% - -

Fund Expense Ratio :

Gross 1.59%

Net 1.10%

RELATED CONTENT

Emerging-Market Credit Gets a Boost
August 5, 2019

Easier financial conditions have been almost always positive for emerging-market debt, especially when interest-rate differentials are growing larger between advanced and emerging markets.

Country Assets
China
Brazil
India
Colombia
Russia
Indonesia
Mexico
UAE
Turkey
Peru
Chile
Argentina
South Africa
Israel
Saudi Arabia
Qatar
Hong Kong
South Korea
Ukraine
Nigeria
United States
Kazakhstan
Panama
Zambia
Kuwait
Vietnam
Spain
Macau
Morocco
Netherlands
Angola
Uruguay
Thailand
Luxembourg
Paraguay
Mongolia
Egypt
Oman
Ghana
Guatemala
Singapore
Georgia
Malaysia
Costa Rica
Australia
Region Assets
Latin America
Asia
Middle East/Africa
Europe
North America

Credit Quality Distribution as of 08/30/2019 View Portfolio

Rating Assets
AA
A
BBB
<BBB
Not Rated

INVESTMENT TEAM

John Morton
John J. Morton, CFA

Portfolio Manager

34 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Supported By 69 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 09/20/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.45% 3.96%

30-Day Standardized Yield 2 as of 08/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.07% 3.43%

Fund Expense Ratio :

Gross 1.59%

Net 1.10%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2013
w/o sales charge 9.49% 9.99% 3.84% 4.42% - 5.47%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds 9.55% 10.21% 3.79% 2.74% - -
J.P. Morgan CEMBI Broad Diversified Index 9.94% 10.94% 4.88% 4.89% - -

Fund Expense Ratio :

Gross 1.59%

Net 1.10%

Fund Expense Ratio :

Gross 1.59%

Net 1.10%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2013
w/o sales charge 9.18% 10.02% 4.75% 4.62% - 5.59%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds 10.06% 10.10% 4.99% 2.84% - -
J.P. Morgan CEMBI Broad Diversified Index 8.83% 10.21% 5.54% 4.84% - -

Fund Expense Ratio :

Gross 1.59%

Net 1.10%

Year Fund Returns J.P. Morgan CEMBI Broad Diversified Index
2018 -3.77% -1.65%
2017 8.57% 7.96%
2016 8.92% 9.65%
2015 1.73% 1.30%
2014 6.70% 4.96%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 5.48% 3.51% - - 10.87%
2018 -1.57% -2.97% 1.56% -0.79% -3.77%
2017 3.34% 1.75% 2.58% 0.65% 8.57%
2016 4.36% 3.59% 2.80% -2.00% 8.92%
2015 2.13% 0.95% -1.59% 0.26% 1.73%
2014 2.73% 4.75% 0.29% -1.13% 6.70%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Corporate
Investment Grade Corporate
Sovereign
Other
Cash
Rating 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 08/30/2019

Rating Assets
AA
A
BBB
<BBB
Not Rated

Portfolio Positioningas of 06/30/2019

  • We maintained the portfolio's exposure to higher beta emerging markets countries. We believe this segment is currently attractively priced and will continue to perform well.
  • The portfolio maintained an overweight positioning in Latin America. We believe the outlook remains favorable for the region, as economic reforms in key countries in Latin America are translating into stronger economic growth.
  • Specific to Argentina, current adjustments and IMF support has led us to have a long-term positive view; however, we expect increased volatility prior to upcoming elections as a change of government in the early stages of an IMF program may lead to uncertainties.
  • We maintained the portfolio’s overweight exposure to commodity producers and anticipate strong demand to continue, specifically within the metals and mining sector, given supportive growth policies coming out of China.

Portfolio Details as of 08/30/2019

Total Net Assets
$45.82 M
Number of Issues
209
Average Coupon
5.72%
Average Life
8.63 Years
Average Maturity
8.44 Years
Average Modified Duration
5.08 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/20/2019
$0.455
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2019 $0.05688 $15.19
Daily Daily 07/31/2019 $0.05655 $15.38
Daily Daily 06/30/2019 $0.05665 $15.26
Daily Daily 05/31/2019 $0.05706 $14.92
Daily Daily 04/30/2019 $0.05690 $14.97
Daily Daily 03/31/2019 $0.05727 $14.91
Daily Daily 02/28/2019 $0.05797 $14.84
Daily Daily 01/31/2019 $0.05624 $14.70

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 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
07/30/2018 07/31/2018 - $0.0292 $0.0292 $14.76

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 08/31/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
1.59% 1.10%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
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Commentary
Publish Date:11/03/2015
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Flyer
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Publish Date:11/03/2015

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Class R4 - The inception date for Class R4 shares is June 30, 2015. The performance quotations for Class R4 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R4 shares; and (b) for periods after June 30, 2015, actual Class R4 performance is used, which reflects all charges and fees applicable to Class R4 shares.

Class R4 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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