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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 01/23/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.08% 3.59%

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

  Subsidized5 Un-Subsidized6
w/o sales charge 3.36% 2.84%

Fund Basicsas of 12/31/2019

Total Net Assets
$62.68 M
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.59%
Fund Net Expense Ratio
1.10%
Number of Holdings
232

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 13.52% 13.52% 5.85% 5.61% - 5.80%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds 13.21% 13.21% 5.81% 4.84% - -
J.P. Morgan CEMBI Broad Diversified Index 13.09% 13.09% 6.29% 5.93% - -

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 13.52% 13.52% 5.85% 5.61% - 5.80%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds 13.21% 13.21% 5.81% 4.84% - -
J.P. Morgan CEMBI Broad Diversified Index 13.09% 13.09% 6.29% 5.93% - -

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

Credit Quality Distribution as of 12/31/2019 View Portfolio

Rating Assets
AA
A
BBB
<BBB
Not Rated

INVESTMENT TEAM

John J. 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

Mila Skulkina
Mila Skulkina

Portfolio Manager

18 Years of Industry Experience

Supported By 65 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 01/23/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.08% 3.59%

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

  Subsidized5 Un-Subsidized6
w/o sales charge 3.36% 2.84%

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 13.52% 13.52% 5.85% 5.61% - 5.80%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds 13.21% 13.21% 5.81% 4.84% - -
J.P. Morgan CEMBI Broad Diversified Index 13.09% 13.09% 6.29% 5.93% - -

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 13.52% 13.52% 5.85% 5.61% - 5.80%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds 13.21% 13.21% 5.81% 4.84% - -
J.P. Morgan CEMBI Broad Diversified Index 13.09% 13.09% 6.29% 5.93% - -

Fund Expense Ratio :

Gross 1.59%

Net 1.10%

Year Fund Returns J.P. Morgan CEMBI Broad Diversified Index
2019 13.52% 13.09%
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
2020 - - - - 1.08%
2019 5.48% 3.51% 1.45% 2.49% 13.52%
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 12/31/2019

Rating Assets
AA
A
BBB
<BBB
Not Rated

Portfolio Positioningas of 12/31/2019

  • 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.
  • 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.
  • The portfolio is underweight the financials sector, more specifically, within the Middle East and Asian regions, due to the sector's rich valuations.

Portfolio Details as of 12/31/2019

Total Net Assets
$62.68 M
Number of Issues
232
Average Coupon
5.48%
Average Life
8.54 Years
Average Maturity
8.41 Years
Average Modified Duration
5.15 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 01/23/2020
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2019 $0.05323 $15.53
Daily Daily 11/30/2019 $0.05327 $15.34
Daily Daily 10/31/2019 $0.05315 $15.36
Daily Daily 09/30/2019 $0.05631 $15.31
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 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
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
07/30/2020 07/31/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 12/31/2019

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
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Publish Date:11/03/2015
Fact Sheet
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Commentary
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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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