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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 05/29/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.37% 3.80%
w/ sales charge 4.27% 3.71%

30-Day Standardized Yield 2 as of 04/30/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 5.25% 4.74%

Expense Ratioas of 04/30/2020

Fund Basicsas of 04/30/2020

Total Net Assets
$54.30 M
Inception Date
12/31/2013
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
217
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 1.62%

Net 1.05%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2013
w/o sales charge -9.06% -2.86% 1.12% 2.89% - 3.97%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds -12.49% -6.71% -0.71% 1.47% - -
J.P. Morgan CEMBI Broad Diversified Index -6.49% -0.21% 2.54% 3.68% - 4.35%
w/ sales charge -11.12% -5.02% 0.35% 2.42% - 3.60%

Fund Expense Ratio :

Gross 1.62%

Net 1.05%

Fund Expense Ratio :

Gross 1.62%

Net 1.05%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2013
w/o sales charge -12.98% -6.26% 0.02% 2.34% - 3.29%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds -15.04% -9.16% -1.25% 1.32% - -
J.P. Morgan CEMBI Broad Diversified Index -10.17% -3.39% 1.56% 3.20% - 3.74%
w/ sales charge -14.95% -8.35% -0.73% 1.87% - 2.92%

Fund Expense Ratio :

Gross 1.62%

Net 1.05%

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

Credit Quality Distribution as of 04/30/2020 View Portfolio

Rating Assets
AA
A
BBB
<BBB
Not Rated

INVESTMENT TEAM

John J. Morton
John J. Morton, CFA

Portfolio Manager

35 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

19 Years of Industry Experience

Mila Skulkina
Mila Skulkina

Portfolio Manager

19 Years of Industry Experience

Supported By 62 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 05/29/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.37% 3.80%
w/ sales charge 4.27% 3.71%

30-Day Standardized Yield 2 as of 04/30/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 5.25% 4.74%

Fund Expense Ratio :

Gross 1.62%

Net 1.05%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2013
w/o sales charge -9.06% -2.86% 1.12% 2.89% - 3.97%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds -12.49% -6.71% -0.71% 1.47% - -
J.P. Morgan CEMBI Broad Diversified Index -6.49% -0.21% 2.54% 3.68% - 4.35%
w/ sales charge -11.12% -5.02% 0.35% 2.42% - 3.60%

Fund Expense Ratio :

Gross 1.62%

Net 1.05%

Fund Expense Ratio :

Gross 1.62%

Net 1.05%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2013
w/o sales charge -12.98% -6.26% 0.02% 2.34% - 3.29%
Lipper Category Avg. Emerging Mrkts Hard Currency Debt Funds -15.04% -9.16% -1.25% 1.32% - -
J.P. Morgan CEMBI Broad Diversified Index -10.17% -3.39% 1.56% 3.20% - 3.74%
w/ sales charge -14.95% -8.35% -0.73% 1.87% - 2.92%

Fund Expense Ratio :

Gross 1.62%

Net 1.05%

Year Fund Returns J.P. Morgan CEMBI Broad Diversified Index
2019 13.56% 13.09%
2018 -3.65% -1.65%
2017 8.54% 7.96%
2016 9.03% 9.65%
2015 1.77% 1.30%
2014 6.76% 4.96%
2013 0.01% -0.60%
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -12.98% - - - -5.15%
2019 5.41% 3.59% 1.39% 2.57% 13.56%
2018 -1.49% -3.03% 1.58% -0.71% -3.65%
2017 3.28% 1.76% 2.59% 0.67% 8.54%
2016 4.37% 3.59% 2.81% -1.93% 9.03%
2015 2.14% 0.96% -1.58% 0.27% 1.77%
2014 2.75% 4.76% 0.30% -1.12% 6.76%
2013 - - - - 0.01%

Growth of $10,000 as of 03/31/2020

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
High Yield 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 04/30/2020

Rating Assets
AA
A
BBB
<BBB
Not Rated

Portfolio Positioningas of 03/31/2020

  • 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 believe the coronavirus outbreak’s implication to emerging markets countries in Asia depends on their respective exposures to natural resources exports, tourism, and the local COVID-19 situations.
  • Within China, government support is focused on alleviating financial pressure on companies via targeted tax cuts and preferential lending. Additionally, the government is seeking to incentivize personal consumption by increasing subsidies and relaxing certain purchase restrictions.
  • We believe China’s increased investments in the technology and infrastructure sectors will benefit raw materials and intermediate goods suppliers in EM Asia.
  • Argentina and Brazil continue to face fiscal issues. Bondholders of Argentine debt rejected a proposed restructuring deal which pointed to recovery values of 30-32 cents. Political uncertainty in Brazil continues to play a key role in the country’s outlook.

Portfolio Details as of 04/30/2020

Total Net Assets
$54.30 M
Number of Issues
217
Average Coupon
5.29%
Average Life
9.02 Years
Average Maturity
8.89 Years
Average Modified Duration
5.9 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/29/2020
$0.209
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2020 $0.04926 $14.48
Daily Daily 04/30/2020 $0.05269 $13.93
Daily Daily 03/31/2020 $0.05394 $13.38
Daily Daily 02/29/2020 $0.05108 $15.49
Daily Daily 01/31/2020 $0.05214 $15.65

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 05/31/2020
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 $14.77

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

Sales Charge Schedule as of 05/29/2020

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $14.81
$100,000 to $249,999 1.75% 1.50% $14.74
$250,000 to $499,999 1.25% 1.00% $14.66
$500,000 to $999,999 0.00% 1.00% $14.48
$1,000,000 to $5,000,000 0.00% 1.00% $14.48

Expense Ratioas of 04/30/2020

Fund Documents

Fund Documents

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Publish Date:11/03/2015
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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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