Global Investment Grade Credit Fund

-$0.01 / -0.11%
Fund assets
30-Day SEC yield*
Year-to-date return
Data as of 7/22/2024
*As of 7/21/2024
Fund overview
Focus on competitive yield and security selection
The Global Investment Grade Credit Fund seeks total return consisting of income and capital appreciation.

An actively managed approach invests across the global multi-currency credit universe, blending bottom-up fundamental analysis with a thorough relative value framework across regions, industries and currencies.
Key differentiators

  • Exploits inefficiencies and unlocks relative value opportunities
  • Pursues alpha through bottom-up idiosyncratic risk for credit-focused strategies
  • Has absolute return orientation and flexibility to focus on less efficient sectors within the market
  • Is functionally organized to extract value from the market

General facts

Effective duration


Effective maturity


Distribution yield


Benchmark name

Bloomberg Global Aggregate Credit Index (USD Hedged)

Morningstar category

Corporate Bond

Lipper category

Global Income Funds





Fund number


Gross expense ratio


Net expense ratio


Fund inception date


Quick resources

Morningstar Rating™

Out of 179 funds, Corporate Bond As of 6/30/2024

An investment’s Overall Morningstar Rating™, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings.


Average annual returns

Average annual returns

(as of 6/30/2024)
Bloomberg Global Aggregate Credit Index (USD Hedged)
Lipper Global Income Funds
Expenses (as of 2/1/2024)
Gross Expense Ratio
1.12 %
Net Expense Ratio
0.45 %

One-month, three-month and year-to-date returns are not annualized.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return, principal value, and yields of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. 

Net asset value (NAV) is the value of one share of the fund excluding any sales charges.

R6 Class shares are sold without a front-end sales charge or contingent deferred sales charge.

The manager has contractually committed, through 1/31/2025, to waive fees and/or reimburse expenses to the extent necessary to cap the fund's total annual fund operating expenses after fee waivers at 0.45%. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the fund's returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

Calendar year

Calendar year

(as of 12/31/2023)
Growth of $10,000

Growth of a $10,000 investment

(as of 6/30/2024)

This chart shows the value of a hypothetical $10,000 investment in the fund over the specified time period up to 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.

Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower.

Performance and volatility metrics

Performance and volatility metrics

(as of 6/30/2024)
3 Year 5 Year
Alpha 0.16 0.24
Beta 1.09 1.12
Excess Return -0.07 0.27
Information Ratio -0.06 0.21
Sharpe Ratio -0.67 -0.17
R2 0.99 0.98
Tracking Error 1.22 1.28
Standard Deviation 8.12 7.90
Upside Market Capture Ratio 109.37 113.92
Downside Market Capture Ratio 105.97 106.64
Morningstar ratings and rankings

Morningstar ratings and rankings

(as of 6/30/2024)
Corporate Bond (Out of 179 funds)
Three Year
30th percentile (35 out of 179)
Five Year
41st percentile (58 out of 161)

The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) ratings.

Morningstar rankings represent a fund's total return rank relative to all funds that have the same category. The percentile ranking is based on the fund's total return percentile rank relative to all funds that have the same category for the same time period. The highest (most favorable) percentile rank is 1% and the lowest (least favorable) percentile rank is 100%. Morningstar rankings do not include the effect of sales charges. The absolute ranking is based on the fund’s total return rank relative to all funds that have the same category for the same time period. Past performance is no guarantee of future results.

Prices, yields and distributions

Historical prices

YTD high $8.86 7/17/2024
YTD low $8.57 4/25/2024
52-week high $8.86 7/17/2024
52-week low $8.18 10/25/2023
2023 high $8.83 12/27/2023
2023 low $8.18 10/25/2023
Best quarterly return 8.83% 6/30/2020
Worst quarterly return -7.96% 6/30/2022
Best annual return 9.76% 12/31/2023
Worst annual return 0.00% 12/31/2019

Distribution summary

Dividends Monthly
Capital gains Annually


Yield (as of 7/22/2024) Statistic
Distribution yield 3.11%
30-day SEC yield (as of 7/21/2024) 4.49%
30-day unsubsidized SEC yield (as of 7/21/2024) 4.04%
Yield to maturity 5.19%
Yield to worst 5.14%

Distribution history

Distribution history Type Per share amount Re investment price
2024-06-24 Dividend $0.02258 $8.77
2024-05-24 Dividend $0.02611 $8.69
2024-04-24 Dividend $0.02477 $8.60
2024-03-25 Dividend $0.02608 $8.75
2024-02-23 Dividend $0.01993 $8.72
2024-01-25 Dividend $0.01677 $8.74
2023-12-20 Dividend $0.03464 $8.79
2023-11-22 Dividend $0.07343 $8.44
2023-10-25 Dividend $0.06231 $8.18
2023-09-25 Dividend $0.02434 $8.38
2023-08-25 Dividend $0.02328 $8.46
2023-07-25 Dividend $0.02182 $8.56
2023-06-26 Dividend $0.02255 $8.55
2023-05-24 Dividend $0.02186 $8.46
2023-04-24 Dividend $0.02135 $8.59
2023-03-27 Dividend $0.02667 $8.54
2023-02-22 Dividend $0.01785 $8.50
2023-01-25 Dividend $0.01473 $8.70
2022-12-21 Dividend $0.04806 $8.45
2022-11-23 Dividend $0.02668 $8.49
2022-10-25 Dividend $0.01423 $8.10
2022-09-26 Dividend $0.02378 $8.27
2022-08-25 Dividend $0.02198 $8.76
2022-07-25 Dividend $0.00766 $8.87
2022-06-24 Dividend $0.02243 $8.65
2022-05-24 Dividend $0.01878 $8.94
2022-04-25 Dividend $0.01871 $9.06
2022-03-25 Dividend $0.02085 $9.33
2022-02-22 Dividend $0.01788 $9.62
2022-01-25 Dividend $0.00849 $9.95
2021-12-23 Dividend $0.03104 $10.16
2021-12-09 Long-term capital gain $0.35884 $10.22
2021-12-09 Short-term capital gain $0.03813 $10.22
2021-11-23 Dividend $0.01718 $10.53
2021-10-25 Dividend $0.02441 $10.58
2021-09-24 Dividend $0.01893 $10.72
2021-08-25 Dividend $0.01511 $10.75
2021-07-26 Dividend $0.03143 $10.79
2021-06-24 Dividend $0.01522 $10.69
2021-05-24 Dividend $0.01824 $10.60
2021-04-26 Dividend $0.02355 $10.61
2021-03-25 Dividend $0.01922 $10.54
2021-02-22 Dividend $0.01877 $10.68
2021-01-25 Dividend $0.00956 $10.85
2020-12-21 Dividend $0.04389 $10.85
2020-12-09 Long-term capital gain $0.10605 $10.86
2020-12-09 Short-term capital gain $0.14604 $10.86
2020-11-23 Dividend $0.03618 $11.07
2020-10-26 Dividend $0.05754 $10.92
2020-09-24 Dividend $0.02113 $10.92
2020-08-25 Dividend $0.01886 $10.95
2020-07-27 Dividend $0.02733 $10.99
2020-06-24 Dividend $0.01874 $10.80
2020-05-22 Dividend $0.03089 $10.47
2020-04-24 Dividend $0.02091 $10.39
2020-03-25 Dividend $0.02303 $9.64
2020-02-24 Dividend $0.00456 $10.84
2019-12-23 Dividend $0.06015 $10.52
2019-12-10 Short-term capital gain $0.13412 $10.56
2019-11-22 Dividend $0.06723 $10.66
2019-10-25 Dividend $0.04539 $10.68
2019-09-24 Dividend $0.03346 $10.77
2019-07-25 Dividend $0.01501 $10.57
2019-06-24 Dividend $0.06387 $10.51
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The 30-day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. The 30-day unsubsidized SEC yield does not reflect waivers in effect. A fund’s actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than the SEC yield.


Portfolio statistics

Portfolio statistics

(as of 6/30/2024)
Fund Benchmark
Number of Holdings 201 19538
Effective Duration 5.96 5.99
Weighted Average Effective Maturity 8.94 8.72
AMT 0.00 0.00
Average Credit Rating A- A
Average Maturity 9.90 9.48
Credit Spread Duration 6.12 6.06

Fixed Income Style Box

(as of 6/30/2024) Overview chart
Credit quality

Credit quality

(as of 6/30/2024)
2.15% 11.66%
7.65% 11.43%
34.25% 36.71%
53.32% 40.20%
0.78% -
Cash & equivalents
1.86% -

The ratings indicated are from Standard & Poor's, Fitch Ratings Ltd., and/or Moody's Investors Service. The percentages of the fund's portfolio with the ratings depicted in the chart are calculated based on total investments of the fund. If a security was rated by all three rating agencies, the middle rating was used. If rated by two of three rating agencies, the lower rating was used, and if rated by one of the agencies, that rating was used. Credit quality is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.



(as of 6/30/2024)
Maturity Range
0 - 1 year
1 - 3 years
3 - 5 years
5 - 10 years
10 - 20 years
20+ years

Maturity distribution is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.


Top 10 holdings

(as of 6/30/2024)
Morgan Stanley
Citigroup Inc.
U.S. Treasuries
Motorola Solutions, Inc.
Verizon Communications Inc.
Credit Suisse (New York Securities Branch)
Avolon Holdings Funding Ltd.
Oracle Corporation
Aviation Capital Group LLC
British Air 19 1 AA
Top 10 represents 13.35% of total net assets
Geographic allocation

Geographic allocaton

(as of 6/30/2024)
United States
55.92% 44.53%
United Kingdom
11.09% 5.41%
3.98% 4.48%
3.80% 5.29%
3.76% 1.25%
2.12% 1.74%
2.04% 1.53%
1.77% 1.65%
1.35% 5.14%
0.76% 10.12%

Geographic allocation is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Portfolio composition

Portfolio composition

(as of 6/30/2024)
Credit Assets
U.S. treasuries
2.63% -
Corporate bonds
95.59% 82.41%
Foreign government bonds
1.01% -
0.77% 6.31%

Portfolio composition and maturity distribution are subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding


Literature Details Frequency
Fact Sheet Institutional, R6, A, C Quarterly Download
Regulatory Document Details Date
Annual Report Institutional, R6, A, C 9/30/2023 Download
Full Prospectus R6 2/1/2024 Download
Quarterly Holdings Institutional, R6, A, C 6/30/2023 Download
Quarterly Holdings Institutional, R6, A, C 12/31/2023 Download
Semi-annual Report Institutional, R6, A, C 3/31/2024 Download
Statement of Additional Information Institutional, R6, A, C 2/1/2024 Download
Summary Prospectus R6 2/1/2024 Download
Our team
Meet the investment team

The team’s global bond strategies target outperformance through interest rate and currency positioning. The credit-focused strategies target outperformance via security selection.

Contact Us

We look forward to helping you with your investment needs


Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the fund and its share price can be sudden and unpredictable. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The fund is exposed to municipal securities risk, high-yield securities risk, and mortgage- and asset-backed securities risk. Consult the fund's prospectus for additional information on these and other risks.

The Morningstar Rating™ for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

Some of Morningstar’s proprietary calculations, including the Morningstar Rating™, are not customarily calculated based on adjusted historical returns. However, for new share classes/channels, Morningstar may calculate an extended-performance Morningstar Rating. The extended performance is calculated by adjusting the historical total returns of the oldest share class of a fund to reflect the fee structure of the younger share class/channel, attaching this data to the younger share class’s performance record, and then compounding the adjusted plus actual monthly returns into the extended-performance Morningstar risk-adjusted return for the 3-, 5-, and 10-year time periods. The Morningstar risk-adjusted returns are used to determine the extended-performance Morningstar Rating. The extended-performance Morningstar Rating for this fund does not affect the retail fund data published by Morningstar, as the bell curve distribution on which the ratings are based includes only funds with actual returns. The Overall Morningstar Rating for multi-share funds is based on actual performance only or extended performance only. Once the share class turns three years old, the Overall Morningstar Rating will be based on actual ratings only. The Overall Morningstar Rating for multi-share variable annuities is based on a weighted average of any ratings that are available.

While the inclusion of pre-inception data in the form of extended performance can provide valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can provide only an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string likely will vary from the underlying investments held in the fund after inception. Calculation methodologies used by Morningstar may differ from those applied by other entities, including the fund itself.

The manager has contractually committed to certain fee waivers and/or expense reimbursements. Without these reductions, the fund’s returns would have been lower and rankings may have been lower. These reductions may be discontinued.

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Performance for the fund or the class shown may reflect a predecessor fund's or class' performance and may be adjusted to reflect the fund's or class' expenses as applicable.