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High Yield Fund

Summary

Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.
 

A HERITAGE OF HIGH YIELD

Brings a 40+ year history of high-yield investing, focused on fundamental, bottom-up credit research.

AN OPPORTUNISTIC APPROACH

Provides the flexibility to adjust to the market environment and take advantage of opportunities across the credit spectrum.

STRONG TRACK RECORD

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core high-yield holding over a full market cycle.

Yield

Dividend Yield 1 as of 03/27/2020  

w/o sales charge 6.25%

30-Day Standardized Yield 2 as of 02/29/2020  

4.22%

Fund Basicsas of 02/28/2020

Total Net Assets
$6.85 B
Inception Date
12/31/2002
Dividend Frequency
Monthly
Fund Expense Ratio
1.15%
Number of Holdings
645

Fund Expense Ratio :

1.15%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2002
w/o sales charge -1.65% 5.95% 3.87% 4.81% 7.04% 7.55%
Lipper Category Avg. High Yield Funds -1.63% 5.41% 4.07% 4.17% 6.19% -
ICE BofAML U.S. High Yield Constrained Index -1.55% 5.91% 4.76% 5.17% 7.14% 8.28%

Fund Expense Ratio :

1.15%

Fund Expense Ratio :

1.15%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2002
w/o sales charge 14.66% 14.66% 5.50% 5.79% 7.38% 7.73%
Lipper Category Avg. High Yield Funds 13.61% 13.61% 5.55% 5.09% 6.49% -
ICE BofAML U.S. High Yield Constrained Index 14.41% 14.41% 6.32% 6.14% 7.48% 8.47%

Fund Expense Ratio :

1.15%

RELATED CONTENT

U.S. High Yield: What Does History Tell Us about Elevated Spreads?
March 20, 2020

During the past few decades, U.S. high yield spreads have rarely stayed above 800 basis points for very long. What are the implications for investors?

What High Yield Valuations Are Implying About the Forward Corporate Default Rate
March 19, 2020

The current market environment is leading many credit investors to more closely examine default and recovery expectations.

Three Reasons to Consider High Yield in Today’s Market
February 7, 2020

Even after a rally in U.S. high yield in 2019, we believe the case for an investment allocation to the asset class remains alive and well.

Type Assets
High Yield Bonds
Bank Loans
Equity
Investment Grade Bonds
Convertibles
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 02/28/2020 View Portfolio

Rating Assets
A
BBB
BB
B
<B
Not Rated

Investment Team

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

19 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

29 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

12 Years of Industry Experience

Supported By 65 Investment Professionals with 17 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 03/27/2020  

w/o sales charge 6.25%

30-Day Standardized Yield 2 as of 02/29/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.22% 4.22%

Fund Expense Ratio :

1.15%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2002
w/o sales charge -1.65% 5.95% 3.87% 4.81% 7.04% 7.55%
Lipper Category Avg. High Yield Funds -1.63% 5.41% 4.07% 4.17% 6.19% -
ICE BofAML U.S. High Yield Constrained Index -1.55% 5.91% 4.76% 5.17% 7.14% 8.28%

Fund Expense Ratio :

1.15%

Fund Expense Ratio :

1.15%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2002
w/o sales charge 14.66% 14.66% 5.50% 5.79% 7.38% 7.73%
Lipper Category Avg. High Yield Funds 13.61% 13.61% 5.55% 5.09% 6.49% -
ICE BofAML U.S. High Yield Constrained Index 14.41% 14.41% 6.32% 6.14% 7.48% 8.47%

Fund Expense Ratio :

1.15%

Year Fund Returns ICE BofAML U.S. High Yield Constrained Index
2019 14.66% 14.41%
2018 -5.36% -2.27%
2017 8.20% 7.48%
2016 15.59% 17.49%
2015 -2.38% -4.61%
2014 3.12% 2.51%
2013 9.52% 7.41%
2012 16.26% 15.55%
2011 2.84% 4.37%
2010 13.98% 15.07%
2009 50.31% -
2008 -23.52% -
2007 2.29% -
2006 9.81% -
2005 1.09% -
2004 10.38% -
2003 20.78% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - -17.68%
2019 7.35% 3.82% 0.23% 2.64% 14.66%
2018 -1.09% -0.21% 2.47% -6.42% -5.36%
2017 2.75% 1.91% 2.37% 0.94% 8.20%
2016 1.94% 5.26% 5.48% 2.12% 15.59%
2015 3.10% 0.68% -4.22% -1.82% -2.38%
2014 2.84% 3.30% -1.97% -0.98% 3.12%
2013 4.01% -1.06% 2.44% 3.90% 9.52%
2012 6.65% 0.32% 4.96% 3.53% 16.26%
2011 3.73% 1.02% -7.09% 5.62% 2.84%
2010 4.84% -0.94% 6.22% 3.33% 13.98%
2009 6.03% 17.20% 14.11% 6.01% 50.31%
2008 -3.29% 1.95% -8.00% -15.69% -23.52%
2007 2.92% 0.12% 0.59% -1.31% 2.29%
2006 2.50% -0.05% 2.89% 4.18% 9.81%
2005 -1.78% 1.50% 0.81% 0.60% 1.09%
2004 1.03% -0.32% 4.36% 5.03% 10.38%
2003 3.27% 8.28% 2.51% 5.36% 20.78%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Bonds
Bank Loans
Equity
Investment Grade Bonds
Convertibles
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 02/28/2020

Rating Assets
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 12/31/2019

  • From a sector standpoint, we have increased the cyclical tilt in the portfolio, adding to sectors exposed to consumer spending (leisure, consumer goods) as well as the automotive and energy sectors.
  • The portfolio is overweight the energy sector, with a focus on shorter maturity bonds in the exploration & production (E&P) segment based on our view on positive fundamentals of select credits within the sector.
  • The telecom sector remains the portfolio’s largest underweight, as we believe that, in addition to secular issues faced by the wireline segment, idiosyncratic issues continue to plague major wireline companies.
  • In terms of credit ratings, we view the ‘BB’ tier as the most overpriced category in high yield, and are constructive on the lower-rated segment, notably ‘CCC’-rated credits, which we believe are trading at attractive valuations.
  • As of quarter-end, the portfolio had modest allocations to out-of-index sectors, such as bank loans, convertibles, investment grade bonds, and equities. We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity.
  • We continue to believe that general economic fundamentals and stronger than expected earnings growth will favor the lower-rated segments of the high yield market. We expect default rates to remain subdued and believe that high yield spreads can grind tighter from current levels.

Portfolio Details as of 02/28/2020

Total Net Assets
$6.85 B
Number of Issues
645
Average Coupon
6.23%
Average Maturity
6.77 Years
Average Effective Duration
4.59 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 03/27/2020
$0.065
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 02/29/2020 $0.03213 $7.41
Daily Daily 01/31/2020 $0.03310 $7.57

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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
12/18/2014 12/19/2014 $0.0899 $0.0792 $0.1691 $7.54

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/17/2020 12/18/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 02/29/2020

1.15%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
n/a
Statutory Prospectus
Publish Date:11/03/2015
n/a
Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Publish Date:11/03/2015
Publish Date:11/03/2015
n/a
Publish Date:11/03/2015

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Class P - Performance is shown at net asset value (NAV). Class P shares are not subject to front-end or back-end sales charges.

Class P shares are only available on a limited basis through certain financial intermediaries and retirement and benefit plans. For additional information, see the Fund’s current prospectus.

The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

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