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Income Fund

Summary

Summary

What is the Income Fund?

The Fund seeks to deliver a high level of current income by investing primarily in a wide range of investment grade fixed income securities.

FOCUS ON CORPORATE CREDIT

The investment team focuses on corporate bonds, diversified with select mortgage, high yield and non-U.S. securities to provide the opportunity for attractive total return.

BUILT ON INTENSIVE RESEARCH

The strategy employs quantitative and fundamental research to drive sector rotation and security selection.

IDENTIFY INCOME

The investment process identifies fixed-income sectors and securities with attractive valuations to provide the opportunity to deliver income.

Yield

Dividend Yield 1 as of 10/17/2019  

w/o sales charge 3.79%

30-Day Standardized Yield 2 as of 09/30/2019  

2.90%

Fund Basicsas of 09/30/2019

Total Net Assets
$2.60 B
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Expense Ratio
0.82%
Number of Holdings
671

Fund Expense Ratio :

0.82%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 11.47% 10.20% 4.46% 4.04% 5.95% -
Lipper Category Avg. Corporate Debt Funds BBB-Rated 12.17% 11.66% 3.97% 4.13% 5.28% -
Bloomberg Barclays U.S. Credit Bond Index 12.61% 12.63% 4.33% 4.54% 5.32% -

Fund Expense Ratio :

0.82%

Fund Expense Ratio :

0.82%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 11.47% 10.20% 4.46% 4.04% 5.95% -
Lipper Category Avg. Corporate Debt Funds BBB-Rated 12.17% 11.66% 3.97% 4.13% 5.28% -
Bloomberg Barclays U.S. Credit Bond Index 12.61% 12.63% 4.33% 4.54% 5.32% -

Fund Expense Ratio :

0.82%

Type Assets
Investment Grade Corporate
High Yield Corporate
ABS
U.S. Government Related
Bank Loans
CMBS
Sovereign
MBS
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 09/30/2019 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Investment Team

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

21 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

25 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Supported By 64 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 10/17/2019  

w/o sales charge 3.79%

30-Day Standardized Yield 2 as of 09/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.90% 2.90%

Fund Expense Ratio :

0.82%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 11.47% 10.20% 4.46% 4.04% 5.95% -
Lipper Category Avg. Corporate Debt Funds BBB-Rated 12.17% 11.66% 3.97% 4.13% 5.28% -
Bloomberg Barclays U.S. Credit Bond Index 12.61% 12.63% 4.33% 4.54% 5.32% -

Fund Expense Ratio :

0.82%

Fund Expense Ratio :

0.82%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 11.47% 10.20% 4.46% 4.04% 5.95% -
Lipper Category Avg. Corporate Debt Funds BBB-Rated 12.17% 11.66% 3.97% 4.13% 5.28% -
Bloomberg Barclays U.S. Credit Bond Index 12.61% 12.63% 4.33% 4.54% 5.32% -

Fund Expense Ratio :

0.82%

Year Fund Returns Bloomberg Barclays U.S. Credit Bond Index
2018 -2.74% -2.11%
2017 6.88% 6.18%
2016 8.69% 5.63%
2015 -3.15% -0.77%
2014 7.17% 7.53%
2013 0.22% -2.01%
2012 12.45% 9.37%
2011 6.48% 8.35%
2010 11.19% 8.47%
2009 30.45% 16.04%
2008 -10.45% -
2007 6.70% -
2006 3.31% -
2005 2.35% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 5.19% 3.53% 2.36% - 11.27%
2018 -1.50% -0.77% 0.66% -1.14% -2.74%
2017 2.32% 1.93% 1.58% 0.88% 6.88%
2016 3.44% 3.97% 2.73% -1.62% 8.69%
2015 1.81% -1.74% -2.11% -1.10% -3.15%
2014 3.70% 3.62% -0.20% -0.07% 7.17%
2013 1.19% -3.54% 0.91% 1.75% 0.22%
2012 3.76% 1.27% 4.68% 2.23% 12.45%
2011 2.01% 2.33% -0.45% 2.46% 6.48%
2010 3.74% 1.80% 5.39% -0.09% 11.19%
2009 3.14% 12.86% 9.62% 2.23% 30.45%
2008 1.18% 0.18% -6.03% -5.98% -10.45%
2007 1.17% -0.84% 3.16% 3.09% 6.70%
2006 -0.90% -0.11% 3.55% 0.77% 3.31%
2005 -0.20% 2.90% -0.94% 0.61% 2.35%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Investment Grade Corporate
High Yield Corporate
ABS
U.S. Government Related
Bank Loans
CMBS
Sovereign
MBS
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 09/30/2019

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Portfolio Positioning as of 06/30/2019

  • Following strong performance and spread tightening in April, we reduced the portfolio’s allocation to investment grade corporate bonds, taking gains on our overweight position within the energy and the consumer discretionary sector. After the sell-off in May, we added back to investment grade corporate bonds as valuations became more attractive.
  • We increased the portfolio’s positioning within the consumer staples sector, specifically adding to issuers that have recently experienced a leverage event, such as an acquisition, and, therefore, we believe, are unlikely to do so in the near future. We anticipate the consumer staples sector will hold up in a recessionary environment given its non-cyclical orientation.
  • We increased the portfolio’s allocation to the consumer cyclicals sector. In particular, we increased the portfolio’s exposure to a stable American automotive company, as we maintain a positive view on the company’s management and believe investors’ concerns over trade-war related issues within the auto industry are overstated.
  • We reduced the portfolio’s allocation within the communication sector. A few communications issuers experienced spread compression following mergers. This allowed us to take profits and reallocate our exposure within other sectors.
  • We reduced the portfolio’s modest allocation to asset-backed securities (“ABS”) that are backed by student loans and credit card receivables. While we continue to maintain a favorable view on ABS, we were able to take profits and reallocate our ABS positioning following the volatility that occurred within risk assets during May, which resulted in tighter ABS spreads relative to corporate bonds.

Portfolio Details as of 09/30/2019

Total Net Assets
$2.60 B
Number of Issues
671
Average Coupon
4.84%
Average Life
8.49 Years
Average Maturity
8.49 Years
Average Effective Duration
6.09 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 10/17/2019
$0.083
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2019 $0.00912 $2.90
Daily Daily 08/31/2019 $0.00899 $2.92
Daily Daily 07/31/2019 $0.00914 $2.87
Daily Daily 06/30/2019 $0.00933 $2.86
Daily Daily 05/31/2019 $0.00934 $2.81
Daily Daily 04/30/2019 $0.00944 $2.80
Daily Daily 03/31/2019 $0.00938 $2.79
Daily Daily 02/28/2019 $0.00970 $2.74
Daily Daily 01/31/2019 $0.00942 $2.73

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 09/30/2019

0.82%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
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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
Flyer
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.

The Bloomberg Barclays U.S. Credit Bond Index is the U.S. Credit component of the U.S. Government/Credit index. The index includes publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. The non-corporate sectors are Sovereign, Supranational, Foreign Agency, and Foreign Local Government. All returns are market value-weighted inclusive of accrued interest.

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