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Bond Debenture Fund

Summary

Summary

What is the Bond Debenture Fund?

The Fund seeks to deliver high current income and long-term growth of capital by investing primarily in a variety of fixed income securities and select equity-related securities.

A PIONEER IN MULTI-SECTOR

Over four decades of multi-sector bond investing, emphasizing rigorous credit research.

A FLEXIBLE APPROACH

The flexibility to adjust allocations to take advantage of opportunities as market conditions change.

TIME-TESTED RESULTS

A long track record illustrates performance in many market environments.

Yield

Dividend Yield 1 as of 02/20/2020  

w/o sales charge 3.76%
w/ sales charge 3.67%

30-Day Standardized Yield 2 as of 01/31/2020  

2.89%

Expense Ratioas of 01/31/2020

Fund Basicsas of 01/31/2020

Total Net Assets
$17.04 B
Inception Date
04/01/1971
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
816
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 1.06% 10.43% 5.85% 5.64% 7.09% 8.40%
Lipper Category Avg. Multi-Sector Income Funds 1.07% 8.37% 4.75% 3.95% 5.14% -
Bloomberg Barclays U.S. Aggregate Bond Index 1.92% 9.64% 4.62% 3.01% 3.79% -
w/ sales charge -1.25% 7.92% 5.07% 5.17% 6.84% 8.35%

Fund Expense Ratio :

0.79%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 13.37% 13.37% 6.01% 5.63% 7.00% 8.39%
Lipper Category Avg. Multi-Sector Income Funds 9.76% 9.76% 4.68% 3.91% 5.18% -
Bloomberg Barclays U.S. Aggregate Bond Index 8.72% 8.72% 4.03% 3.05% 3.75% -
w/ sales charge 10.85% 10.85% 5.22% 5.16% 6.76% 8.34%

Fund Expense Ratio :

0.79%

RELATED CONTENT

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.

The Case for Adding Credit to a Core Bond Portfolio
January 21, 2020

In our view, 2020 remains a year when taking some exposure to risk assets, including credit-sensitive bonds, could potentially be rewarding for fixed-income investors.

Why Credit? Why Now?
November 18, 2019

Our experts review the case for allocating to credit-sensitive assets such as U.S. high yield and short-duration credit in today’s market.

Type Assets
U.S. Investment Grade Corporate
U.S. High Yield Corporate
Non-U.S. Investment Grade Corporate
Bank Loans
Non-U.S. High Yield Corporate
U.S. Government Related
Sovereign
Equity
Municipals
CMBS
ABS
Convertibles
MBS
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 01/31/2020 View Portfolio

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

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

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

Robert S. Clark
Robert S. Clark, CFA

Portfolio Manager

22 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

11 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

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

Contact a Representative

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Performance

Performance

Dividend Yield 1 as of 02/20/2020  

w/o sales charge 3.76%
w/ sales charge 3.67%

30-Day Standardized Yield 2 as of 01/31/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.89% 2.89%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 1.06% 10.43% 5.85% 5.64% 7.09% 8.40%
Lipper Category Avg. Multi-Sector Income Funds 1.07% 8.37% 4.75% 3.95% 5.14% -
Bloomberg Barclays U.S. Aggregate Bond Index 1.92% 9.64% 4.62% 3.01% 3.79% -
w/ sales charge -1.25% 7.92% 5.07% 5.17% 6.84% 8.35%

Fund Expense Ratio :

0.79%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 13.37% 13.37% 6.01% 5.63% 7.00% 8.39%
Lipper Category Avg. Multi-Sector Income Funds 9.76% 9.76% 4.68% 3.91% 5.18% -
Bloomberg Barclays U.S. Aggregate Bond Index 8.72% 8.72% 4.03% 3.05% 3.75% -
w/ sales charge 10.85% 10.85% 5.22% 5.16% 6.76% 8.34%

Fund Expense Ratio :

0.79%

Year Fund Returns Bloomberg Barclays U.S. Aggregate Bond Index
2019 13.37% 8.72%
2018 -3.79% 0.01%
2017 9.21% 3.54%
2016 12.35% 2.65%
2015 -1.74% 0.55%
2014 4.51% 5.97%
2013 7.78% -2.02%
2012 13.22% 4.22%
2011 3.88% 7.84%
2010 12.94% 6.54%
2009 35.37% -
2008 -20.26% -
2007 5.34% -
2006 9.87% -
2005 1.56% -
2004 8.56% -
2003 20.28% -
2002 -1.08% -
2001 4.86% -
2000 -0.86% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - 2.51%
2019 6.82% 3.60% 0.62% 1.82% 13.37%
2018 -1.01% -0.15% 2.37% -4.91% -3.79%
2017 2.66% 2.09% 2.54% 1.62% 9.21%
2016 1.64% 4.31% 4.75% 1.16% 12.35%
2015 3.40% -0.43% -3.62% -0.98% -1.74%
2014 2.83% 2.53% -1.54% 0.67% 4.51%
2013 3.11% -1.48% 2.69% 3.32% 7.78%
2012 5.66% 0.25% 4.45% 2.34% 13.22%
2011 4.21% 0.86% -6.56% 5.77% 3.88%
2010 3.69% -1.20% 6.61% 3.40% 12.94%
2009 2.40% 12.76% 11.53% 5.13% 35.37%
2008 -2.79% 1.42% -7.80% -12.29% -20.26%
2007 2.64% 1.10% 2.03% -0.51% 5.34%
2006 2.71% -0.52% 3.54% 3.85% 9.87%
2005 -1.86% 1.54% 1.52% 0.40% 1.56%
2004 1.74% -0.61% 2.95% 4.29% 8.56%
2003 3.34% 7.96% 1.97% 5.73% 20.28%
2002 0.11% -4.06% -1.93% 5.03% -1.08%
2001 3.61% -0.33% -3.48% 5.22% 4.86%
2000 -0.25% 0.91% 1.35% -2.81% -0.86%
1999 1.69% -0.14% -1.35% 3.72% 3.90%
1998 4.40% 0.61% -4.95% 4.94% 4.76%
1997 0.95% 5.61% 4.15% 1.49% 12.69%
1996 2.49% 1.09% 3.92% 3.25% 11.16%
1995 4.30% 5.69% 3.08% 3.41% 17.50%
1994 -0.87% -1.68% 0.53% -1.90% -3.87%
1993 6.02% 3.45% 2.17% 3.49% 15.97%
1992 5.52% 3.30% 4.58% 1.76% 16.00%
1991 13.83% 6.14% 8.09% 5.94% 38.34%
1990 -1.14% 3.24% -8.24% -1.31% -7.57%
1989 3.16% 3.50% 0.42% -2.01% 5.06%
1988 6.72% 3.47% 1.36% 1.67% 13.80%
1987 7.62% -0.63% 0.06% -4.80% 1.88%
1986 7.90% 2.31% -2.60% 2.87% 10.61%
1985 6.20% 6.60% 1.93% 4.87% 21.01%
1984 0.96% -4.81% 7.16% 1.92% 4.96%
1983 10.78% 5.47% -0.62% 0.68% 16.90%
1982 0.04% 2.77% 10.54% 12.22% 27.54%
1981 3.78% 2.33% -8.09% 7.88% 5.30%
1980 -9.93% 19.56% -1.46% 2.61% 8.88%
1979 6.46% 3.42% 1.25% -4.02% 7.00%
1978 2.24% 0.92% 5.75% -5.81% 2.77%
1977 -0.02% 5.96% -1.31% 2.35% 7.00%
1976 14.52% 2.74% 4.99% 5.99% 30.93%
1975 16.50% 8.54% -2.33% 4.95% 29.62%
1974 6.42% -7.46% -6.91% 3.54% -5.08%
1973 -0.69% -6.28% 5.63% -8.30% -9.84%
1972 5.02% -0.45% -0.44% 2.08% 6.26%
1971 - - 4.77% 6.03% 7.65%

Growth of $10,000 as of 12/31/2019

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
U.S. Investment Grade Corporate
U.S. High Yield Corporate
Non-U.S. Investment Grade Corporate
Bank Loans
Non-U.S. High Yield Corporate
U.S. Government Related
Sovereign
Equity
Municipals
CMBS
ABS
Convertibles
MBS
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 01/31/2020

Rating Assets
U.S. Treasury
AAA
AA
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.
  • We have added to the portfolio’s bank loan allocation, as we are constructive on the asset class given attractive valuations and relatively elevated spread levels.
  • In terms of ratings, we have been reducing the portfolio’s holdings of ‘BB’ rated debt, as we view ‘BB’s as the most overpriced category in high yield, and rotating into the lower-rated segment of the high yield market, as we see attractive relative valuations.
  • We believe the portfolio’s allocations to high yield bonds, bank loans and equity-related securities should offer diversification benefits and mitigate its sensitivity to changes in interest rates.
  • We remain constructive on risk assets despite continuing bouts of volatility. We believe that general economic fundamentals will favor the lower-rated segments of the leveraged credit market.

Portfolio Details as of 01/31/2020

Total Net Assets
$17.04 B
Number of Issues
816
Average Coupon
4.92%
Average Life
8.81 Years
Average Maturity
10.03 Years
Average Effective Duration
4.35 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/20/2020
$0.025
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 01/31/2020 $0.02596 $8.19

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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
12/17/2018 12/18/2018 $0.0841 - $0.0841 $7.54
07/30/2018 07/31/2018 - $0.0398 $0.0398 $7.98

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
07/30/2020 07/31/2020

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 02/20/2020

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $8.48
$100,000 to $249,999 1.75% 1.50% $8.44
$250,000 to $499,999 1.25% 1.00% $8.39
$500,000 to $999,999 0.00% 1.00% $8.29
$1,000,000 to $5,000,000 0.00% 1.00% $8.29

Expense Ratioas of 01/31/2020

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
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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.

The Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. 

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