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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 07/06/2020  

w/o sales charge 4.41%

30-Day Standardized Yield 2 as of 05/31/2020  

3.91%

Fund Basicsas of 05/29/2020

Total Net Assets
$16.42 B
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Expense Ratio
0.52%
Number of Holdings
869

Fund Expense Ratio :

0.52%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -2.90% -0.38% 3.58% 4.66% 6.77% -
Lipper Category Avg. Multi-Sector Income Funds - - - - - -
Bloomberg Barclays U.S. Aggregate Bond Index 6.14% 8.74% 5.32% 4.30% 3.82% -

Fund Expense Ratio :

0.52%

Fund Expense Ratio :

0.52%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -2.90% -0.38% 3.58% 4.66% 6.77% -
Lipper Category Avg. Multi-Sector Income Funds - - - - - -
Bloomberg Barclays U.S. Aggregate Bond Index 6.14% 8.74% 5.32% 4.30% 3.82% -

Fund Expense Ratio :

0.52%

RELATED CONTENT

Our Fixed Income Experts Assess Opportunities in Multi-Sector Bonds
May 8, 2020

A review of factors influencing the market in the wake of recent volatility—and the sectors that may potentially benefit from a gradual reopening of the U.S. economy

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.

Type Assets
U.S. Investment Grade Corporate
U.S. High Yield Corporate
Non-U.S. Investment Grade Corporate
Equity
Non-U.S. High Yield Corporate
Bank Loans
Municipals
CMBS
ABS
Sovereign
MBS
Convertibles
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 05/29/2020 View Portfolio

Rating Assets
AAA
AA
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

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

Partner & Portfolio Manager

22 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

26 Years of Industry Experience

Robert S. Clark
Robert S. Clark, CFA

Portfolio Manager

23 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

12 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

29 Years of Industry Experience

Supported By 59 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 07/06/2020  

w/o sales charge 4.41%

30-Day Standardized Yield 2 as of 05/31/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.91% 3.91%

Fund Expense Ratio :

0.52%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -2.90% -0.38% 3.58% 4.66% 6.77% -
Lipper Category Avg. Multi-Sector Income Funds - - - - - -
Bloomberg Barclays U.S. Aggregate Bond Index 6.14% 8.74% 5.32% 4.30% 3.82% -

Fund Expense Ratio :

0.52%

Fund Expense Ratio :

0.52%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -2.90% -0.38% 3.58% 4.66% 6.77% -
Lipper Category Avg. Multi-Sector Income Funds - - - - - -
Bloomberg Barclays U.S. Aggregate Bond Index 6.14% 8.74% 5.32% 4.30% 3.82% -

Fund Expense Ratio :

0.52%

Year Fund Returns Bloomberg Barclays U.S. Aggregate Bond Index
2019 13.73% 8.72%
2018 -3.56% 0.01%
2017 9.54% 3.54%
2016 12.56% 2.65%
2015 -1.40% 0.55%
2014 4.85% 5.97%
2013 8.26% -2.02%
2012 13.59% 4.22%
2011 4.45% 7.84%
2010 13.50% 6.54%
2009 35.99% -
2008 -20.07% -
2007 5.81% -
2006 10.39% -
2005 2.02% -
2004 9.06% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -11.78% 10.07% - - -1.69%
2019 6.92% 3.68% 0.68% 1.89% 13.73%
2018 -0.96% 0.04% 2.32% -4.87% -3.56%
2017 2.87% 2.04% 2.62% 1.70% 9.54%
2016 1.58% 4.54% 4.71% 1.24% 12.56%
2015 3.48% -0.37% -3.60% -0.79% -1.40%
2014 2.95% 2.62% -1.48% 0.73% 4.85%
2013 3.23% -1.26% 2.68% 3.44% 8.26%
2012 5.78% 0.22% 4.58% 2.45% 13.59%
2011 4.34% 0.97% -6.37% 5.90% 4.45%
2010 3.96% -1.09% 6.63% 3.53% 13.50%
2009 2.53% 12.96% 11.53% 5.26% 35.99%
2008 -2.81% 1.55% -7.73% -12.23% -20.07%
2007 2.63% 1.34% 2.02% -0.27% 5.81%
2006 2.84% -0.41% 3.67% 3.98% 10.39%
2005 -1.76% 1.66% 1.63% 0.51% 2.02%
2004 - - - 4.41% 9.06%

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
Equity
Non-U.S. High Yield Corporate
Bank Loans
Municipals
CMBS
ABS
Sovereign
MBS
Convertibles
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 05/29/2020

Rating Assets
AAA
AA
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 03/31/2020

  • From a sector standpoint, we have shifted more defensively in the portfolio. Our largest portfolio underweights are materials, telecommunication services and energy.
  • We have reduced the portfolio’s allocation to MBS and U.S. Treasuries in order to fund our additions to U.S. high yield bonds as we believe the valuations are more attractive and in an effort to increase our beta adjusted spread duration.
  • 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.
  • Despite the economic vigor that was building in 2019 through early 2020, the curtailment of economic activity subsequent to coronavirus-related mitigation measures will likely delay any economic growth until the back half of the year. We believe the recovery will favor higher quality segments of the market first, due largely to liquidity and the technical backdrop. Thus, we have been increasing the portfolio’s holdings of ‘BB’ rated debt, which we view as offering an attractive opportunity.

Portfolio Details as of 05/29/2020

Total Net Assets
$16.42 B
Number of Issues
869
Average Coupon
4.97%
Average Life
8.96 Years
Average Maturity
14.4 Years
Average Effective Duration
4.86 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/06/2020
$0.172
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2020 $0.02853 $7.68
Daily Daily 05/31/2020 $0.02970 $7.59
Daily Daily 04/30/2020 $0.03022 $7.32
Daily Daily 03/31/2020 $0.02936 $7.06
Daily Daily 02/29/2020 $0.02701 $8.08
Daily Daily 01/31/2020 $0.02766 $8.15

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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 $7.50
07/30/2018 07/31/2018 - $0.0398 $0.0398 $7.94

Upcoming Capital Gain Distribution

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

Fees & Expenses

Fees & Expenses

Expense Ratioas of 05/31/2020

0.52%

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
Fund Story
Publish Date:11/03/2015
Publish Date:11/03/2015
n/a
Publish Date:11/03/2015

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Class R6 - The inception date for Class R6 shares is June 30, 2015. The performance quotations for Class R6 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 R6 shares; and (b) for periods after June 30, 2015, actual Class R6 performance is used, which reflects all charges and fees applicable to Class R6 shares.

Class R6 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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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