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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 08/16/2019  

w/o sales charge 5.62%

30-Day Standardized Yield 2 as of 07/31/2019  

4.93%

Fund Basicsas of 07/31/2019

Total Net Assets
$6.90 B
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Expense Ratio
0.80%
Number of Holdings
667

Fund Expense Ratio :

0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 12.44% 6.93% 6.70% 5.34% 8.86% 7.49%
Lipper Category Avg. High Yield Funds 10.00% 5.95% 5.88% 3.99% 7.42% -
ICE BofAML U.S. High Yield Constrained Index 10.72% 6.93% 6.83% 5.09% 8.61% 7.31%

Fund Expense Ratio :

0.80%

Fund Expense Ratio :

0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 11.62% 7.10% 7.41% 4.90% 9.48% 7.48%
Lipper Category Avg. High Yield Funds 9.47% 6.54% 6.50% 3.61% 7.96% -
ICE BofAML U.S. High Yield Constrained Index 10.15% 7.58% 7.54% 4.70% 9.20% 7.32%

Fund Expense Ratio :

0.80%

RELATED CONTENT

Our Answers to Six Key Valuation Questions
July 15, 2019

Here, we attempt to sort out the current investment environment—and whether select asset classes still present attractive opportunities.

U.S. High Yield: Lessons from the Recent Volatility
February 11, 2019

Rather than trying to anticipate short-term price moves, we believe investors would be better served by focusing on the asset class’s long-term history of risk-adjusted returns.

High Yield: Active or Passive? Four Points to Consider
March 26, 2018

Here, we offer a closer look at the key attributes—and relative performance—of the two strategies.

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 07/31/2019 View Portfolio

Rating Assets
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

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

11 Years of Industry Experience

Supported By 68 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 08/16/2019  

w/o sales charge 5.62%

30-Day Standardized Yield 2 as of 07/31/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.93% 4.93%

Fund Expense Ratio :

0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 12.44% 6.93% 6.70% 5.34% 8.86% 7.49%
Lipper Category Avg. High Yield Funds 10.00% 5.95% 5.88% 3.99% 7.42% -
ICE BofAML U.S. High Yield Constrained Index 10.72% 6.93% 6.83% 5.09% 8.61% 7.31%

Fund Expense Ratio :

0.80%

Fund Expense Ratio :

0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 11.62% 7.10% 7.41% 4.90% 9.48% 7.48%
Lipper Category Avg. High Yield Funds 9.47% 6.54% 6.50% 3.61% 7.96% -
ICE BofAML U.S. High Yield Constrained Index 10.15% 7.58% 7.54% 4.70% 9.20% 7.32%

Fund Expense Ratio :

0.80%

Year Fund Returns ICE BofAML U.S. High Yield Constrained Index
2018 -5.07% -2.27%
2017 8.61% 7.48%
2016 15.96% 17.49%
2015 -2.18% -4.61%
2014 3.56% 2.51%
2013 9.80% 7.41%
2012 16.63% 15.55%
2011 3.23% 4.37%
2010 14.40% 15.07%
2009 50.47% 58.10%
2008 -23.21% -
2007 1.71% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 7.53% 3.80% - - 11.08%
2018 -1.05% -0.02% 2.57% -6.45% -5.07%
2017 2.85% 2.00% 2.48% 1.03% 8.61%
2016 2.18% 5.39% 5.49% 2.08% 15.96%
2015 3.07% 0.89% -4.21% -1.79% -2.18%
2014 2.94% 3.41% -1.81% -0.93% 3.56%
2013 4.00% -1.01% 2.54% 4.02% 9.80%
2012 6.66% 0.39% 5.09% 3.64% 16.63%
2011 3.84% 1.09% -7.01% 5.76% 3.23%
2010 4.95% -0.91% 6.36% 3.43% 14.40%
2009 6.02% 17.34% 14.07% 6.03% 50.47%
2008 -3.36% 2.05% -7.88% -15.49% -23.21%
2007 3.09% 0.22% -0.46% -1.11% 1.71%

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 07/31/2019

Rating Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 6/30/2019

  • High yield bonds posted positive returns over the quarter, outperforming the investment grade market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index.
  • The portfolio remains overweight the basic industry sector, specifically to the building products and homebuilders segments, although we brought down the portfolio’s allocation to trade-sensitive segments such as metals, industrials, and chemicals over the quarter.
  • The portfolio remains underweight the energy sector. Although we believe that the demand picture should improve as a result of easing trade tensions, we see oversupply issues that will likely lead to downward pressure in oil prices in the back half of the year.
  • 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.
  • 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 strong 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 07/31/2019

Total Net Assets
$6.90 B
Number of Issues
667
Average Coupon
6.39%
Average Maturity
6.56 Years
Average Effective Duration
3.78 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 08/16/2019
$0.247
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 07/31/2019 $0.03449 $7.48
Daily Daily 06/30/2019 $0.03561 $7.46
Daily Daily 05/31/2019 $0.03504 $7.28
Daily Daily 04/30/2019 $0.03495 $7.39
Daily Daily 03/31/2019 $0.03508 $7.29
Daily Daily 02/28/2019 $0.03558 $7.26
Daily Daily 01/31/2019 $0.03633 $7.18

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 08/31/2019
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

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 $7.43

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 07/31/2019

0.80%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
n/a
Statutory Prospectus
Publish Date:11/03/2015
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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
Publish Date:11/03/2015

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Class F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. 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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