High Yield Bonds
Bank Loans
Investment Grade Bonds
S.T & N.O.A
1 - 5 YEARS
6 - 10 YEARS
11 - 20 YEARS
21 - 30 YEARS
31 + YEARS

Credit Quality Distribution as of 10/30/2015

Not Rated

Portfolio Details as of 10/30/2015

Total Net Assets
$4.34 B
Number of Holdings
Average Coupon
Average Maturity
6.82 Years
Effective Duration
4.61 Years

Portfolio Positioning as of 09/30/2015

  • Volatility in the credit markets experienced during the first half of 2015 intensified during the third quarter, with the most significant movements driven by commodity-sensitive sectors. We believe volatility may continue as markets assess global economic conditions and investors speculate on when the U.S. Federal Reserve may raise interest rates.
  • The portfolio has underweight positions, relative to its benchmark, the BofA Merrill Lynch U.S. High Yield Constrained Index, in commodity-sensitive sectors, including gas distribution, oil field equipment and services, and steel producers. We avoided these sectors, and certain companies within them, as we believe that the recent market volatility driven by these industries may continue in the coming months.
  • As of quarter-end, the portfolio had modest allocations in out-of-index sectors, such as bank loans, convertibles, investment-grade bonds, and equities, as we found opportunities that offer attractive risk/reward profiles, while also providing additional portfolio diversification and avenues for liquidity.
Fund Dividends & Cap Gains next tab

Contact a Representative