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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 11/12/2019  

w/o sales charge 3.90%

30-Day Standardized Yield 2 as of 10/31/2019  

3.06%

Fund Basicsas of 09/30/2019

Total Net Assets
$2.60 B
Inception Date
10/19/2004
Dividend Frequency
Monthly
Fund Expense Ratio
0.57%
Number of Holdings
671
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/19/2004
w/o sales charge 12.42% 12.44% 4.97% 4.28% 6.19% 6.03%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 12.72% 13.85% 4.40% 4.03% 5.24% -
Bloomberg Barclays U.S. Credit Bond Index 13.25% 14.88% 4.83% 4.43% 5.32% 5.10%

Fund Expense Ratio :

0.57%

Fund Expense Ratio :

0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/19/2004
w/o sales charge 11.67% 10.47% 4.72% 4.29% 6.22% 6.01%
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% 5.09%

Fund Expense Ratio :

0.57%

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 11/12/2019  

w/o sales charge 3.90%

30-Day Standardized Yield 2 as of 10/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.06% 3.06%

Fund Expense Ratio :

0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/19/2004
w/o sales charge 12.42% 12.44% 4.97% 4.28% 6.19% 6.03%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 12.72% 13.85% 4.40% 4.03% 5.24% -
Bloomberg Barclays U.S. Credit Bond Index 13.25% 14.88% 4.83% 4.43% 5.32% 5.10%

Fund Expense Ratio :

0.57%

Fund Expense Ratio :

0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/19/2004
w/o sales charge 11.67% 10.47% 4.72% 4.29% 6.22% 6.01%
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% 5.09%

Fund Expense Ratio :

0.57%

Year Fund Returns Bloomberg Barclays U.S. Credit Bond Index
2018 -2.50% -2.11%
2017 7.14% 6.18%
2016 8.95% 5.63%
2015 -2.90% -0.77%
2014 7.43% 7.53%
2013 0.47% -2.01%
2012 12.72% 9.37%
2011 6.75% 8.35%
2010 11.47% 8.47%
2009 30.77% 16.04%
2008 -10.22% -
2007 6.96% -
2006 3.56% -
2005 2.61% -
2004 0.41% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 5.25% 3.59% 2.42% - 11.40%
2018 -1.44% -0.71% 0.72% -1.08% -2.50%
2017 2.38% 1.99% 1.65% 0.94% 7.14%
2016 3.12% 4.41% 2.80% -1.56% 8.95%
2015 1.87% -1.67% -2.04% -1.04% -2.90%
2014 3.77% 3.69% -0.14% -0.01% 7.43%
2013 1.25% -3.48% 0.97% 1.81% 0.47%
2012 3.83% 1.33% 4.74% 2.29% 12.72%
2011 2.08% 2.40% -0.38% 2.52% 6.75%
2010 3.81% 1.86% 5.45% -0.03% 11.47%
2009 3.21% 12.93% 9.69% 2.30% 30.77%
2008 1.24% 0.24% -5.97% -5.92% -10.22%
2007 1.24% -0.78% 3.22% 3.16% 6.96%
2006 -0.83% -0.05% 3.62% 0.84% 3.56%
2005 -0.13% 2.96% -0.88% 0.68% 2.61%
2004 - - - - 0.41%

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 09/30/2019

  • Following the sell-off in August, we increased the portfolio’s allocation to investment grade corporate bonds, particularly within the technology and consumer staples sectors, as valuations became more attractive. We reduced the portfolio’s underweight in the consumer, non-cyclicals sector. However, we remain underweight in the pharmaceutical industry due to drug pricing headwinds, regulatory pressures, valuations, and event risk. Overall, we believe the non-cyclical orientation of the consumer staples sector will hold up in a recessionary environment.
  • Relative to the benchmark, the portfolio is overweight the utilities sector. We remain attracted to this defensive sector, as we believe securities within this sector offer attractive yield opportunities while mitigating downside risk due to their non-cyclical nature and their subjection to heavy regulations, which limit leverage.
  • Although we hold an underweight position relative to the benchmark, the financials sector continues to be our largest position. The banking industry has been an ongoing theme in recent months, due to improved credit quality relative to pre-crisis periods, robust underlying mortgage assets, more conservative management teams, and stricter regulations.
  • While we are constructive on the commercial mortgage-backed securities (“CMBS”) sector, particularly to single-asset, single-borrower issues, we reduced the portfolio’s modest allocation in order to take advantage of relative-value opportunities within investment grade 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 11/12/2019
$0.098
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 10/31/2019 $0.00937 $2.91
Daily Daily 09/30/2019 $0.00971 $2.90
Daily Daily 08/31/2019 $0.00961 $2.92
Daily Daily 07/31/2019 $0.00973 $2.87
Daily Daily 06/30/2019 $0.00991 $2.86
Daily Daily 05/31/2019 $0.00992 $2.81
Daily Daily 04/30/2019 $0.00997 $2.80
Daily Daily 03/31/2019 $0.00996 $2.79
Daily Daily 02/28/2019 $0.01021 $2.74
Daily Daily 01/31/2019 $0.00999 $2.73

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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 $0.0038 $0.0108 $0.0146 $2.87

Upcoming Capital Gain Distribution

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

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2019

0.57%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Publish Date:11/03/2015
Annual Report
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Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
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Class I - SEC Returns reflect performance for Class I shares at Net Asset Value.

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 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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