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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 05/17/2019  

w/o sales charge 3.69%

30-Day Standardized Yield 2 as of 04/30/2019  

3.21%

Fund Basicsas of 04/30/2019

Total Net Assets
$2.25 B
Inception Date
07/02/2008
Dividend Frequency
Monthly
Fund Expense Ratio
1.17%
Number of Holdings
630

Fund Expense Ratio :

1.17%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/02/2008
w/o sales charge 5.37% 4.61% 3.98% 3.03% 6.79% 5.87%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 5.39% 5.69% 3.10% 3.09% 5.96% -
Bloomberg Barclays U.S. Credit Bond Index 5.39% 6.38% 3.23% 3.46% 5.98% 5.34%

Fund Expense Ratio :

1.17%

Fund Expense Ratio :

1.17%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/02/2008
w/o sales charge 4.68% 3.50% 4.36% 3.10% 7.33% 5.85%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 4.91% 4.35% 3.46% 3.24% 6.20% -
Bloomberg Barclays U.S. Credit Bond Index 4.87% 4.89% 3.48% 3.61% 6.22% 5.33%

Fund Expense Ratio :

1.17%

Type Assets
Investment Grade Corporate
High Yield Corporate
ABS
U.S. Government Related
CMBS
Bank Loans
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 04/30/2019 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 67 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 05/17/2019  

w/o sales charge 3.69%

30-Day Standardized Yield 2 as of 04/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.21% 3.21%

Fund Expense Ratio :

1.17%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/02/2008
w/o sales charge 5.37% 4.61% 3.98% 3.03% 6.79% 5.87%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 5.39% 5.69% 3.10% 3.09% 5.96% -
Bloomberg Barclays U.S. Credit Bond Index 5.39% 6.38% 3.23% 3.46% 5.98% 5.34%

Fund Expense Ratio :

1.17%

Fund Expense Ratio :

1.17%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/02/2008
w/o sales charge 4.68% 3.50% 4.36% 3.10% 7.33% 5.85%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 4.91% 4.35% 3.46% 3.24% 6.20% -
Bloomberg Barclays U.S. Credit Bond Index 4.87% 4.89% 3.48% 3.61% 6.22% 5.33%

Fund Expense Ratio :

1.17%

Year Fund Returns Bloomberg Barclays U.S. Credit Bond Index
2018 -2.68% -2.11%
2017 6.48% 6.18%
2016 8.26% 5.63%
2015 -3.75% -0.77%
2014 7.15% 7.53%
2013 -0.42% -2.01%
2012 12.38% 9.37%
2011 5.76% 8.35%
2010 11.38% 8.47%
2009 30.87% 16.04%
2008 -10.42% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 4.68% - - - 5.94%
2018 -1.57% -0.85% 0.93% -1.20% -2.68%
2017 2.22% 1.83% 1.49% 0.79% 6.48%
2016 3.32% 3.85% 2.63% -1.69% 8.26%
2015 1.37% -1.45% -2.16% -1.53% -3.75%
2014 3.96% 3.51% -0.61% 0.19% 7.15%
2013 0.78% -3.59% 0.83% 1.65% -0.42%
2012 3.66% 1.53% 4.55% 2.13% 12.38%
2011 1.58% 2.25% -0.17% 2.00% 5.76%
2010 3.37% 2.01% 5.64% -0.02% 11.38%
2009 3.04% 13.18% 9.88% 2.14% 30.87%
2008 1.08% 0.48% -6.12% -6.06% -10.42%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Investment Grade Corporate
High Yield Corporate
ABS
U.S. Government Related
CMBS
Bank Loans
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 04/30/2019

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

Portfolio Positioning as of 03/31/2019

  • Following the increased volatility and spread widening that occurred at the end of 2018, we increased the portfolio’s exposure to investment grade corporate bonds, maintaining a focus on the “BBB” credit tier. In the beginning of the first quarter of 2019, we reduced our exposure to high grade credit as the sector recovered.
  • Although we hold an underweight relative to the portfolio’s benchmark, the financials sector remains the largest absolute weight in the portfolio. We remain attracted to the sector as its quality profile has improved relative to pre-crisis periods given more robust underlying mortgage assets, more conservative management teams, and stricter regulations.
  • The portfolio has an overweight position to securities within the utilities sector. We believe corporate bonds within this defensive sector offer attractive yield opportunities while mitigating downside risks due to their non-cyclical mandate and heavy regulations, which limit leverage.
  • The portfolio is overweight the energy sector. Generally, we take a bottom-up, selective approach to this sector and remain attracted to improving credits and those that may benefit from an increase in oil prices.
  • While current headwinds to investment grade corporate bonds exist in the form of fallen angels, leverage risk, and late cycle concerns, we believe these risks have been overstated. We maintain a positive outlook on U.S. domestic growth and are cautiously optimistic in the U.S. economy. In response to the Fed’s dovish policy stance, we believe it will take a significant amount of economic growth, a tight labor market, and a pick-up in inflation for the Fed to resume tightening. Therefore, we believe volatility will remain subdued and risk assets will benefit.

Portfolio Details as of 04/30/2019

Total Net Assets
$2.25 B
Number of Issues
630
Average Coupon
5.06%
Average Life
8.10 Years
Average Maturity
8.10 Years
Average Effective Duration
6.10 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/17/2019
$0.035
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2019 $0.00870 $2.82
Daily Daily 03/31/2019 $0.00864 $2.81
Daily Daily 02/28/2019 $0.00904 $2.76
Daily Daily 01/31/2019 $0.00868 $2.76

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 05/31/2019
Daily Daily 06/30/2019
Daily Daily 07/31/2019
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 $0.0038 $0.0108 $0.0146 $2.89

Upcoming Capital Gain Distribution

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

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2019

1.17%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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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
Flyer
Publish Date:11/03/2015

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Class R2 - The performance quotations for Class R2 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R2, a restated figure is used based on the Fund's Class A performance, excluding the effect of Class A's maximum sales charge (which does not apply to Class R2) adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R2, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R2, actual Class R2 performance is used reflecting all charges and fees applicable to Class R2 shares. Hypothetical performance data for Class R2, as measured from since inception of the Fund using the methodology described above, is not available if the Class A inception date is equal or greater than ten years old. Please refer to the Class R2 performance information for the inception date for Class R2. Please refer to the Class A performance information for the inception date for Class A.

Class R2 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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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