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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 02/27/2020  

w/o sales charge 3.33%

30-Day Standardized Yield 2 as of 01/31/2020  

2.44%

Fund Basicsas of 01/31/2020

Total Net Assets
$2.84 B
Inception Date
07/02/2008
Dividend Frequency
Monthly
Fund Expense Ratio
1.07%
Number of Holdings
661

Fund Expense Ratio :

1.07%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/02/2008
w/o sales charge 1.99% 12.34% 5.55% 4.11% 5.60% 6.25%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 2.35% 13.38% 5.93% 3.98% 5.36% -
Bloomberg Barclays U.S. Credit Bond Index 2.34% 13.99% 6.45% 4.29% 5.40% 5.89%

Fund Expense Ratio :

1.07%

Fund Expense Ratio :

1.07%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/02/2008
w/o sales charge 12.55% 12.55% 5.20% 4.05% 5.60% 6.12%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 13.08% 13.08% 5.26% 4.00% 5.28% -
Bloomberg Barclays U.S. Credit Bond Index 13.80% 13.80% 5.75% 4.39% 5.32% 5.72%

Fund Expense Ratio :

1.07%

Type Assets
Investment Grade Corporate
High Yield Corporate
U.S. Government Related
ABS
Bank Loans
Sovereign
CMBS
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 01/31/2020 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

Yoana N. Koleva
Yoana N. Koleva, CFA

Managing Director & Portfolio Manager

16 Years of Industry Experience

Eric P. Kang
Eric P. Kang

Portfolio Manager

20 Years of Industry Experience

Supported By 62 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 02/27/2020  

w/o sales charge 3.33%

30-Day Standardized Yield 2 as of 01/31/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.44% 2.44%

Fund Expense Ratio :

1.07%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/02/2008
w/o sales charge 1.99% 12.34% 5.55% 4.11% 5.60% 6.25%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 2.35% 13.38% 5.93% 3.98% 5.36% -
Bloomberg Barclays U.S. Credit Bond Index 2.34% 13.99% 6.45% 4.29% 5.40% 5.89%

Fund Expense Ratio :

1.07%

Fund Expense Ratio :

1.07%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/02/2008
w/o sales charge 12.55% 12.55% 5.20% 4.05% 5.60% 6.12%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 13.08% 13.08% 5.26% 4.00% 5.28% -
Bloomberg Barclays U.S. Credit Bond Index 13.80% 13.80% 5.75% 4.39% 5.32% 5.72%

Fund Expense Ratio :

1.07%

Year Fund Returns Bloomberg Barclays U.S. Credit Bond Index
2019 12.55% 13.80%
2018 -2.96% -2.11%
2017 6.60% 6.18%
2016 8.39% 5.63%
2015 -3.35% -0.77%
2014 6.91% 7.53%
2013 0.00% -2.01%
2012 12.57% 9.37%
2011 5.89% 8.35%
2010 10.93% 8.47%
2009 30.11% -
2008 -10.33% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - 2.25%
2019 4.73% 3.83% 2.29% 1.19% 12.55%
2018 -1.55% -0.83% 0.60% -1.19% -2.96%
2017 1.89% 2.22% 1.17% 1.17% 6.60%
2016 2.99% 4.27% 2.66% -1.68% 8.39%
2015 1.75% -1.79% -2.16% -1.15% -3.35%
2014 3.64% 3.55% -0.59% 0.21% 6.91%
2013 1.13% -3.58% 0.50% 2.04% 0.00%
2012 4.06% 1.21% 4.61% 2.17% 12.57%
2011 1.96% 2.28% -0.49% 2.04% 5.89%
2010 3.31% 2.11% 5.31% -0.15% 10.93%
2009 3.05% 13.22% 9.13% 2.19% 30.11%
2008 1.11% 0.50% -6.10% -6.03% -10.33%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Investment Grade Corporate
High Yield Corporate
U.S. Government Related
ABS
Bank Loans
Sovereign
CMBS
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 01/31/2020

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

Portfolio Positioning as of 12/31/2019

  • While the financials sector continues to be the largest absolute position, we reduced the portfolio’s exposure during the fourth quarter, specifically taking down the portfolio’s allocation to financial companies located within the U.K. and Europe. As the market has begun to come to terms with ‘Brexit,’ we were able to capitalize on favorable trades.
  • We increased the portfolio’s exposure to high yield corporate bonds, primarily focusing on opportunities within the energy sector. We are attracted to high yield corporate bonds within the energy sector that have seen significant spread widening during the quarter. We increased the portfolio’s allocation to take advantage of the relative value opportunities and potential spread compression in the upcoming months.
  • Although we still generally consider the consumer, non-cyclicals sector to be fairly valued and faced with event risks, we have identified select opportunities that led to a reduction in the portfolio’s notable underweight. Within the consumer, non-cyclicals sector, we increased the portfolio’s allocation to a few health care and pharmaceutical names, taking advantage of idiosyncratic opportunities that we found attractive.
  • Relative to the benchmark, the portfolio is overweight the utilities sector. We continue 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.

Portfolio Details as of 01/31/2020

Total Net Assets
$2.84 B
Number of Issues
661
Average Coupon
4.77%
Average Life
8.75 Years
Average Maturity
8.75 Years
Average Effective Duration
6.27 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/27/2020
$0.008
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 01/31/2020 $0.00825 $2.97

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 02/29/2020
Daily Daily 03/31/2020
Daily Daily 04/30/2020
Daily Daily 05/31/2020
Daily Daily 06/30/2020
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
12/18/2014 12/19/2014 $0.0038 $0.0108 $0.0146 $2.88

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/17/2020 12/18/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 01/31/2020

1.07%

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

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Class R3 - The performance quotations for Class R3 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R3, 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 R3, adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R3, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R3, actual Class R3 performance is used reflecting all charges and fees applicable to Class R3 shares. Hypothetical performance data for Class R3, 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 R3 performance information for the inception date for Class R3. Please refer to the Class A performance information for the inception date for Class A.

Class R3 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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