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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 02/15/2019  

w/o sales charge 4.17%
w/ sales charge 4.08%

30-Day Standardized Yield 2 as of 01/31/2019  

3.99%

Expense Ratioas of 01/31/2019

Fund Basicsas of 12/31/2018

Total Net Assets
$2.06 B
Inception Date
09/19/1932*
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
591
CUSIP
543916308
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/01/1982
w/o sales charge 2.22% -0.14% 5.36% 3.51% 7.42% 7.62%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 2.19% 0.37% 3.74% 2.98% 5.85% -
Bloomberg Barclays U.S. Credit Bond Index 2.16% 0.94% 3.72% 3.31% 5.75% 8.51%
w/ sales charge -0.02% -2.53% 4.57% 3.01% 7.18% 7.56%

Fund Expense Ratio :

0.77%

Fund Expense Ratio :

0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/01/1982
w/o sales charge -2.69% -2.69% 4.20% 3.29% 7.39% 7.58%
Lipper Category Avg. Corporate Debt Funds BBB-Rated -2.55% -2.55% 3.07% 2.90% 5.61% -
Bloomberg Barclays U.S. Credit Bond Index -2.11% -2.11% 3.16% 3.22% 5.52% 8.47%
w/ sales charge -5.01% -5.01% 3.43% 2.86% 7.15% 7.51%

Fund Expense Ratio :

0.77%

Type Assets
Investment Grade Corporate
High Yield Corporate
ABS
U.S. Government Related
CMBS
Sovereign
Bank Loans
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 12/31/2018 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 66 Investment Professionals with 14 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 02/15/2019  

w/o sales charge 4.17%
w/ sales charge 4.08%

30-Day Standardized Yield 2 as of 01/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.99% 3.99%

Fund Expense Ratio :

0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/01/1982
w/o sales charge 2.22% -0.14% 5.36% 3.51% 7.42% 7.62%
Lipper Category Avg. Corporate Debt Funds BBB-Rated 2.19% 0.37% 3.74% 2.98% 5.85% -
Bloomberg Barclays U.S. Credit Bond Index 2.16% 0.94% 3.72% 3.31% 5.75% 8.51%
w/ sales charge -0.02% -2.53% 4.57% 3.01% 7.18% 7.56%

Fund Expense Ratio :

0.77%

Fund Expense Ratio :

0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/01/1982
w/o sales charge -2.69% -2.69% 4.20% 3.29% 7.39% 7.58%
Lipper Category Avg. Corporate Debt Funds BBB-Rated -2.55% -2.55% 3.07% 2.90% 5.61% -
Bloomberg Barclays U.S. Credit Bond Index -2.11% -2.11% 3.16% 3.22% 5.52% 8.47%
w/ sales charge -5.01% -5.01% 3.43% 2.86% 7.15% 7.51%

Fund Expense Ratio :

0.77%

Year Fund Returns Bloomberg Barclays U.S. Credit Bond Index
2018 -2.69% -2.11%
2017 6.93% 6.18%
2016 8.74% 5.63%
2015 -3.09% -0.77%
2014 7.23% 7.53%
2013 0.27% -2.01%
2012 12.51% 9.37%
2011 6.55% 8.35%
2010 10.84% 8.47%
2009 30.23% 16.04%
2008 -10.16% -
2007 6.17% -
2006 3.58% -
2005 2.23% -
2004 3.81% -
2003 1.58% -
2002 9.81% -
2001 6.91% -
2000 11.36% -
1999 -1.57% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 2.79%
2018 -1.49% -0.76% 0.67% -1.13% -2.69%
2017 2.33% 1.94% 1.59% 0.89% 6.93%
2016 3.07% 4.36% 2.75% -1.61% 8.74%
2015 1.83% -1.72% -2.09% -1.09% -3.09%
2014 3.72% 3.64% -0.19% -0.06% 7.23%
2013 1.20% -3.53% 0.57% 2.12% 0.27%
2012 3.78% 1.28% 4.69% 2.24% 12.51%
2011 2.04% 2.35% -0.43% 2.47% 6.55%
2010 3.37% 1.82% 5.77% -0.43% 10.84%
2009 2.64% 13.30% 9.57% 2.21% 30.23%
2008 1.16% 0.53% -6.43% -5.59% -10.16%
2007 1.14% -0.86% 2.73% 3.07% 6.17%
2006 -0.92% -0.15% 3.53% 1.14% 3.58%
2005 -0.23% 2.87% -0.97% 0.59% 2.23%
2004 2.46% -2.48% 2.95% 0.91% 3.81%
2003 0.61% 1.69% -0.87% 0.14% 1.58%
2002 0.09% 4.04% 4.29% 1.10% 9.81%
2001 2.33% 0.31% 4.76% -0.60% 6.91%
2000 1.62% 2.04% 3.20% 4.05% 11.36%
1999 -0.35% -1.21% 0.43% -0.40% -1.57%
1998 1.25% 2.41% 3.95% 0.11% 7.90%
1997 -1.58% 4.08% 3.24% 3.20% 9.16%
1996 -2.75% -0.01% 1.64% 2.84% 1.65%
1995 4.23% 4.46% 2.13% 4.02% 15.65%
1994 -3.44% -1.73% 0.49% 0.39% -4.25%
1993 3.77% 3.02% 2.37% -0.15% 9.22%
1992 -2.13% 3.64% 4.99% 0.58% 7.10%
1991 2.39% 1.03% 6.79% 5.81% 16.90%
1990 -1.25% 3.79% 0.19% 6.37% 9.23%
1989 0.71% 7.02% 0.86% 3.71% 12.76%
1988 4.08% 1.40% 2.19% -0.02% 7.79%
1987 2.04% -3.12% -3.71% 6.77% 1.65%
1986 7.51% -0.68% 4.27% 3.27% 14.97%
1985 0.71% 9.68% 1.83% 6.44% 19.70%
1984 1.33% -2.82% 7.11% 6.81% 12.68%
1983 5.62% 2.63% 0.80% 0.64% 9.95%
1982 - 2.91% 10.87% 8.62% 27.89%

Growth of $10,000 as of 01/31/2019

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Investment Grade Corporate
High Yield Corporate
ABS
U.S. Government Related
CMBS
Sovereign
Bank Loans
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 12/31/2018

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

Portfolio Positioning as of 12/31/2018

  • After realizing profits in high yield credit earlier this year due to spread tightening, we rotated a portion of the portfolio’s exposure into investment grade corporate bonds, maintaining a focus on the "BBB" credit tier. We remain constructive on the fundamental and technical factors of this market segment and believe that the volatility experienced in the fourth quarter created idiosyncratic opportunities to capture relative value, particularly within “BBB” rated debt. Furthermore, we believe the risk of downgrade inherent in "BBB" credits is milder than that of higher quality credits.
  • The portfolio remains overweight the energy sector. We modestly increased the portfolio’s allocation to energy after spreads within this sector widened due to global growth concerns and an oversupply in oil, which resulted in declining oil prices.
  • We decreased the portfolio’s exposure to the financials sector due to concerns about the impact of Brexit negotiations, falling interest rates, and economic growth.
  • While corporate bonds are the portfolio’s focus, we modestly increased the portfolio’s allocation to commercial mortgage-backed securities (CMBS) and tactically decreased the portfolio’s allocation to high quality mortgage-backed securities (MBS).
  • We continue to hold the view that U.S. domestic growth will separate from global weakness. Despite the recent market volatility and the downturn of some soft economic indicators, we are cautiously optimistic in the U.S. economy due to strength in the labor market. We remain focused on domestic opportunities given the potential for increased volatility and event risk abroad. 

Portfolio Details as of 12/31/2018

Total Net Assets
$2.06 B
Number of Issues
591
Average Coupon
5.09%
Average Life
8.70 Years
Average Maturity
8.70 Years
Average Effective Duration
6.05 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/15/2019
$0.009
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 01/31/2019 $0.00953 $2.73

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 02/28/2019
Daily Daily 03/31/2019
Daily Daily 04/30/2019
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 $2.87

Upcoming Capital Gain Distribution

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

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 02/15/2019

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $2.80
$100,000 to $249,999 1.75% 1.50% $2.79
$250,000 to $499,999 1.25% 1.00% $2.77
$500,000 to $999,999 0.00% 1.00% $2.74
$1,000,000 to $5,000,000 0.00% 1.00% $2.74

Expense Ratioas of 01/31/2019

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 A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, 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% if the shares are redeemed 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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