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Total Return Fund

Summary

Summary

What is the Total Return Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in U.S. investment grade corporate, government, and mortgage- and asset-backed securities, with select allocations to high yield and foreign debt securities.

EXPERIENCED INVESTMENT TEAM

Managed through collaboration among 40+ investment professionals in portfolio management, credit research, and trading.

DISCIPLINED, FLEXIBLE APPROACH

Utilizes a blend of fundamental research and quantitative analysis in seeking to add value through sector rotation, security selection, and rigorous risk management.

CONSISTENT, RISK-ADJUSTED RETURNS

Has offered a track record of generating above-average returns with below-average risk in a variety of market environments, versus its peers in the Morningstar Intermediate-Term Bond Category.

Yield

Dividend Yield 1 as of 08/22/2019  

w/o sales charge 2.55%

30-Day Standardized Yield 2 as of 07/31/2019  

2.32%

Fund Basicsas of 07/31/2019

Total Net Assets
$3.99 B
Inception Date
08/31/2000
Dividend Frequency
Monthly
Fund Expense Ratio
0.93%
Number of Holdings
529

Fund Expense Ratio :

0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge 6.60% 7.19% 2.05% 2.58% 4.08% 5.06%
Lipper Category Avg. Core Bond Funds 6.58% 7.52% 2.19% 2.72% 3.99% -
Bloomberg Barclays U.S. Universal Index 6.85% 8.17% 2.66% 3.31% 4.21% 5.12%

Fund Expense Ratio :

0.93%

Fund Expense Ratio :

0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge 6.27% 7.03% 2.26% 2.47% 4.38% 5.06%
Lipper Category Avg. Core Bond Funds 6.29% 7.35% 2.37% 2.62% 4.25% -
Bloomberg Barclays U.S. Universal Index 6.54% 8.07% 2.84% 3.18% 4.37% 5.12%

Fund Expense Ratio :

0.93%

Type Assets
U.S. Government Related
MBS
Investment Grade Corporate
ABS
CMBS
High Yield Corporate
Sovereign
Bank Loans
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 07/31/2019 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB

Investment Team

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

25 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

21 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 08/22/2019  

w/o sales charge 2.55%

30-Day Standardized Yield 2 as of 07/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.32% 2.32%

Fund Expense Ratio :

0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge 6.60% 7.19% 2.05% 2.58% 4.08% 5.06%
Lipper Category Avg. Core Bond Funds 6.58% 7.52% 2.19% 2.72% 3.99% -
Bloomberg Barclays U.S. Universal Index 6.85% 8.17% 2.66% 3.31% 4.21% 5.12%

Fund Expense Ratio :

0.93%

Fund Expense Ratio :

0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge 6.27% 7.03% 2.26% 2.47% 4.38% 5.06%
Lipper Category Avg. Core Bond Funds 6.29% 7.35% 2.37% 2.62% 4.25% -
Bloomberg Barclays U.S. Universal Index 6.54% 8.07% 2.84% 3.18% 4.37% 5.12%

Fund Expense Ratio :

0.93%

Year Fund Returns Bloomberg Barclays U.S. Universal Index
2018 -1.16% -0.26%
2017 3.46% 4.09%
2016 3.78% 3.91%
2015 -0.87% 0.43%
2014 5.84% 5.56%
2013 -1.62% -1.35%
2012 7.44% 5.53%
2011 6.92% 7.40%
2010 7.43% 7.16%
2009 15.53% 8.60%
2008 -1.39% -
2007 5.58% -
2006 4.06% -
2005 2.31% -
2004 4.17% -
2003 5.08% -
2002 8.79% -
2001 9.49% -
2000 5.63% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 3.25% 2.92% - - 7.96%
2018 -1.46% -0.41% 0.20% 0.52% -1.16%
2017 1.07% 1.37% 0.77% 0.21% 3.46%
2016 2.74% 2.64% 1.07% -2.64% 3.78%
2015 1.52% -1.55% -0.11% -0.70% -0.87%
2014 2.26% 2.43% 0.00% 1.05% 5.84%
2013 0.43% -2.86% 0.43% 0.41% -1.62%
2012 1.76% 1.88% 2.64% 0.98% 7.44%
2011 0.95% 2.02% 2.31% 1.47% 6.92%
2010 2.38% 2.78% 3.24% -1.10% 7.43%
2009 2.40% 5.59% 6.18% 0.64% 15.53%
2008 0.96% -0.06% -2.06% -0.21% -1.39%
2007 1.36% -0.76% 2.70% 2.21% 5.58%
2006 -0.49% -0.29% 3.69% 1.15% 4.06%
2005 -0.30% 2.89% -0.72% 0.46% 2.31%
2004 2.31% -2.35% 3.09% 1.14% 4.17%
2003 1.47% 2.98% -0.09% 0.66% 5.08%
2002 0.17% 2.30% 3.46% 2.61% 8.79%
2001 3.51% 0.44% 4.90% 0.39% 9.49%
2000 - - - 4.70% 5.63%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
U.S. Government Related
MBS
Investment Grade Corporate
ABS
CMBS
High Yield Corporate
Sovereign
Bank Loans
Other
Cash
Rating 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 07/31/2019

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB

Portfolio Positioning as of 6/30/2019

  • We increased the portfolio’s allocation to MBS over the quarter. MBS valuations became attractive as mortgage spreads over Treasuries reached their widest levels in the post crisis era, as lower rates have resulted in a mini-refinancing boom and thus increased call risk within MBS, increasing risk premium. We continue to monitor and trade a range with respect to MBS spreads to Treasuries.
  • With the significant underperformance of risk assets in the last few weeks of May, we took the opportunity to add marginally to the Fund’s high yield corporate bond exposure. We continue to believe that general economic fundamentals and strong expected earnings growth will favor the lower-rated segments of the high yield market. We expect default rates to remain subdued and believe that high yield spreads can grind tighter from current levels.
  • We reduced the portfolio’s allocation to asset-backed securities (ABS) that are backed by student loans and credit card receivables. While we continue to maintain a favorable view on ABS, we were able to take profits and reallocate the portfolio’s ABS positioning following the volatility that occurred within risk assets during May, which resulted in tighter ABS spreads relative to corporate bonds. In addition, we sold deals that did not have strong language regarding the eventual change from using LIBOR to using the Secured Overnight Financing Rate (SOFR).
  • We maintained the portfolio’s overweight position within commercial mortgage-backed securities (CMBS). CMBS continue to offer less sensitivity to the potential deterioration of U.S. trade conditions as it is an asset class with a domestic orientation. We favor SASB (single-asset / single-borrower) deals across the credit spectrum. Generally, these deals have had superior asset quality and underwriting versus conduit deals as well as stronger borrower profiles.

Portfolio Details as of 07/31/2019

Total Net Assets
$3.99 B
Number of Issues
529
Average Coupon
3.21%
Average Life
6.69 Years
Average Effective Duration
5.54 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 08/22/2019
$0.174
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 07/31/2019 $0.02252 $10.47
Daily Daily 06/30/2019 $0.02593 $10.46
Daily Daily 05/31/2019 $0.02657 $10.35
Daily Daily 04/30/2019 $0.02525 $10.23
Daily Daily 03/31/2019 $0.02701 $10.24
Daily Daily 02/28/2019 $0.02306 $10.10
Daily Daily 01/31/2019 $0.02417 $10.12

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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
12/15/2016 12/16/2016 - $0.0324 $0.0324 $10.22

Upcoming Capital Gain Distribution

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

Fees & Expenses

Fees & Expenses

Expense Ratioas of 07/31/2019

0.93%

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
Publish Date:11/03/2015

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Class P - Performance is shown at net asset value (NAV). Class P shares are not subject to front-end or back-end sales charges.

Class P shares are only available on a limited basis through certain financial intermediaries and retirement and benefit plans. For additional information, see the Fund’s current prospectus.

The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index.

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