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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 03/22/2019  

w/o sales charge 3.22%

30-Day Standardized Yield 2 as of 02/28/2019  

3.22%

Fund Basicsas of 02/28/2019

Total Net Assets
$3.62 B
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Expense Ratio
0.37%
Number of Holdings
528
CUSIP
54401E580

Fund Expense Ratio :

0.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 1.57% 2.80% 2.76% 2.60% 5.36% -
Lipper Category Avg. Core Bond Funds 1.37% 2.59% 1.99% 2.05% 4.42% -
Bloomberg Barclays U.S. Universal Index 1.49% 3.19% 2.45% 2.61% 4.33% -

Fund Expense Ratio :

0.37%

Fund Expense Ratio :

0.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -0.53% -0.53% 2.61% 2.76% 5.16% -
Lipper Category Avg. Core Bond Funds -0.69% -0.69% 1.99% 2.20% 4.19% -
Bloomberg Barclays U.S. Universal Index -0.26% -0.26% 2.56% 2.72% 4.06% -

Fund Expense Ratio :

0.37%

RELATED CONTENT

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Type Assets
MBS
ABS
Investment Grade Corporate
U.S. Government Related
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 02/28/2019 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 66 Investment Professionals with 14 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 03/22/2019  

w/o sales charge 3.22%

30-Day Standardized Yield 2 as of 02/28/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.22% 3.22%

Fund Expense Ratio :

0.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 1.57% 2.80% 2.76% 2.60% 5.36% -
Lipper Category Avg. Core Bond Funds 1.37% 2.59% 1.99% 2.05% 4.42% -
Bloomberg Barclays U.S. Universal Index 1.49% 3.19% 2.45% 2.61% 4.33% -

Fund Expense Ratio :

0.37%

Fund Expense Ratio :

0.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -0.53% -0.53% 2.61% 2.76% 5.16% -
Lipper Category Avg. Core Bond Funds -0.69% -0.69% 1.99% 2.20% 4.19% -
Bloomberg Barclays U.S. Universal Index -0.26% -0.26% 2.56% 2.72% 4.06% -

Fund Expense Ratio :

0.37%

Year Fund Returns Bloomberg Barclays U.S. Universal Index
2018 -0.53% -0.26%
2017 4.06% 4.09%
2016 4.38% 3.91%
2015 -0.40% 0.43%
2014 6.46% 5.56%
2013 -1.06% -1.35%
2012 8.07% 5.53%
2011 7.54% 7.40%
2010 8.06% 7.16%
2009 16.22% 8.60%
2008 -0.84% -
2007 6.19% -
2006 4.76% -
2005 2.80% -
2004 4.70% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 3.03%
2018 -1.33% -0.27% 0.34% 0.76% -0.53%
2017 1.22% 1.51% 0.92% 0.35% 4.06%
2016 2.89% 2.70% 1.32% -2.50% 4.38%
2015 1.66% -1.41% 0.03% -0.66% -0.40%
2014 2.41% 2.58% 0.14% 1.19% 6.46%
2013 0.57% -2.73% 0.57% 0.55% -1.06%
2012 1.91% 2.02% 2.79% 1.12% 8.07%
2011 1.09% 2.17% 2.47% 1.62% 7.54%
2010 2.52% 2.93% 3.39% -0.96% 8.06%
2009 2.54% 5.75% 6.35% 0.78% 16.22%
2008 1.10% 0.08% -1.93% -0.07% -0.84%
2007 1.50% -0.62% 2.85% 2.36% 6.19%
2006 -0.26% -0.15% 3.84% 1.30% 4.76%
2005 -0.16% 3.05% -0.59% 0.51% 2.80%
2004 - - - 1.19% 4.70%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
MBS
ABS
Investment Grade Corporate
U.S. Government Related
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 02/28/2019

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

Portfolio Positioning as of 12/31/2018

  • We hold the view that U.S. domestic growth will separate from global weakness. Despite the recent market volatility and downturn of some soft economic indicators, we are cautiously optimistic in the U.S. economy as the labor market remains tight. We continue to believe that inflation expectations will gradually increase, and we remain focused on domestic opportunities given the potential for increased volatility and event risk abroad.
  • We increased the portfolio’s exposure to asset-backed securities (ABS) during the quarter. We continue to favor high-quality ABS where we have found strong carry opportunities relative to other high-quality assets, primarily within credit card and auto-related ABS. In addition, we found relative value in equipment dealer and franchise-related ABS over the quarter.
  • We also significantly increased the portfolio’s allocation to agency mortgage-backed securities (MBS) in November, as volatility and spread widening in sympathy with general risk markets led to more attractive valuations.
  • We reduced the portfolio’s exposure to U.S. Treasuries over the quarter, using the capital as a source of financing for the portfolio’s increase in MBS exposure. We continue to trade a range with respect to MBS spread to Treasuries.
  • We also decreased the portfolio’s exposure to investment grade corporates in favor of structured products, which tend to have less international exposure and be less effected by global weakness.

Portfolio Details as of 02/28/2019

Total Net Assets
$3.62 B
Number of Issues
528
Average Coupon
3.91%
Average Life
6.87 Years
Average Effective Duration
5.74 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 03/22/2019
$0.056
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 02/28/2019 $0.02728 $10.06
Daily Daily 01/31/2019 $0.02874 $10.08

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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
12/15/2016 12/16/2016 - $0.0324 $0.0324 $10.18

Upcoming Capital Gain Distribution

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

Fees & Expenses

Fees & Expenses

Expense Ratioas of 02/28/2019

0.37%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
n/a
Statutory Prospectus
Publish Date:11/03/2015
n/a
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

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Class R6 - The inception date for Class R6 shares is June 30, 2015. The performance quotations for Class R6 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R6 shares; and (b) for periods after June 30, 2015, actual Class R6 performance is used, which reflects all charges and fees applicable to Class R6 shares.

Class R6 shares are only offered to certain eligible investors. 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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