Wells Fargo Advantage High Yield Bond Fund

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Wells Fargo Advantage High Yield Bond Fund"

Transcription

1 All information is as of unless otherwise indicated. General fund information Ticker: EKHYX Portfolio managers: Margaret D. Patel Subadvisor: Wells Capital Management, Inc. Category: High-yield bond Fund strategy Seeks to outperform the broad high-yield fixed-income market (represented by the BofA Merrill Lynch U.S. High Yield Master II Constrained Index) over a full market cycle Principally invests in below-investment-grade debt securities of corporate issuers, including traditional corporate bonds and convertible bonds Seeks to identify the best relatively valued debt securities by evaluating the entire capital structure of a company Uses a top-down macroeconomic approach to determine which sectors and industries to invest in and applies fundamental research to identify the most attractive companies within those sectors and industries Seeks to invest in debt securities issued by companies with sustainable competitive advantages and high barriers to entry, specifically preferring companies with strong management teams and financial flexibility Key drivers of performance The fund s longer-than-benchmark duration weighed on performance in a quarter in which U.S. Treasury yields rose. Sector allocation among high-yield bonds detracted, but an out-of-benchmark allocation to stocks modestly contributed. Average annual total returns (%) as of * Year to Since inception 3 month date 1 year 3 year 5 year 10 year ( ) High Yield Bond Fund Admin Lipper High Yield Funds Average BofA Merrill Lynch U.S. High Yield Master II Constrained Index *Returns for periods of less than one year are not annualized Figures quoted represent past performance, which is no guarantee of future results. Investment return, principal value, and yields of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the fund s website, wellsfargoadvantagefunds.com. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge. The advisor has committed, through , to waive fees and/or reimburse expenses to the extent necessary to cap the fund s total annual fund operating expenses after fee waiver, excluding certain expenses, at 0.80%. After this time, the cap may be increased or terminated only with the approval of the Board of Trustees. Without this cap, the fund s returns would have been lower. The fund s net expense ratio is 0.80% for the Administrator Class. The fund s gross expense ratio is 0.97% for the Administrator Class. Portfolio characteristics Wells Fargo Advantage High Yield Bond Fund BofA ML U.S. High Yield Master II Constrained Index Avg. eff. duration day SEC yield 4.33% Avg. maturity (yrs.) Sector weights (%) High-yield industrial High-yield utility High-yield financials Equity Cash equivalents Credit-quality allocation (%) 1 BBB/Baa BB/Ba B/B CCC and below Nonrated Equity Cash equivalents The ratings indicated are from Standard & Poor's, Fitch, and/or Moody's Investors Service. The percentages of the fund s portfolio with the ratings depicted in the chart are calculated based on the total investments of the fund. If a security was rated by all three rating agencies, the median rating was used. If a security was rated by two of three rating agencies, the lower rating was used. If a security was rated by one of the agencies, that rating was used. The fund's 30-day unsubsidized SEC yield is 4.15%. (See pages 4-5 for important information.) 1 QU

2 Fixed-income market review The yield curve steepened as longer-term yields increased Yields (%) U.S. Treasury yield curve yr. 5 yr. 10 yr. 15 yr. 20 yr. 25 yr. 30 yr. U.S. Treasury yields increased during the quarter, with longer-term bonds underperforming shorterterm ones. Yields rose more than 40 basis points (bps; 100 bps equals 1.00%) on bonds with maturities greater than 10 years. Meanwhile, short-term yields with maturities less than one year were little changed at ultra-low levels. Bond yields have risen since mid-april partly due to a correction following a strong rally but also due to improved outlooks for the economy but remain low by historical standards. The federal funds rate is likely to increase gradually Percent (%) Target federal funds rate at year-end (dots) Dec-15 Dec-16 Dec-17 Longer-run Chair Yellen recently said that sometimes too much attention is placed on the timing of the first increase in the federal funds target rate. And what should matter to market participants is the entire expected trajectory of policy. The Federal Open Market Committee expects that economic conditions will evolve in a way that will make it appropriate for it to raise rates gradually over time. Longer-duration (BBB-rated) and lower-quality debt lagged High-yield sectors (%) High-yield subsectors (%) Credit quality (%) High yield Oil field services 6.95 BBB Industrials Department stores 2.92 BB Utilities 0.30 Multi-line insurance 2.49 B 0.46 Financials 0.36 Automakers CCC 0.06 I tit ti Telecom/satellite CC Trucking & delivery C Treasury yields rose during the quarter and high-yield bonds outperformed Treasuries; the BofA ML U.S. High Yield Master II Constrained Index ending the period basically flat with a -0.05% return. The index s worst month was in June, when market participants came to terms with a disappointing estimate for first-quarter gross domestic product (GDP) growth and potential credit defaults in Greece and Puerto Rico. In the high-yield space, short- and intermediate-term bonds meaningfully outperformed longer-dated issues as rising yields weighed on performance. Likewise, more interest-rate-sensitive BBB-rated and BB-rated bonds underperformed lower-rated debt. Sources: Bloomberg L.P., Federal Reserve, and Bank of America Merrill Lynch. Past performance is no guarantee of future results. 2

3 Portfolio review and strategy Sector attribution and positioning Among high-yield bonds, sector allocation detracted from performance. A significant underweight to the outperforming energy sector weighed on returns relative to the benchmark. The fund s underweight to energy reflects our view that high-yield energy fundamentals are deteriorating, a process that will likely continue over the next few years. The fund s out-of-benchmark allocation to stocks contributed to relative performance because stocks generally outperformed high-yield bonds for the quarter. Quality attribution and positioning Credit-quality allocation was a modest contributor to relative performance during the quarter. A slight overweight to B-rated bonds contributed because these issues outperformed. A significant underweight to bonds rated CCC and below also aided relative results because these issues notably underperformed. However, an overweight to BBrated issues detracted. The fund s preference for higher-quality bonds resulted in a longer duration profile than the benchmark. This detracted from the fund s relative performance during the quarter because high-yield bonds with longer durations underperformed as Treasury yields rose. Issue selection attribution and positioning Although the out-of-benchmark allocation to stocks aided the fund s sector positioning, the specific stocks in the portfolio underperformed the BofA ML U.S. High Yield Master II Constrained Index. To a certain degree, we use the fund s stock exposure as a replacement for CCC-rated high-yield bonds because we find more value in the equity capital structure of some companies than in their lowest-quality debt. Outlook We expect slow growth to continue. Questions about corporate earnings, economic growth, and monetary policy may result in continued volatility. Despite expectations of an impending rise in short-term interest rates, we do not expect long-term bond yields to rise quickly. Rather, we believe a flatter yield curve is more likely. Despite the uncertainty, rising rates could actually turn out to be stimulative bank lending is quite low today, and higher rates may spur additional lending and restore functioning to the capital markets. We continue to favor stocks; despite underwhelming stock returns relative to history, we believe bond return expectations are more modest given current credit spreads and yields. We kept the fund s fixed-income duration longer than that of the index in an attempt to benefit from a steep yield curve. Credit conditions remained favorable. Given low default rates, strong demand, and stable credit fundamentals, we believe spreads are appropriate. Although we find high-yield bonds more attractive than investment-grade bonds, we prefer the higher-quality segments of the high-yield market. We continue to believe the incremental yield of CCC-rated bonds is insufficient relative to the incremental amount of capital impairment risk. As a result, the fund s credit-quality exposure is largely allocated among B-rated and BB-rated bonds. If yield spreads widen, the defensive nature of BB-rated bonds should help them better hold their value. Despite a weak first quarter, the trend for U.S. GDP is slow growth Billions of chained 2009 dollars 16,400 16,300 16,200 16,100 16,000 15,900 15,800 15,700 Real gross domestic product 15,600 Q Q Q Q Q Source: Federal Reserve Economic Data, Federal Reserve Bank of St. Louis, through (last date available) Past performance is no guarantee of future results. 3

4 Fund facts Inception date Net expense ratio Admin 0.80% Assets all share classes $271.97M Rankings and ratings Morningstar total return rankings Administrator Class (as of ) Morningstar category: High yield bond 1 year 283 out of 746 funds 3 year 314 out of 611 funds 5 year 331 out of 516 funds 10 year 144 out of 362 funds Overall Morningstar Rating The Overall Morningstar Rating, a weighted average of the 3-, 5-, and 10-year (if applicable) ratings, is out of 611 funds in the high yield bond category, based on risk-adjusted returns as of Share class availability Share class Ticker Gross expense ratio (%) Net expense ratio (%) Contractual expense cap (%) Contractual expense waiver date A EKHAX B* EKHBX C EKHCX Admin EKHYX Inst EKHIX The advisor has committed to waive fees and/or reimburse expenses to the extent necessary to cap the fund s total annual fund operating expenses after fee waiver, excluding certain expenses, at the amount shown above. Please consult the prospectus for additional information on applicable sales charges and expenses for the available share classes. *Class B is closed to new investors and additional investments from existing shareholders. Portfolio characteristics: Portfolio characteristics, sector weights, and allocations are subject to change and may have changed since the date specified. Negative cash percentage and credit-quality allocation greater than 100% is due to unsettled derivative contract positions, which cause the sector/credit weight(s) to increase proportionately to the negative cash amount. Benchmark descriptions: The BofA Merrill Lynch U.S. High Yield Master II Constrained Index is a market-valueweighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The BofA Merrill Lynch U.S. High Yield Master II Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. The Lipper averages are compiled by Lipper, Inc., an independent mutual fund research and rating service. Each Lipper average represents a universe of funds that are similar in investment objective. You cannot invest directly in a Lipper average. Definition of terms: 30-day SEC yield: The 30-day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. The 30-day unsubsidized SEC yield does not reflect waivers in effect. A fund's actual distribution rate will differ from the SEC yield, and any income distributions from the fund may be higher or lower than the SEC yield. Credit-quality ratings: Credit-quality ratings apply to underlying holdings of the fund and not the fund itself. Standard & Poor's and Fitch rate the creditworthiness of bonds from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) to show relative standing within the rating categories. Standard & Poor's rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody s rates the creditworthiness of bonds from Aaa (highest) to CC (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Credit quality and credit-quality ratings are subject to change. Duration: Duration is the weighted average of the timing of cash-flow payments from fixedincome securities. Duration is used as a measurement of sensitivity to interest rates. Yield curve: The yield curve is a graphical representation of fixed-income security yields (usually U.S. Treasuries) at their respective maturities, starting with the shortest time to maturity and sequentially plotting in a line chart to the longest maturity. 4

5 The views expressed in this document are as of and are those of the portfolio manager(s). The views are subject to change at any time in response to changing circumstances in the market and are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally, or any Wells Fargo Advantage Fund. Any specific securities discussed may or may not be current or future holdings of the fund. The securities discussed should not be considered recommendations to purchase or sell a particular security. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements. The inception date of the Administrator Class was Historical performance shown for the Administrator Class prior to its inception is based on the performance of Class A and has not been adjusted to reflect the lower expenses applicable to the Administrator Class. Performance for Class A prior to its inception is based on the performance of Class B, the original class offered, and has not been adjusted to reflect the lower expenses applicable to Class A. If these returns had been adjusted, returns would be higher. Historical performance shown for the Administrator Class prior to is based on the performance of the fund's predecessor, the Evergreen High Income Fund. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar risk-adjusted return measure that accounts for variation in a fund s monthly performance (including the effects of sales charges, loads, and redemption fees, unless otherwise indicated), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and is rated separately, which may cause slight variations in the distribution percentages.) Across U.S.-domiciled high yield bond funds, the High Yield Bond Fund received 3 stars among 611 funds, 3 stars among 516 funds, and 3 stars among 362 funds for the 3-, 5-, and 10-year periods, respectively. Morningstar Ratings and Rankings are for Administrator Class shares only; other classes may have different performance characteristics. The Morningstar return ranking is based on the fund s total return rank relative to all funds that have the same category for the same time period. Past performance is no guarantee of future results. Risks: Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. This fund is exposed to foreign investment risk. Consult the fund s prospectus for additional information on these and other risks. Carefully consider a fund s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company QU

Wells Fargo Advantage High Yield Bond Fund

Wells Fargo Advantage High Yield Bond Fund All information is as of 9-30-15 unless otherwise indicated. General fund information Ticker: EKHIX Portfolio managers: Margaret D. Patel Subadvisor: Wells Capital Management, Inc. Category: High-yield

More information

Core bond funds know what you re investing in

Core bond funds know what you re investing in Core bond fixed income Wells Fargo Advantage Core Bond Fund February 2015 Core bond funds know what you re investing in Wells Fargo Advantage Funds Fixed-Income Team Just about every retirement plan participant

More information

INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX

INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX NAVIGATING A CHANGING INTEREST RATE ENVIRONMENT Rise to the challenge

More information

Fixed-income opportunity: Short duration high yield

Fixed-income opportunity: Short duration high yield March 2014 Insights from: An income solution for a low or rising interest-rate environment Generating income is a key objective for many investors, and one that is increasingly difficult to achieve in

More information

Bond Fund of the TIAA-CREF Life Funds

Bond Fund of the TIAA-CREF Life Funds Summary Prospectus MAY 1, 2015 Bond Fund of the TIAA-CREF Life Funds Ticker: TLBDX Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its

More information

Wells Fargo Advantage Dow Jones Target Date Funds SM

Wells Fargo Advantage Dow Jones Target Date Funds SM Wells Fargo Advantage Dow Jones Target Date Funds SM Annual Report February 28, 2015 Wells Fargo Advantage Dow Jones Target Today Fund SM Wells Fargo Advantage Dow Jones Target 2010 Fund SM Wells Fargo

More information

J.P. Morgan Asset Management Leveraged Credit Mutual Fund Commentary YTD 2015

J.P. Morgan Asset Management Leveraged Credit Mutual Fund Commentary YTD 2015 JPMorgan High Yield Fund Select Shares September 2015 as of 09/30/2015 YTD High Yield Fund - Select Shares (Net of Fees) -2.56 High Yield Fund - Gross -1.98 Barclays Capital High Yield 2% Issuer Index

More information

Deutsche Floating Rate Fund

Deutsche Floating Rate Fund Taxable Fixed-Income 2 nd quarter 2014 Deutsche Floating Rate Fund Access a world of opportunities through the global resources of Deutsche Bank Canada United States Netherlands Belgium United Kingdom

More information

John Hancock Bond Trust. John Hancock Focused High Yield Fund (the fund )

John Hancock Bond Trust. John Hancock Focused High Yield Fund (the fund ) John Hancock Bond Trust John Hancock Focused High Yield Fund (the fund ) Supplement dated June 24, 2016 to the current Summary Prospectus, as may be supplemented The following information supplements and

More information

MADISON CORPORATE BOND FUND INVESTMENT STRATEGY LETTER

MADISON CORPORATE BOND FUND INVESTMENT STRATEGY LETTER madisonadv.com madisonfunds.com 2015 2Q EXCELLENCE IN INVESTMENT MANAGEMENT MADISON CORPORATE BOND FUND INVESTMENT STRATEGY LETTER Market Review With Independence Day fast approaching, fireworks began

More information

BOND FUNDS L SHARES. October 1, 2004

BOND FUNDS L SHARES. October 1, 2004 BOND FUNDS A SHARES L SHARES October 1, 2004 CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES SUPER SHORT INCOME PLUS FUND FLORIDA TAX-EXEMPT BOND FUND GEORGIA TAX-EXEMPT BOND FUND HIGH INCOME FUND INVESTMENT

More information

Schwab Target Funds. Go paperless today. Simplify your financial life by viewing these documents online. Sign up at schwab.

Schwab Target Funds. Go paperless today. Simplify your financial life by viewing these documents online. Sign up at schwab. Annual report dated October 31, 2015, enclosed. Schwab Target Funds Schwab Target 2010 Fund Schwab Target 2015 Fund Schwab Target 2020 Fund Schwab Target 2025 Fund Schwab Target 2030 Fund Schwab Target

More information

NORTHERN TRUST ACTIVE FIXED INCOME QUARTERLY UPDATE. Core/Core Plus Investment Strategy

NORTHERN TRUST ACTIVE FIXED INCOME QUARTERLY UPDATE. Core/Core Plus Investment Strategy NORTHERN TRUST ACTIVE FIXED INCOME QUARTERLY UPDATE Core/Core Plus Investment Strategy SUMMARY: The Northern Fixed Income Fund (NOFIX)*and Northern Core Bond Fund (NOCBX)** both received four-star overall

More information

Pioneer Bond Fund. Performance Analysis & Commentary September 2015. Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments.

Pioneer Bond Fund. Performance Analysis & Commentary September 2015. Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments. Pioneer Bond Fund COMMENTARY Performance Analysis & Commentary September 2015 Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments.com Third Quarter Review Pioneer Bond Fund s Class

More information

Why Consider Bank Loan Investing?

Why Consider Bank Loan Investing? Why Consider Bank Loan Investing? September 2012 Bank loans continue to increase in popularity among a variety of investors in search of higher yield potential than other types of bonds, with lower relative

More information

Why high-yield municipal bonds may be attractive in today s market environment

Why high-yield municipal bonds may be attractive in today s market environment Spread Why high-yield municipal bonds may be attractive in today s market environment February 2014 High-yield municipal bonds may be attractive given their: Historically wide spreads Attractive prices

More information

Impact of rising interest rates on preferred securities

Impact of rising interest rates on preferred securities Impact of rising interest rates on preferred securities This report looks at the risks preferred investors may face in a rising-interest-rate environment. We are currently in a period of historically low

More information

CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing

CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing A Challenging Environment for Investors MOVING BEYOND TRADITIONAL FIXED-INCOME INVESTING ALONE For many advisors and

More information

Pioneer High Yield Fund

Pioneer High Yield Fund Pioneer High Yield Fund COMMENTARY Performance Analysis & Commentary September 2015 Fund Ticker Symbols: TAHYX (Class A); TYHYX (Class Y) us.pioneerinvestments.com Third Quarter Review Pioneer High Yield

More information

Columbia Limited Duration Credit Fund A transparent approach to short-term investing

Columbia Limited Duration Credit Fund A transparent approach to short-term investing Columbia Limited Duration Credit Fund A transparent approach to short-term investing Class A ALDAX Class C RDCLX Class R4 CDLRX Class R5 CTLRX Class Z CLDZX Columbia Limited Duration Credit Fund is a pure

More information

Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS

Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS SUMMARY PROSPECTUS RPBAX May 1, 2016 T. Rowe Price Balanced Fund A fund seeking capital growth and current income through a portfolio of approximately 65% stocks and 35% fixed income securities. Before

More information

Putnam Municipal Bond Funds

Putnam Municipal Bond Funds Q2 2015 Putnam Municipal Bond Funds A tax-smart approach to investing putnam.com Municipal bonds offer a source of tax-free income with a low historical level of risk. Putnam's municipal bond team has

More information

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 Investment Adviser: RidgeWorth Investments A Shares C Shares I Shares Aggressive Growth Allocation Strategy SLAAX CLVLX CVMGX Conservative

More information

Nuveen Tactical Market Opportunities Fund

Nuveen Tactical Market Opportunities Fund Nuveen Tactical Market Opportunities Fund Summary Prospectus January 29, 2016 Ticker: Class A NTMAX, Class C NTMCX, Class I FGTYX This summary prospectus is designed to provide investors with key Fund

More information

Pioneer AMT-Free Municipal Fund

Pioneer AMT-Free Municipal Fund Pioneer AMT-Free Municipal Fund COMMENTARY Performance Analysis & Commentary September 2015 Fund Ticker Symbols: PBMFX (Class A); PBYMX (Class Y) us.pioneerinvestments.com Third Quarter Review Pioneer

More information

Fund commentary. John Hancock Retirement Living Portfolios Q1 2016

Fund commentary. John Hancock Retirement Living Portfolios Q1 2016 John Hancock Retirement Living Portfolios Fund commentary Seek: Long-term growth of capital or a balance between a high level of current income and growth of capital Use for: Broadly diversified, risk-targeted

More information

Lord Abbett High Yield Fund

Lord Abbett High Yield Fund SUMMARY PROSPECTUS Lord Abbett High Yield Fund APRIL 1, 2015 CLASS/TICKER CLASS A... LHYAX CLASS I... LAHYX CLASS R4... TBD CLASS B... LHYBX CLASS P... LHYPX CLASS R5... TBD CLASS C... LHYCX CLASS R2...

More information

Evergreen INSTITUTIONAL MONEY MARKET FUNDS. Prospectus July 1, 2009

Evergreen INSTITUTIONAL MONEY MARKET FUNDS. Prospectus July 1, 2009 Evergreen INSTITUTIONAL MONEY MARKET FUNDS Prospectus July 1, 2009 Evergreen Institutional 100% Treasury Money Market Fund Evergreen Institutional Money Market Fund Evergreen Institutional Municipal Money

More information

OAKTREE HIGH YIELD BOND FUND

OAKTREE HIGH YIELD BOND FUND OAKTREE HIGH YIELD BOND FUND Institutional Class OHYIX Advisor Class OHYDX Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its risks.

More information

For high-yield bonds, market volatility can bring new opportunities

For high-yield bonds, market volatility can bring new opportunities Investment Perspectives For high-yield bonds, market volatility can bring new opportunities Kevin Lorenz and Jean Lin, portfolio managers for TIAA-CREF High-Yield Fund Article Highlights: The decline in

More information

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX TCW High Yield Bond Fund I SHARE: TGHYX N SHARE: TGHNX 20 6 FEBRUARY 29 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contain more information about the Fund

More information

May 1, 2015 as amended June 1, 2015

May 1, 2015 as amended June 1, 2015 INSTITUTIONAL INVESTOR May 1, 2015 as amended June 1, 2015 DATE TARGET FUNDS MyDestination 2005 Fund MyDestination 2015 Fund MyDestination 2025 Fund MyDestination 2035 Fund MyDestination 2045 Fund MyDestination

More information

An Attractive Income Option for a Strategic Allocation

An Attractive Income Option for a Strategic Allocation An Attractive Income Option for a Strategic Allocation Voya Senior Loans Suite A strategic allocation provides potential for high and relatively steady income through most credit and rate cycles Improves

More information

Seix Total Return Bond Fund

Seix Total Return Bond Fund Summary Prospectus Seix Total Return Bond Fund AUGUST 1, 2015 (AS REVISED FEBRUARY 1, 2016) Class / Ticker Symbol A / CBPSX R / SCBLX I / SAMFX IS / SAMZX Before you invest, you may want to review the

More information

T. Rowe Price Target Retirement 2030 Fund Advisor Class

T. Rowe Price Target Retirement 2030 Fund Advisor Class T. Rowe Price Target Retirement 2030 Fund Advisor Class Supplement to Summary Prospectus Dated October 1, 2015 Effective February 1, 2016, the T. Rowe Price Mid-Cap Index Fund and the T. Rowe Price Small-Cap

More information

Opportunities in credit higher quality high-yield bonds

Opportunities in credit higher quality high-yield bonds Highlights > > Default rates below the long-term average > > Valuations wide of historical average in BB and B rated credit > > Despite sluggish economy, high yield can still perform well > > High yield

More information

Templeton Global Bond Fund

Templeton Global Bond Fund Fixed Income Templeton Global Bond Fund CAPTURING BOND OPPORTUNITIES GLOBALLY Franklin Templeton Investments Gain From Our Perspective At Franklin Templeton Investments, we re dedicated to one goal: delivering

More information

WHEATON COLLEGE RETIREMENT PLAN QUALIFIED DEFAULT INVESTMENT ALTERNATIVE NOTICE

WHEATON COLLEGE RETIREMENT PLAN QUALIFIED DEFAULT INVESTMENT ALTERNATIVE NOTICE WHEATON COLLEGE RETIREMENT PLAN QUALIFIED DEFAULT INVESTMENT ALTERNATIVE NOTICE FY 2016 PLAN YEAR The Wheaton College Retirement Plan (the "Plan") permits each Participant to direct how money in her/his

More information

High-Yield Spread U.S. 10-Year Treasury Yield Investment Grade Spread

High-Yield Spread U.S. 10-Year Treasury Yield Investment Grade Spread WisdomTree ETFs BOFA MERRILL LYNCH HIGH YIELD BOND ZERO DURATION FUND HYZD The U.S. high-yield bond market has been one of the best-performing subsets of the fixed income investable universe over the past

More information

Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015

Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015 Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015 Before you invest, you may want to review the Fund s complete prospectus, which

More information

Global Markets Insights

Global Markets Insights Global Markets Insights Inefficiencies and opportunities in today s fixed-income markets Agenda Today s fixed-income asset-allocation challenge 1 Volatility expectations 2 Correlation expectations 3 Return

More information

Documeent title on one or two. high-yield bonds. Executive summary. W Price (per $100 par) W. The diversification merits of high-yield bonds

Documeent title on one or two. high-yield bonds. Executive summary. W Price (per $100 par) W. The diversification merits of high-yield bonds April 01 TIAA-CREF Asset Management Documeent title on one or two The lines enduring Gustan case Book for pt high-yield bonds TIAA-CREF High-Yield Strategy Kevin Lorenz, CFA Managing Director Co-portfolio

More information

High Yield Fixed Income Credit Outlook

High Yield Fixed Income Credit Outlook High Yield Fixed Income Credit Outlook Brendan White, CFA Portfolio Manager, Touchstone High Yield Fund Fort Washington Investment Advisors, Inc. September 28, 2011 The opinions expressed are current as

More information

Wells Fargo Advantage Funds announces updates to its money market fund lineup

Wells Fargo Advantage Funds announces updates to its money market fund lineup May 21, 2015 Wells Fargo Advantage Funds announces updates to its money market fund lineup Wells Fargo Advantage Funds today announced that its Board of Trustees preliminarily approved the changes to its

More information

SmartRetirement Mutual Fund Commentary

SmartRetirement Mutual Fund Commentary SmartRetirement Mutual Fund Commentary J.P.Morgan Asset Management 3 rd Quarter 2014 Performance Highlights SmartRetirement s Performance Objectives The JPMorgan SmartRetirement Mutual Funds are designed

More information

NORTHERN TRUST HIGH YIELD FIXED INCOME QUARTERLY UPDATE. Highlighting attribution, economic and market analysis

NORTHERN TRUST HIGH YIELD FIXED INCOME QUARTERLY UPDATE. Highlighting attribution, economic and market analysis NORTHERN TRUST HIGH YIELD FIXED INCOME QUARTERLY UPDATE Highlighting attribution, economic and market analysis December 31, 2015 Northern Trust Asset Management 50 South La Salle Street Chicago, Illinois

More information

Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale)

Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Summary Prospectus October 30, 2015 Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Before you invest, you may want to review the Fund s Prospectus, which

More information

Federated Floating Rate Strategic Income Fund

Federated Floating Rate Strategic Income Fund 1st Quarter 2016 Product Profile Federated Floating Rate Strategic Income Fund FUND FACTS Performance Inception Date A Shares: 2/23/11 Institutional Shares: 12/3/10 Benchmark 55% Credit Suisse Leveraged

More information

BRANDES. Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX. Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX

BRANDES. Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX. Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX BRANDES Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX Prospectus January 30, 2015 The U.S. Securities and Exchange

More information

Madison Investment Advisors LLC

Madison Investment Advisors LLC Madison Investment Advisors LLC Intermediate Fixed Income SELECT ROSTER Firm Information: Location: Year Founded: Total Employees: Assets ($mil): Accounts: Key Personnel: Matt Hayner, CFA Vice President

More information

Lord Abbett High Yield Municipal Bond Fund

Lord Abbett High Yield Municipal Bond Fund SUMMARY PROSPECTUS Lord Abbett High Yield Municipal Bond Fund FEBRUARY 1, 2016 CLASS/TICKER CLASS A... HYMAX CLASS C... HYMCX CLASS I... HYMIX CLASS B... HYMBX CLASS F... HYMFX CLASS P... HYMPX Before

More information

John Hancock Alternative Asset Allocation Fund

John Hancock Alternative Asset Allocation Fund Click here for the prospectus. Click here for the Statement of Additional Information. John Hancock Alternative Asset Allocation Fund Summary prospectus 1/1/16 Before you invest, you may want to review

More information

PROFESSIONAL FIXED-INCOME MANAGEMENT

PROFESSIONAL FIXED-INCOME MANAGEMENT MARCH 2014 PROFESSIONAL FIXED-INCOME MANAGEMENT A Strategy for Changing Markets EXECUTIVE SUMMARY The bond market has evolved in the past 30 years and become increasingly complex and volatile. Many investors

More information

COMPANY OF NEW YORK ML of New York Variable Annuity Separate Account A Supplement Dated January 17, 2014 to the Prospectus For MERRILL LYNCH INVESTOR

COMPANY OF NEW YORK ML of New York Variable Annuity Separate Account A Supplement Dated January 17, 2014 to the Prospectus For MERRILL LYNCH INVESTOR TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY Merrill Lynch Life Variable Annuity Separate Account A Supplement Dated January 17, 2014 to the Prospectus For MERRILL LYNCH INVESTOR CHOICE ANNUITY (INVESTOR

More information

Stable Value Option. New York Life Insurance Company Anchor Account III As of 9/30/2011 INVESTMENT OBJECTIVE SECTOR DIVERSIFICATION. Cash --- 5.

Stable Value Option. New York Life Insurance Company Anchor Account III As of 9/30/2011 INVESTMENT OBJECTIVE SECTOR DIVERSIFICATION. Cash --- 5. Stable Value Option The Stable Value Option seeks to provide a low-risk stable investment, offering competitive yields and limited volatility, with guarantee of principal and accumulated interest. Until

More information

BBIF Government Securities Fund BBIF Tax-Exempt Fund. Shareholders should retain this Supplement for future reference.

BBIF Government Securities Fund BBIF Tax-Exempt Fund. Shareholders should retain this Supplement for future reference. BBIF Government Securities Fund BBIF Tax-Exempt Fund Supplement dated April 22, 2016 to the Prospectus, Summary Prospectuses and Statement of Additional Information of the Funds, dated January 4, 2016

More information

High-yield bonds. Bonds that potentially reward investors for taking additional risk. High-yield bond basics

High-yield bonds. Bonds that potentially reward investors for taking additional risk. High-yield bond basics High-yield bonds Bonds that potentially reward investors for taking additional risk Types of high-yield bonds Types of high-yield bonds include: Cash-pay bonds. Known as plain vanilla bonds, these bonds

More information

JPMorgan Funds statistics report: High Yield Fund

JPMorgan Funds statistics report: High Yield Fund NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan s statistics report: High Yield Must be preceded or accompanied by a prospectus. jpmorganfunds.com Table of contents PERFORMANCE DURATION Performance

More information

What Investors Should Know about Money Market Reforms

What Investors Should Know about Money Market Reforms What Investors Should Know about Money Market Reforms What Investors Should Know about Money Market Reforms Executive Summary Ò New SEC regulations for the $2.7 trillion money market industry may present

More information

J.P. Morgan Municipal Bond Funds

J.P. Morgan Municipal Bond Funds Semi-Annual Report J.P. Morgan Municipal Bond Funds August 31, 2013 (Unaudited) JPMorgan Arizona Municipal Bond Fund JPMorgan Michigan Municipal Bond Fund JPMorgan Municipal Income Fund JPMorgan Ohio Municipal

More information

Federated New York Municipal Income Fund

Federated New York Municipal Income Fund Summary Prospectus October 31, 2015 Share Class A B Ticker NYIFX NYIBX Federated New York Municipal Income Fund A Portfolio of Federated Municipal Securities Income Trust Before you invest, you may want

More information

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management Navigating Rising Rates with Active, Multi-Sector Fixed Income Management 2 With bond yields near 60-year lows and expected to rise, U.S. core bond investors are increasingly questioning how to mitigate

More information

DFA INVESTMENT DIMENSIONS GROUP INC.

DFA INVESTMENT DIMENSIONS GROUP INC. PROSPECTUS February 28, 2015 Please carefully read the important information it contains before investing. DFA INVESTMENT DIMENSIONS GROUP INC. DFA ONE-YEAR FIXED INCOME PORTFOLIO Ticker: DFIHX DFA TWO-YEAR

More information

TD ASSET MANAGEMENT USA FUNDS INC. TDAM U.S. Equity Shareholder Yield Fund. TDAM U.S. Large Cap Core Equity Fund

TD ASSET MANAGEMENT USA FUNDS INC. TDAM U.S. Equity Shareholder Yield Fund. TDAM U.S. Large Cap Core Equity Fund TD ASSET MANAGEMENT USA FUNDS INC. TDAM U.S. Equity Shareholder Yield Fund TDAM U.S. Large Cap Core Equity Fund TDAM Global Equity Shareholder Yield Fund TDAM Global All Cap Fund TDAM U.S. Small-Mid Cap

More information

Nuveen Intelligent Risk Conservative Allocation Fund will be liquidated after the close of business on June 24, 2016.

Nuveen Intelligent Risk Conservative Allocation Fund will be liquidated after the close of business on June 24, 2016. NUVEEN INTELLIGENT RISK CONSERVATIVE ALLOCATION FUND SUPPLEMENT DATED APRIL 18, 2016 TO THE SUMMARY PROSPECTUS DATED DECEMBER 31, 2015 Nuveen Intelligent Risk Conservative Allocation Fund will be liquidated

More information

Morningstar Highlights

Morningstar Highlights Morningstar Highlights Second quarter Data as of June 30, 2015 Invesco offers funds that have competitive performance relative to their peers across most style boxes. Below are Invesco funds with four-

More information

Prospectus Socially Responsible Funds

Prospectus Socially Responsible Funds Prospectus Socially Responsible Funds Calvert Social Investment Fund (CSIF) Balanced Portfolio Equity Portfolio Enhanced Equity Portfolio Bond Portfolio Money Market Portfolio Calvert Social Index Fund

More information

Key Takeaways MARKET OVERVIEW. MORNINGSTAR RATING as of 12/31/15

Key Takeaways MARKET OVERVIEW. MORNINGSTAR RATING as of 12/31/15 Q4 2015 INVESTMENT COMMENTARY Calvert Equity Portfolio A: CSIEX C: CSECX I: CEYIX Y: CIEYX The Fund invests primarily in the common stocks of U.S. largecap companies. The Subadvisor looks for established

More information

Income Funds. Prospectus. International Bond Fund ESIRX. Wells Fargo Advantage Funds March 1, 2015. Class R6*

Income Funds. Prospectus. International Bond Fund ESIRX. Wells Fargo Advantage Funds March 1, 2015. Class R6* Wells Fargo Advantage Funds March 1, 2015 Income Funds Prospectus Class R6* International Bond Fund ESIRX *Class R6 shares are only available to participants in certain retirement plans. As with all mutual

More information

Investing for rising interest rates

Investing for rising interest rates Strategies for fixed-income investors Investing for rising interest rates Rising interest rates can have a significant negative effect on the value of fixed-income investments because interest rates and

More information

Morningstar Highlights

Morningstar Highlights Morningstar Highlights Third quarter Data as of September 30, 2015 Invesco offers funds that have competitive performance relative to their peers across most style boxes. Below are Invesco funds with four-

More information

DIVERSIFY WITH CORPORATE INCOME

DIVERSIFY WITH CORPORATE INCOME DIVERSIFY WITH CORPORATE INCOME FIXED-INCOME FUNDS AS OF 2/3/5 /6 30329-6A THE CASE FOR CORPORATE INCOME Historically Low Interest Rates Generating income in your portfolio has become more difficult as

More information

Fixed Income Update Portfolio Positioning

Fixed Income Update Portfolio Positioning Fixed Income Update Portfolio Positioning April 2015 In 2014, we saw traditional relationships between equity and high yield performance diverge. Despite an improving U.S. economy Treasuries rallied along

More information

Retirement Balanced Fund

Retirement Balanced Fund SUMMARY PROSPECTUS TRRIX October 1, 2015 T. Rowe Price Retirement Balanced Fund A fund designed for retired investors seeking capital growth and income through investments in a combination of T. Rowe Price

More information

JPMorgan Funds statistics report: Mortgage-Backed Securities Fund

JPMorgan Funds statistics report: Mortgage-Backed Securities Fund NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan s statistics report: Mortgage-Backed Securities Must be preceded or accompanied by a prospectus. jpmorganfunds.com Table of contents PERFORMANCE

More information

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Money Market Funds Prospectus UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Prospectus August 28, 2015 Ticker symbols:

More information

Time to Invest in Short-Term Bonds?

Time to Invest in Short-Term Bonds? First Quarter 2010 Time to Invest in Short-Term Bonds? Executive Summary This paper outlines why now may be an opportune time to invest in short-term bonds. We believe short-term bonds offer: Less downside

More information

California Tax-Free Bond Fund

California Tax-Free Bond Fund SUMMARY PROSPECTUS PRXCX July 1, 2015 T. Rowe Price California Tax-Free Bond Fund A longer-term bond fund seeking income exempt from federal and California state income taxes. Before you invest, you may

More information

The Impact of Interest Rates on Real Estate Securities

The Impact of Interest Rates on Real Estate Securities The Impact of Interest Rates on Real Estate Securities The challenge for real estate securities investors is determining how monetary policy and interest rates affect prices and returns. Highlights Not

More information

Fixed Income Review. Second Quarter 2015

Fixed Income Review. Second Quarter 2015 Second Quarter 2015 As of June 30, 2015 Total Return Performance Calendar Year Performance Index MTD QTD YTD 2014 2013 2012 Barclays US Aggregate -1.1% -1.7% -0.1% 6.0% -2.0% 4.2% BAML US Agency Index

More information

TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP. Supplement to the Currently Effective Prospectus and Summary Prospectus

TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP. Supplement to the Currently Effective Prospectus and Summary Prospectus TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP Supplement to the Currently Effective Prospectus and Summary Prospectus * * * The following replaces in their entirety the

More information

T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class

T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class Supplement to Prospectuses Dated May 1, 2015 In section 1, the portfolio manager table under Management with respect

More information

Global high yield: We believe it s still offering value December 2013

Global high yield: We believe it s still offering value December 2013 Global high yield: We believe it s still offering value December 2013 02 of 08 Global high yield: we believe it s still offering value Patrick Maldari, CFA Senior Portfolio Manager North American Fixed

More information

NORTHERN TRUST ACTIVE FIXED INCOME QUARTERLY UPDATE. Core/Core Plus Investment Strategy

NORTHERN TRUST ACTIVE FIXED INCOME QUARTERLY UPDATE. Core/Core Plus Investment Strategy NORTHERN TRUST ACTIVE FIXED INCOME QUARTERLY UPDATE Core/Core Plus Investment Strategy December 31, 2014 Northern Trust Asset Management 50 South La Salle Street Chicago, Illinois 60603 northerntrust.com

More information

2 11,455. Century Small Cap Select Instl SMALL-CAP as of 09/30/2015. Investment Objective. Fund Overview. Performance Overview

2 11,455. Century Small Cap Select Instl SMALL-CAP as of 09/30/2015. Investment Objective. Fund Overview. Performance Overview SMALL-CAP as of 09/30/2015 Investment Objective Century Small Cap Select Fund (CSCS) seeks long-term capital growth. Performance Overview Cumulative % Annualized % Quarter Year Since to Date to Date 1

More information

offers opportunities for higher tax-exempt income and diversification.

offers opportunities for higher tax-exempt income and diversification. American High-Income Municipal Bond Fund Fiscal Year-End Summary: 7/31/15 Tax-Exempt Bond Fund American High-Income Municipal Bond Fund offers opportunities for higher tax-exempt income and diversification.

More information

A fixed-income fund for all markets. MainStay Unconstrained Bond Fund

A fixed-income fund for all markets. MainStay Unconstrained Bond Fund A fixed-income fund for all markets MainStay Unconstrained Bond Fund * A leader in fixed-income investing MacKay Shields has over 40 years of experience helping clients with their investment objectives.

More information

Link to Statement of Additional Information (Table of Contents)

Link to Statement of Additional Information (Table of Contents) SUMMARY PROSPECTUS February 1, 2016, as revised June 30, 2016 CALVERT HIGH YIELD BOND FUND Class (Ticker): A (CYBAX) C (CHBCX) Y (CYBYX) Link to Prospectus (Table of Contents) Link to Statement of Additional

More information

Louisiana Optional Retirement Plan Louisiana Optional Retirement Plan

Louisiana Optional Retirement Plan Louisiana Optional Retirement Plan TIAA-CREF Quarterly Performance Louisiana Optional Retirement Plan Louisiana Optional Retirement Plan Performance as of 03/31/2016 Before making your investment choices and completing your enrollment form,

More information

Taxable Fixed Income. Invesco Floating Rate Fund (AFRAX)

Taxable Fixed Income. Invesco Floating Rate Fund (AFRAX) Taxable Fixed Income Invesco Floating Rate Fund (AFRAX) Senior Secured Loans A unique asset class Floating rate funds, also called senior loan funds, invest in senior secured loans. The loans have very

More information

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS. FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield

More information

Important Information about Closed-End Funds and Unit Investment Trusts

Important Information about Closed-End Funds and Unit Investment Trusts Robert W. Baird & Co. Incorporated Important Information about Closed-End Funds and Unit Investment Trusts Baird has prepared this document to help you understand the characteristics and risks associated

More information

Bond Mutual Funds. a guide to. A bond mutual fund is an investment company. that pools money from shareholders and invests

Bond Mutual Funds. a guide to. A bond mutual fund is an investment company. that pools money from shareholders and invests a guide to Bond Mutual Funds A bond mutual fund is an investment company that pools money from shareholders and invests primarily in a diversified portfolio of bonds. Table of Contents What Is a Bond?...

More information

Fund commentary. John Hancock Lifestyle Portfolios Q1 2016

Fund commentary. John Hancock Lifestyle Portfolios Q1 2016 Fund commentary John Hancock Lifestyle Portfolios Seek: Long-term growth of capital or a balance between a high level of current income and growth of capital Use for: Broadly diversified, risk-targeted

More information

Priority Senior Secured Income Fund, Inc.

Priority Senior Secured Income Fund, Inc. Priority Senior Secured Income Fund, Inc. This material is neither an offer to sell nor the solicitation of an offer to buy any security. Such an offer can be made only by prospectus, which has been filed

More information

ETF Investment Solutions How to Target the Bond Market s Sweet Spot with Crossover Bonds

ETF Investment Solutions How to Target the Bond Market s Sweet Spot with Crossover Bonds ETF Investment Solutions How to Target the Bond Market s Sweet Spot with Crossover Bonds CONTENTS I. ASSET CLASS BACKGROUND What Are Crossover Bonds? II. CHARACTERISTICS OF CROSSOVER BONDS What Are the

More information

WHAT ROLE DO BONDS PLAY IN YOUR PORTFOLIO? Guard Against Interest Rate Risk and Credit Events

WHAT ROLE DO BONDS PLAY IN YOUR PORTFOLIO? Guard Against Interest Rate Risk and Credit Events RETHINK YOUR BONDS Building Better Bond Portfolios Interest rates may inch up this year, but expect them to be low for some time to come. You can continue to achieve your fixed income goals in this environment

More information

MainStay Investments FOR REGISTERED REPRESENTATIVE USE ONLY. NOT TO BE USED WITH THE GENERAL PUBLIC.

MainStay Investments FOR REGISTERED REPRESENTATIVE USE ONLY. NOT TO BE USED WITH THE GENERAL PUBLIC. MainStay Investments NYLIM-24809 461946 MS31cc-05/12 MainStay Investments MainStay Investments, an indirect subsidiary of New York Life Insurance Company, offers investment advisory products and services

More information

The case for high yield

The case for high yield The case for high yield Jennifer Ponce de Leon, Vice President, Senior Sector Leader Wendy Price, Director, Institutional Product Management We believe high yield is a compelling relative investment opportunity

More information

WST ASSET MANAGER U.S. EQUITY FUND

WST ASSET MANAGER U.S. EQUITY FUND Prospectus December 18, 2015 WST ASSET MANAGER U.S. EQUITY FUND Investor Shares (Ticker Symbol: WSTEX) Institutional Shares (Ticker Symbol: WSTIX) WST ASSET MANAGER U.S. BOND FUND Investor Shares (Ticker

More information