Versatile Bond Portfolio
Versatile Bond Portfolio seeks to earn high current income.
In pursuit of its investment objective, under normal market conditions the Portfolio invests at least 80% of its assets in bonds, which may include debt securities of all types and of any maturity. This provides the Portfolio with flexibility to invest in a wide range of bonds, take advantage of opportunities in the bond market, and thus may provide attractive returns to shareholders over the long term.
Reasons to Consider
No Fixed Duration - Versatile Bond Portfolio may invest in bonds with a range of maturities from short- to long-term and does not attempt to maintain any pre-set average portfolio maturity or duration, but rather seeks to manage the Portfolio’s duration based on the Adviser’s forecast of interest rates and assessment of general market risks.
Flexible Management - The Portfolio may invest in obligations of U.S. and non-U.S. issuers, including corporate bonds, convertible securities, preferred stock, commercial paper, securities issued or guaranteed by the U.S. government, its agencies or government-sponsored enterprises, similar obligations of non-U.S. government or supranational entities, bank obligations such as certificates of deposit, time deposits, bank notes and repurchase agreements. Such investments may be in “investment grade” or “below investment grade” bonds (“high yield” or “junk” bonds) and may be denominated in U.S. dollars or foreign currencies. Up to 50% of the Portfolio may be invested in bonds rated below investment grade at the time of investment.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance quoted. It can be obtained by calling (800) 531-5142. Performance data shown with load reflects the Class A shares maximum sales charge of 4.00% and the Class C shares maximum deferred sales charge of 1.00%. Performance data shown as no load does not reflect the current maximum sales charges. Had the sales charge been included, the Portfolio’s returns would be lower. All results are historical and assume the reinvestment of dividends and capital gains.
Historical Performance: Annual Returns Since Inception
Average Annual Total Returns (as of March 31, 2019)
YTD 1 Year 5 Years 10 Years 15 Years Inception Class I 3.94% 6.07% 3.05% 2.96% 2.80% 3.50% Class A (Load) -.28% 1.57% - - - 2.99% Class A (No Load) 3.87% 5.80% - - - 4.49% Class C (Load) 2.67% 4.01% - - - 3.71% Class C (No Load) 3.67% 5.01% - - - 3.71% Bloomberg Barclays Capital Global Aggregate (Excluding Securitized) Bond Index 2.28% -.87% .93% 3.05% 3.25% 5.25% FTSE BIG Credit AAA/AA 1-3 Year Corporate Bond Index 1.28% 3.36% 1.37% 1.86% 2.41% 4.33% FTSE BIG Credit A 1-3 Year Corporate Bond Index 1.69% 3.71% 1.66% 3.03% 2.83% 4.63% Expense Ratios Class I Class A Class C Gross Expense Ratio 1.22% 1.47% 2.22% Net Expense Ratio .65% .90% 1.65%
Effective December 7, 2018, the Portfolio’s investment adviser has contractually agreed to waive, through June 1, 2020, a portion of its Management Fee payable by the Portfolio so that the Management Fee paid by the Portfolio does not exceed an annual rate of .6250% of the Portfolio’s average daily net assets. The Agreement may be terminated or amended only with the approval of the Trust’s Board of Trustees.
DIVIDENDS & DISTRIBUTIONS
Record Date: Tuesday, December 4, 2018
Reinvestment Date: Thurdsay, December 6, 2018
Class I Class A Class C Ordinary Income Dividends $0.97936 $0.84956 $0.45352 Capital Gain Distributions (long-term) - - - Capital Gain Distributions (short-term) - - - Qualified Dividends (included in Ordinary Income Dividends) $0.00 $0.00 $0.00 Reinvestment Price $57.18 $57.17 $57.11 Dividends Earned on U.S. Treasury Securities 0.00% 0.00% 0.00%
FEES & EXPENSES
The table below describes the fees and expenses you would pay if you buy and hold shares of Versatile Bond Portfolio.
(fees paid directly from your investment)
Class I Class A Class C Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) None 4.00% None Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds) None 1.00%1 1.00%1 Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees 1.19% 1.19% 1.19% Distribution and/or Service (12b-1) Fees None .25% 1.00% Other Operating Expenses .03% .03% .03%
Total Annual Fund Operating Expenses
1.22% 1.47% 2.22%
Fee Waivers and Expense Limitation2
(.57%) (.57%) (.57%)
Total Annual Fund Operating Expenses After Fee Waivers and Expense Limitation
.65% .90% 1.65%
1For Class A shares, a contingent deferred sales charge (“CDSC”) of 1.00% applies on certain redemptions made within one year following purchases of $1 million or more made without an initial sales charge. For Class C shares, the CDSC is eliminated one year after purchase.
2Effective December 7, 2018, the Portfolio’s investment adviser has contractually agreed to waive, through June 1, 2020, a portion of its Management Fee payable by the Portfolio so that the Management Fee paid by the Portfolio does not exceed an annual rate of .6250% of the Portfolio’s average daily net assets. The Agreement may be terminated or amended only with the approval of the Trust’s Board of Trustees.
Portfolio Documents Date of Document Summary Prospectus May 31, 2019 Fact Sheet March 31, 2019 Investor Guide March 31, 2019 Annual Returns Since Inception March 31, 2019