High Yield Fund (HWHAX)

I SHARES    A SHARES    C SHARES   

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Investment return and principal value of the fund will fluctuate, and shares may be worth more or less than their original cost when redeemed. Click quarter-end or month-end to obtain the most recent fund performance. The High Yield Fund imposes a 2.00% redemption fee on shares held for 90 days or less. Performance data does not reflect the redemption fee. If it had, return would be reduced.

Characteristics
As of 08/31/2018
STATISTICS
  Portfolio ICE BofAML BB-B
Yield-to-Worst 6.8% 5.8%
Modified Duration 3.4 years 4.1 years
Spread over Treasuries 411 bps 299 bps
Average Coupon Rate 6.6% 6.1%
Number of Issuers 138 726
TOP FIVE HOLDINGS (%)1
  Portfolio Coupon
Rate
Maturity
Date
American Zinc Recycling 1.2 -- --
Momentive Performance Matls 0.9 3.880% 10/24/2021
Rayonier A.M. Products Inc. 0.9 5.500% 6/1/2024
Weekley Homes LP 0.9 6.000% 2/1/2023
Rain CII Carbon LLC 0.9 7.250% 4/1/2025
CREDIT QUALITY (%)1
  Portfolio ICE BofAML BB-B
Cash & Equivalents 4.5 0.0
Investment Grade 3.4 10.6
BB 41.1 57.5
B 41.8 31.9
CCC+ or lower 4.6 0.0
Non-Rated 4.6 0.0
Credit Default Swap Index 0.0 0.0
TOP TEN OVERWEIGHTS (%)1
  Portfolio less
ICE BofAML BB-B
Portfolio
American Zinc Recycling 1.2 1.2
Pinnacle Agriculture Holdings LLC 1.2 1.2
Boardriders, Inc. 1.1 1.1
Staples, Inc. 1.0 1.1
J.C. Penney Company, Inc. 0.9 1.0
Weekley Homes LP 0.9 0.9
Rayonier Advanced Materials, Inc. 0.9 0.9
Shelf Drilling Ltd. 0.9 0.9
PetSmart, Inc. 0.9 0.9
Fieldwood Energy 0.9 0.9
INDUSTRY BREAKDOWN (%)1
Portfolio
ICE BofAML BB-B
0%
5%
10%
15%
20%
25%
30%
Basic Industry
Energy
Healthcare
Media
Retail
Technology & Electronics
Services
Automotive
Consumer Goods
Leisure
Capital Goods
Financial Services
Telecommunications
Banking
Transportation
Utility
Real Estate
Insurance
20.0
12.1
17.6
15.7
11.1
9.3
9.5
11.8
5.0
4.0
4.9
5.3
4.5
5.2
4.1
1.8
3.4
2.9
3.3
4.7
3.2
5.2
2.4
4.7
2.1
9.3
2.0
2.7
1.6
0.9
1.0
2.8
0.0
0.9
0.0
0.8

Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may invest in derivative securities, which derive their performance from the performance of an underlying asset, index, interest rate or currency exchange rate. Derivatives can be volatile and involve various types and degrees of risks. Depending on the characteristics of the particular derivative, it could become illiquid. Investment in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund may invest in foreign as well as emerging markets which involve greater volatility and political, economic and currency risks and differences in accounting methods.

Diversification does not assure a profit nor protect against loss in a declining market.

Credit Quality weights by rating are derived from the highest bond rating as determined by S&P, Moody's or Fitch. Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as Standard & Poor's, Moody's and Fitch. These firms evaluate a bond issuer's financial strength, or its ability to pay a bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from 'AAA', which is the highest grade, to 'D', which is the lowest grade. In limited situations when none of the three rating agencies have issued a formal rating, the Advisor will classify the security as nonrated. Credit default swaps use bond-equivalent prices to calculate portfolio weights.

Information on the Fund’s holdings, portfolio characteristics and attribution reports are subject to its portfolio holdings disclosure policy. Such information may be obtained through the Funds’ website or by calling 800-796-5606. Fund holdings and/or industry allocations are subject to change and are not buy/sell recommendations.

% of Total Portfolio includes total investments, cash and cash equivalents, and accrued investment income on a trade date basis.

Index definitions

Glossary of financial terms