High Yield Fund (HWHIX)

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 09/30/2017
STATISTICS
  Portfolio BofAML BB-B
Yield-to-Worst 5.8% 4.7%
Modified Duration 3.2 years 3.7 years
Spread over Treasuries 391 bps 275 bps
Average Coupon Rate 6.8% 6.2%
Number of Issuers 144 683
TOP FIVE HOLDINGS (%)1
  Portfolio Coupon
Rate
Maturity
Date
Momentive Perf. Materials 1.0 3.880% 10/24/2021
Rain CII Carbon LLC 0.9 7.250% 04/01/2025
Weekley Homes LP 0.9 6.000% 02/01/2023
CCO Holdings LLC 0.9 5.750% 02/15/2026
Kosmos Energy Ltd. 0.9 7.875% 08/01/2021
CREDIT QUALITY (%)1
  Portfolio BofAML BB-B
Cash & Equivalents 4.5 0.0
Investment Grade 2.7 9.4
BB 43.2 60.1
B 41.7 30.5
CCC+ or lower 6.9 0.0
Non-Rated 3.6 0.0
Credit Default Swap Index -2.7 0.0
TOP TEN OVERWEIGHTS (%)1
  Portfolio less
BofAML BB-B
Portfolio
Jonah Energy 1.3 1.3
Pinnacle Agriculture Holdings LLC 1.2 1.2
Staples Inc. 1.0 1.0
Momentive Perf. Materials 1.0 1.0
Valeant Pharmaceuticals Int'l Inc. 0.9 1.2
Kosmos Energy Ltd. 0.9 0.9
Weekley Homes LP 0.9 0.9
Rain Industries Ltd. 0.9 1.0
Halyard Health Inc. 0.9 0.9
Petsmart Inc. 0.9 1.0
INDUSTRY BREAKDOWN (%)1
Portfolio
BofAML BB-B
0%
5%
10%
15%
20%
25%
30%
Energy
Basic Industry
Healthcare
Media
Retail
Consumer Goods
Capital Goods
Technology & Electronics
Services
Automotive
Banking
Telecommunications
Utility
Leisure
Financial Services
Transportation
Insurance
Real Estate
22.7
13.6
17.5
12.7
10.0
7.2
9.4
12.3
5.0
4.7
4.7
2.5
4.5
5.6
4.4
5.7
4.2
5.2
3.0
2.4
2.5
3.8
2.5
10.2
2.1
2.8
2.0
4.6
2.0
4.3
1.8
0.9
0.0
0.8
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