Address And Details

7337 E. Doubletree Ranch Rd, Suite 100 , Scottsdale, AZ 85258
Fund Manager Jeffrey A. Bakalar
Manager Tenure 11 Years 1 Months

Strategy And Objective

The Fund seeks to provide investors with a high level of current income. Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in U.S. dollar denominated floating rate loans and other floating rate debt instruments, including: floating rate bonds; floating rate notes; money market instruments with a remaining maturity of 60 days or less; floating rate debentures; and tranches of floating rate asset-backed securities, including structured notes, made to, or issued by, U.S. and non-U.S. corporations or other business entities (collectively Floating Rate Debt ). The Fund will provide shareholders with at least 60 days prior notice of any change in this investment policy. The Fund normally invests substantially in floating rate loans. The floating rate loans in which the Fund invests are generally below investment-grade floating rate loans that either hold the most senior position in the capital structure of the borrower, hold an equal ranking with other senior debt, or have characteristics (such as a senior position secured by liens on a borrower's assets) that the sub-adviser ( Sub-Adviser ) believes justify treatment as senior debt. Below investment-grade debt instruments are commonly known as junk bonds. In considering investments in floating rate loans, the Sub-Adviser seeks to invest in the largest and most liquid loans available. The Fund may invest in floating rate loans of companies whose financial condition is troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations, or financial restructurings. Structured notes include, but are not limited to, collateralized loan obligations ( CLOs ). Although the Fund has no restrictions on investment maturity, normally the floating rate loans will have remaining maturities of ten years or less. The Fund may invest in the following derivative instruments: interest rate swaps and futures or forward contracts in order to seek to enhance returns or to attempt to hedge some of its investment risk. The Fund may invest up to 20% of its assets, measured at the time of purchase, in a combination of one or more of the following types of investments: high- yield bonds (commonly referred to as junk bonds ), senior or subordinated fixed rate debt instruments, including notes and bonds, whether secured and unsecured; equity securities: (i) as an incident to the purchase or ownership of Floating Rate Debt or fixed rate debt instruments; (ii) in connection with a restructuring of a borrower or issuer or its debt; or (iii) if the Fund already owns Floating Rate Debt or a fixed rate debt instrument of the issuer of such equity; short-term debt obligations, repurchase agreements, cash and cash equivalents that do not otherwise qualify as Floating Rate Debt; and other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ( 1940 Act ). High-yield bonds are debt instruments that, at the time of purchase, are not rated by a nationally recognized statistical rating organization ( NRSRO ) or are rated below investment-grade (for example, rated below BBB- by S&P Global Ratings or Baa3 by Moody s Investors Service, Inc.) or have an equivalent rating by a NRSRO. Most of the Fund s investments will be denominated in the U.S. dollar, although the Fund may invest in securities of non-U.S. companies, non-U.S. dollar denominated loans and securities (e.g., denominated in Euros, British pounds, Swiss francs or Canadian dollars), foreign sovereign debt securities, and Eurodollar bonds and obligations. The Fund may invest a portion of its assets in obligations of issuers in, or denominated in currencies of, emerging market countries. The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.

Net Asset Value

as of 5:48 PM ET 09/22/2021


  • 1 Week
  • +0.11%
  • 1 Month
  • +0.44%
  • 3 Months
  • +0.11%
  • 1 Yr Return
  • +3.17%
  • 5 Yr Return
  • -7.99%

Equity Sector Breakdown

ConsumerDurables n/a
Energy n/a
Finance n/a
Health n/a
IndustrialCyclical n/a
NonDurables n/a
RetailTrade n/a
Services n/a
Technology n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Bonds 93.77%
Other 5.35%
Stocks 0.89%
Cash 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 231.02 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha 0.09 1.36 2.92
Beta 0.21 0.11 0.11
R Squared 0.01 0.00 0.00
Std Deviation 9.28 7.19 5.38
Sharpe Ratio 0.11 0.22 n/a

Purchase Information

as of 5:48 PM ET 09/20/2021
Minimum Initial $250000
Minimum Additional $0
Minimum Initial IRA $250000


Timeframe Average Annual Current Performance Monthly As Of 08/31/2021 Average Annual Current Performance Quarterly As Of 05/31/2021 Avg Annual Current Performance Monthly As Of 08/31/2021 Avg Annual Current Performance Quarterly As Of 05/31/2021
1 Year
  • +7.04%
  • +10.40%
+7.04% +10.40%
3 Year
  • +1.67%
  • +1.84%
+1.67% +1.84%
10 Year
  • +3.89%
  • +3.37%
+3.89% +3.37%
Life Of Fund
  • +3.58%
  • +3.60%
+3.58% +3.60%

Top 10 Holdings

Symbol Company Name % Of Assets

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