Address And Details

P. O. Box 219078 , Kansas City, MO 64121
Fund Manager Christopher Chris Kelly
Manager Tenure 4 Years 8 Months

Strategy And Objective

The Fund s investment objective is to seek total return. The Fund invests mainly in debt securities in three market sectors: Foreign governments and issuers, U.S. government securities, and lower-grade, high-yield securities of U.S. and foreign issuers (commonly referred to as junk bonds ). A debt security is a security representing money borrowed by the issuer that must be repaid. The terms of a debt security specify the amount of principal, the interest rate or discount, and the time or times at which payments are due. Under normal market conditions, the Fund invests in each of the three market sectors. However, it is not required to invest in all three sectors at all times, and the amount of its assets in each of the three sectors will vary. The Fund can invest up to 100% of its assets in any one sector at any time, which means that it may have 100% of its assets invested in junk bonds. Under normal market conditions, the Fund will invest a substantial portion of its assets in a number of different countries, including the U.S. The Fund is not required to allocate its investments in any set percentages in any particular countries. The Fund may also invest in securities outside of these three market sectors, as further described in the prospectus and the Fund s SAI. The Fund s foreign investments may include debt securities of issuers in both developed and emerging markets. The Fund has no limitations regarding the range of maturities of the debt securities it can buy or the market capitalization of the issuers of those securities. The Fund s investments typically include foreign and U.S. government bonds and notes, collateralized mortgage obligations (CMOs), other mortgage-related securities, corporate debt obligations, including lower-grade, high-yield domestic and foreign corporate debt obligations, structured notes, participation interests in loans, investments in pooled investment entities (including those that invest in loans), asset-backed securities and zero coupon and stripped securities. The Fund can invest in investment grade or lower-grade, high-yield debt securities. Investment grade debt securities are rated in one of the top four rating categories by nationally recognized statistical rating organizations such as Moody s Investors Service or S&P Global Ratings (S&P). The Fund may also invest in unrated securities, in which case the investment adviser may internally assign ratings to certain of those securities, after assessing their credit quality, in investment-grade or below-investment-grade categories similar to those of nationally recognized statistical rating organizations. There can be no assurance, nor is it intended, that the investment adviser s credit analysis is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization. Although the Fund normally invests a substantial portion of its assets in lower-grade, high-yield debt securities, it can buy investment-grade debt securities without limit. The Fund may also invest in certain restricted securities including securities that are only eligible for resale pursuant to Rule 144A under the Securities Act of 1933 (referred to as Rule 144A Securities). The Fund may also use derivatives for investment purposes or hedging, including options, futures, forward contracts, swaps and structured notes. The Fund actively manages foreign currency exposure, both to reduce risk and to seek to enhance return. To do so, the Fund may invest in foreign exchange derivatives, including forwards and options that reference foreign currencies, including currencies of developing and emerging market countries. The portfolio managers analyze the overall investment opportunities and risks among the three market sectors in which the Fund invests and seek to moderate the special risks of investing in lower-grade, high-yield debt instruments and foreign securities by building a broadly diversified portfolio. The Fund s diversification strategies are intended to help reduce share price volatility while seeking current income. The portfolio managers currently focus on securities offering a balance of income and total return, securities whose market prices tend to move in different directions (to seek overall portfolio diversification), and relative values among the three market sectors in which the Fund invests. These factors may vary in particular cases and may change over time. The Fund may sell securities that the portfolio managers believe are no longer favorable with regard to these factors. The Fund may invest up to 25% of its total assets in a Cayman Islands exempted company that is wholly-owned and controlled by the Fund (the Subsidiary). The Subsidiary invests in Regulation S securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the Securities and Exchange Commission pursuant to Regulation S under the Securities Act of 1933. The Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary. Since the Fund may invest a substantial portion of its assets in the Subsidiary, which may hold certain of the investments described in this prospectus, the Fund may be considered to be investing indirectly in those investments through its Subsidiary. Therefore, references in this prospectus to investments by the Fund also may be deemed to include the Fund s indirect investments through the Subsidiary. In attempting to meet its investment objective or to manage subscription and redemption requests, the Fund engages in active and frequent trading of portfolio securities.

Net Asset Value

as of 5:40 PM ET 09/24/2021


  • 1 Week
  • -0.28%
  • 1 Month
  • +0.56%
  • 3 Months
  • -0.82%
  • 1 Yr Return
  • +0.84%
  • 5 Yr Return
  • -8.12%

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 84.33%
Cash 13.96%
Preferred 1.18%
Other 0.51%
Stocks 0.02%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 165.81 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -0.47 0.08 0.70
Beta 0.77 0.71 0.71
R Squared 0.05 0.06 0.08
Std Deviation 11.62 9.19 7.31
Sharpe Ratio 0.25 0.17 n/a

Purchase Information

as of 5:32 PM ET 09/23/2021
Minimum Initial $1000
Minimum Additional $50
Minimum Initial IRA $250


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
  • +3.05%
  • +11.29%
+3.05% +11.29%
3 Year
  • +3.36%
  • +3.74%
+3.36% +3.74%
10 Year
  • +3.16%
  • +3.10%
+3.16% +3.10%
Life Of Fund
  • +5.13%
  • +5.27%
+5.13% +5.27%

Top 10 Holdings

Symbol Company Name % Of Assets

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