High Yield Bond Series

Core Bond Series Diversified Tax Exempt Series Global Fixed Income Series High Yield Bond Series New York Tax Exempt Series Ohio Tax Exempt Series Unconstrained Bond Series
Class S Class I

Investment Objective

To provide a high level of long-term total return, which is a combination of income and capital appreciation.

Investment Strategy

Under normal circumstances, the Series will invest at least 80% of its assets in bonds that are rated below investment-grade (junk bonds) and those securities, principally exchange-traded funds, that are designed to track the performance of non-investment grade securities.

May be Appropriate for Investors

  • Seeking a long-term investment and who are willing to accept the risk of interest rate fluctuations
  • Seeking to diversify a portfolio by adding a bond component

Daily Price

$9.83

Daily $ Change

$0.01

Daily % Change

0.10%

as of 12/11/2018

Ticker

MNHYX

CUSIP

56382P583

Inception Date

09/14/2009

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/14/18

Performance

As of 11/30/2018

As of
Month-End Quarter-End

YTD

0.38%

1 Year

0.69%

3 Year

6.72%

5 Year

4.17%

10 Year

---

Inception
(09/14/2009)

7.01%

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. 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. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 0.98%
Net 0.91%*

*Includes a shareholder servicing fee of 0.25%. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2019) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 11/30/2018

As of
Month-End Quarter-End
HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 2.80%
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 2.80%
MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 2.61%
GASLOG LTD 8.87500 03/22/2022 2.39%
GLOBAL SHIP LEASE INC 9.87500 11/15/2022 2.29%
HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 2.26%
ISHARES IBOXX H/Y CORP BOND 4.46500 2.25%
BOREALIS FINANCE LLC 7.50000 11/16/2022 2.24%
CENTURY COMMUNITIES 5.87500 07/15/2025 2.24%
DRAX FINCO PLC 6.62500 11/01/2025 2.22%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 11/30/2018

As of
Month-End Quarter-End
Cash 4.15%
Corporate 93.70%
Other 2.15%

Credit Quality Distribution

As of 11/30/2018

As of
Month-End Quarter-End
AAA 4.16%
BBB 2.12%
BB 35.10%
B 43.91%
CCC 5.51%
NR 9.20%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.

November Fund Holdings

As of 11/30/2018

November October September August
CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 1,200,000 $1,209,000.00
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 1,540,000 $1,570,800.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 1,295,000 $1,323,906.90
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 1,229,000 $1,229,000.00
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 1,095,000 $1,091,923.05
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 1,265,000 $1,272,906.25
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 1,985,000 $1,920,487.50
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 2,060,000 $1,918,375.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 1,990,000 $1,930,300.00
126307AU1 CSC HOLDINGS LLC 5.50000 05/15/2026 US 1,335,000 $1,292,864.06
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 2,805,000 $2,528,006.25
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 1,685,000 $1,567,050.00
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 1,270,000 $1,222,375.00
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 1,200,000 $1,212,000.00
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 2,045,000 $1,917,187.50
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 2,555,000 $2,510,287.50
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 1,370,000 $1,358,012.50
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 2,560,000 $2,508,800.00
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 1,150,000 $1,052,250.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 2,000,000 $1,935,000.00
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 1,450,000 $1,268,750.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 2,670,000 $2,593,237.50
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 2,020,000 $1,919,000.00
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 2,450,000 $2,560,250.00
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 3,400,000 $3,170,500.00
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 2,025,000 $1,933,875.00
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 1,229,000 $1,182,912.50
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 1,170,000 $1,182,424.28
464288513 ISHARES IBOXX H/Y CORP BOND 4.46500 US 30,400 $2,541,440.00
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,610,000 $1,931,400.00
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 1,960,000 $1,771,350.00
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 1,260,000 $1,193,850.00
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 2,015,000 $2,060,337.50
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 1,130,000 $1,130,000.00
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 1,780,000 $1,682,100.00
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 1,295,000 $1,289,820.00
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 1,535,000 $1,350,800.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 2,949,000 $2,956,372.50
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 2,252,000 $2,004,280.00
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 1,235,000 $1,241,175.00
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 3,195,000 $3,163,050.00
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,635,000 $1,622,737.50
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 1,980,000 $1,925,550.00
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 1,325,000 $1,223,968.75
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 2,000,000 $1,997,500.00
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 1,380,000 $1,393,800.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 2,029,000 $1,988,420.00
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 1,340,000 $1,246,200.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 1,945,000 $1,823,437.50
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 1,845,000 $1,768,893.75
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,395,000 $1,293,862.50
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 1,400,000 $1,253,420.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 2,600,000 $2,496,000.00
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 1,314,000 $1,260,625.32
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 1,940,000 $1,755,700.00
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 1,910,000 $1,938,650.00
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 1,045,000 $984,912.50
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,620,000 $1,502,550.00
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 1,985,000 $1,974,479.50
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,960,000 $1,756,552.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 2,650,000 $2,530,750.00
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 1,764,000 $1,719,900.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 2,400,000 $2,196,000.00
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 2,615,000 $2,706,525.00
USD US DOLLAR US 4,896,768.99 $4,896,768.99

Investments will change over time.

Distributions

  • High Yield Bond Series Class S Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter
  • High Yield Bond Return of Capital 2017
  • Fourth Quarter 2018 Distribution Estimates

A Word About Risk

There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal.

Daily Price

$9.83

Daily $ Change

$0.01

Daily % Change

0.10%

as of 12/11/2018

Ticker

MNHYX

CUSIP

56382P583

Inception Date

09/14/2009

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/14/18

Investment Objective

To provide a high level of long-term total return, which is a combination of income and capital appreciation.

Investment Strategy

Under normal circumstances, the Series will invest at least 80% of its assets in bonds that are rated below investment-grade (junk bonds) and those securities, principally exchange-traded funds, that are designed to track the performance of non-investment grade securities.

May be Appropriate for Investors

  • Seeking a long-term investment and who are willing to accept the risk of interest rate fluctuations
  • Seeking to diversify a portfolio by adding a bond component

Performance

As of 11/30/2018

As of
Month-End Quarter-End

YTD

0.38%

1 Year

0.69%

3 Year

6.72%

5 Year

4.17%

10 Year

---

Inception
(09/14/2009)

7.01%

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. 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. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 0.98%
Net 0.91%*

*Includes a shareholder servicing fee of 0.25%. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2019) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 11/30/2018

As of
Month-End Quarter-End
HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 2.80%
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 2.80%
MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 2.61%
GASLOG LTD 8.87500 03/22/2022 2.39%
GLOBAL SHIP LEASE INC 9.87500 11/15/2022 2.29%
HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 2.26%
ISHARES IBOXX H/Y CORP BOND 4.46500 2.25%
BOREALIS FINANCE LLC 7.50000 11/16/2022 2.24%
CENTURY COMMUNITIES 5.87500 07/15/2025 2.24%
DRAX FINCO PLC 6.62500 11/01/2025 2.22%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 11/30/2018

As of
Month-End Quarter-End
Cash
4.15%
Corporate
93.70%
Other
2.15%

Credit Quality Distribution

As of 11/30/2018

As of
Month-End Quarter-End
AAA
4.16%
BBB
2.12%
BB
35.10%
B
43.91%
CCC
5.51%
NR
9.20%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.

November Fund Holdings

As of 11/30/2018

November October September August
CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAM8 ADT CORP 5.25000 03/15/2020 US 1,200,000 $1,209,000.00
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 1,540,000 $1,570,800.00
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 1,295,000 $1,323,906.90
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 1,229,000 $1,229,000.00
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 1,095,000 $1,091,923.05
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 1,265,000 $1,272,906.25
02753GAA7 AMERICAN MIDSTREAM PTR/F 9.50000 12/15/2021 US 1,985,000 $1,920,487.50
03969AAL4 ARDAGH PKG FIN/HLDGS USA 6.00000 02/15/2025 IE 2,060,000 $1,918,375.00
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 1,990,000 $1,930,300.00
126307AU1 CSC HOLDINGS LLC 5.50000 05/15/2026 US 1,335,000 $1,292,864.06
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 2,805,000 $2,528,006.25
22282EAH5 COVANTA HOLDING CORP 6.00000 01/01/2027 US 1,685,000 $1,567,050.00
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 1,270,000 $1,222,375.00
23311RAD8 DCP MIDSTREAM OPERATING 5.35000 03/15/2020 US 1,200,000 $1,212,000.00
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 2,045,000 $1,917,187.50
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 2,555,000 $2,510,287.50
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 1,370,000 $1,358,012.50
30264DAA7 FS ENERGY & POWER FUND 7.50000 08/15/2023 US 2,560,000 $2,508,800.00
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 1,150,000 $1,052,250.00
34960PAB7 FORTRESS TRANS & INFRAST 6.50000 10/01/2025 US 2,000,000 $1,935,000.00
37185LAF9 GENESIS ENERGY LP/GENESI 5.62500 06/15/2024 US 1,450,000 $1,268,750.00
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 2,670,000 $2,593,237.50
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 2,020,000 $1,919,000.00
44053FAA8 HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 US 2,450,000 $2,560,250.00
444454AD4 HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 US 3,400,000 $3,170,500.00
45031UCD1 ISTAR INC 5.25000 09/15/2022 US 2,025,000 $1,933,875.00
45763PAE6 INMARSAT FINANCE PLC 4.87500 05/15/2022 GB 1,229,000 $1,182,912.50
459745GH2 INTL LEASE FINANCE CORP 6.25000 05/15/2019 US 1,170,000 $1,182,424.28
464288513 ISHARES IBOXX H/Y CORP BOND 4.46500 US 30,400 $2,541,440.00
47987LAA9 JONAH NRG LLC/FINANCE 7.25000 10/15/2025 US 2,610,000 $1,931,400.00
50187TAE6 LGI HOMES INC 6.87500 07/15/2026 US 1,960,000 $1,771,350.00
50212YAB0 LPL HOLDINGS INC 5.75000 09/15/2025 US 1,260,000 $1,193,850.00
502160AM6 LSB INDUSTRIES 9.62500 05/01/2023 US 2,015,000 $2,060,337.50
505742AD8 LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 US 1,130,000 $1,130,000.00
55933JAB0 MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 US 1,780,000 $1,682,100.00
58502BAC0 MEDNAX INC 6.25000 01/15/2027 US 1,295,000 $1,289,820.00
59001ABA9 MERITAGE HOMES CORP 5.12500 06/06/2027 US 1,535,000 $1,350,800.00
62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 2,949,000 $2,956,372.50
62913TAM4 NGL ENRGY PART LP/FIN CO 6.12500 03/01/2025 US 2,252,000 $2,004,280.00
63938CAE8 NAVIENT CORP 7.25000 09/25/2023 US 1,235,000 $1,241,175.00
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 3,195,000 $3,163,050.00
69145LAA2 OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 US 1,635,000 $1,622,737.50
70014LAC4 PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 KY 1,980,000 $1,925,550.00
71642QAB3 PDLLN 7 1/4 05/01/22 7.25000 05/01/2022 GB 1,325,000 $1,223,968.75
733174AK2 POPULAR INC 6.12500 09/14/2023 PR 2,000,000 $1,997,500.00
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 1,380,000 $1,393,800.00
78442PGC4 SLM CORP 5.12500 04/05/2022 US 2,029,000 $1,988,420.00
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 1,340,000 $1,246,200.00
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 1,945,000 $1,823,437.50
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 1,845,000 $1,768,893.75
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 1,395,000 $1,293,862.50
88104LAE3 TERRAFORM POWER OPERATIN 5.00000 01/31/2028 US 1,400,000 $1,253,420.00
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 2,600,000 $2,496,000.00
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 1,314,000 $1,260,625.32
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 1,940,000 $1,755,700.00
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 1,910,000 $1,938,650.00
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 1,045,000 $984,912.50
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 1,620,000 $1,502,550.00
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 1,985,000 $1,974,479.50
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 1,960,000 $1,756,552.00
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 2,650,000 $2,530,750.00
BD82246 EAGLE BULK SHIPCO 8.25000 11/28/2022 MH 1,764,000 $1,719,900.00
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 2,400,000 $2,196,000.00
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 2,615,000 $2,706,525.00
USD US DOLLAR US 4,896,768.99 $4,896,768.99

Investments will change over time.

Distributions

  • High Yield Bond Series Class S Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter
  • High Yield Bond Return of Capital 2017
  • Fourth Quarter 2018 Distribution Estimates

A Word About Risk

There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal.


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