Mutual Funds
High Yield Bond Series
Investment Objective
To provide a high level of long-term total return by investing principally in non-investment grade fixed income securities that are issued by corporate and government entities.
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
$9.70
Daily $ Change
-$0.01
Daily % Change
-0.10%
as of 05/09/2024
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 | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
YTD
2.04%
1 Year
11.47%
3 Year
4.09%
5 Year
5.62%
10 Year
5.09%
Inception
(09/14/2009)
6.78%
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 | 0.97% |
| Net | 0.91%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.
| VENTURE GLOBAL LNG INC 9.50000 02/01/2029 | 2.59% |
| IHS HOLDING LTD 6.25000 11/29/2028 | 2.12% |
| LCPR SR SECURED FIN DAC 6.75000 10/15/2027 | 2.11% |
| NEW FORTRESS ENERGY INC 8.75000 03/15/2029 | 2.07% |
| AFFINITY GAMING 6.87500 12/15/2027 | 2.02% |
| GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 | 2.01% |
| FULL HOUSE RESORTS INC 8.25000 02/15/2028 | 2.00% |
| NAVIENT CORP 5.62500 08/01/2033 | 1.97% |
| TUTOR PERINI CORP 11.87500 04/30/2029 | 1.91% |
| PRA GROUP INC 8.37500 02/01/2028 | 1.77% |
Top Ten Investments list is unaudited and excludes cash.
| Cash | 1.79% | |
| Corporate | 95.98% | |
| Mortgage | 2.23% |
| AAA | 1.80% | |
| BBB | 5.74% | |
| BB | 30.71% | |
| B | 44.59% | |
| CCC | 11.50% | |
| D | 0.00% | |
| NR | 5.66% |
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.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ADAMS HOMES INC 9.25000 10/15/2028 | US | 12,340,000 | $12,716,482.79 | |
| ADAPTHEALTH LLC 6.12500 08/01/2028 | US | 12,457,000 | $11,672,851.53 | |
| AFFINITY GAMING 6.87500 12/15/2027 | US | 17,770,000 | $15,858,343.03 | |
| AIRSWIFT GLOBAL AS 10.00000 02/28/2029 | NO | 6,800,000 | $6,834,000.00 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 1,476,618.64 | $1,490,410.65 | |
| ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 | GB | 10,263,000 | $9,243,041.82 | |
| ATP TOW / AND TELECOM 4.05000 04/27/2026 | MUL | 12,135,000 | $11,290,907.00 | |
| BAUSCH HEALTH COS INC 4.87500 06/01/2028 | CA | 11,900,000 | $7,613,390.33 | |
| BGC GROUP INC 8.00000 05/25/2028 | US | 8,000,000 | $8,314,895.12 | |
| BORR IHC LTD 10.00000 11/15/2028 | MUL | 11,515,000 | $11,911,856.64 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 11,809,944 | $8,311,778.24 | |
| BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 | US | 8,245,000 | $7,970,377.27 | |
| C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 | US | 14,850,000 | $11,386,798.38 | |
| CABLE ONE INC 4.00000 11/15/2030 | US | 16,875,000 | $12,917,099.70 | |
| CALDERYS FINANCING LLC 11.25000 06/01/2028 | US | 5,590,000 | $5,919,062.84 | |
| CCO HLDGS LLC/CAP CORP 4.25000 02/01/2031 | US | 10,000,000 | $7,847,873.80 | |
| CHS/COMMUNITY HEALTH SYS 5.25000 05/15/2030 | US | 15,135,000 | $12,395,944.89 | |
| COINBASE GLOBAL INC 3.37500 10/01/2028 | US | 9,771,000 | $8,198,372.30 | |
| CVR PARTNERS/ CVR NITROGE 6.12500 06/15/2028 | US | 9,130,000 | $8,635,436.48 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 6,500,000 | $6,121,506.43 | |
| DRAX FINCO PLC 6.62500 11/01/2025 | GB | 6,794,000 | $6,794,000.00 | |
| DREYFUS GVT CSH MANAGEMENT | US | 14,288,324.59 | $14,288,324.59 | |
| DYE & DURHAM LIMITED 8.62500 04/15/2029 | CA | 12,670,000 | $12,785,658.86 | |
| ENCORE CAPITAL GROUP INC 9.25000 04/01/2029 | US | 12,110,000 | $12,373,758.46 | |
| ENDEAVOR MINING PLC 5.00000 10/14/2026 | GB | 7,575,000 | $7,115,611.85 | |
| ENDO FINANCE HOLDINGS 8.50000 04/15/2031 | US | 5,710,000 | $5,809,856.94 | |
| FULL HOUSE RESORTS INC 8.25000 02/15/2028 | US | 16,498,000 | $15,715,331.91 | |
| GEO GROUP INC 8.62500 04/15/2029 | US | 12,540,000 | $12,684,504.56 | |
| GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 | US | 16,548,000 | $15,782,020.55 | |
| IEA ENERGY SERVICES LLC 6.62500 08/15/2029 | US | 12,285,000 | $11,695,226.39 | |
| IHEARTCOMMUNICATIONS INC 6.37500 05/01/2026 | US | 14,601,000 | $12,336,149.97 | |
| IHS HOLDING LTD 6.25000 11/29/2028 | KY | 19,250,000 | $16,651,321.61 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 5,455,000 | $5,173,751.66 | |
| INEOS FINANCE PLC 7.50000 04/15/2029 | GB | 8,440,000 | $8,495,657.24 | |
| INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 | AU | 12,150,000 | $12,551,614.36 | |
| JANE STREET GRP/JSG FIN 7.12500 04/30/2031 | US | 7,700,000 | $7,760,301.16 | |
| JEFFERSON CAPITAL HOLDING 9.50000 02/15/2029 | US | 13,480,000 | $13,712,888.97 | |
| KEHE DIST/FIN/NEXTWAVE 9.00000 02/15/2029 | US | 10,805,000 | $10,923,434.58 | |
| LADDER CAP FIN LLLP/CORP 4.75000 06/15/2029 | US | 9,535,000 | $8,492,178.12 | |
| LCPR SR SECURED FIN DAC 6.75000 10/15/2027 | IE | 17,820,000 | $16,527,394.40 | |
| LD HOLDINGS GROUP 6.12500 04/01/2028 | US | 6,000,000 | $4,574,178.30 | |
| LIFEPOINT HEALTH INC 9.87500 08/15/2030 | US | 11,475,000 | $11,978,348.01 | |
| MCGRAW-HILL EDUCATION 5.75000 08/01/2028 | US | 12,867,000 | $11,942,098.55 | |
| MIDAS OPCO HOLDINGS LLC 5.62500 08/15/2029 | US | 2,270,000 | $2,033,419.24 | |
| MILLICOM INTL CELLULAR 4.50000 04/27/2031 | LU | 8,835,000 | $7,379,059.85 | |
| MINERAL RESOURCES LTD 9.25000 10/01/2028 | AU | 11,555,000 | $12,115,691.58 | |
| MINERVA LUXEMBOURG SA 4.37500 03/18/2031 | LU | 14,061,000 | $11,434,756.73 | |
| MRT MID PART/MRT MID FIN 11.50000 02/15/2028 | US | 8,860,000 | $9,470,146.91 | |
| NAVIENT CORP 5.62500 08/01/2033 | US | 19,471,000 | $15,481,305.26 | |
| NEW FORTRESS ENERGY INC 8.75000 03/15/2029 | US | 16,655,000 | $16,231,566.28 | |
| NEWCASTLE COAL INFRASTRU 4.70000 05/12/2031 | AU | 5,748,278.92 | $5,096,526.70 | |
| NGL ENERGY PARTNERS LP 8.37500 02/15/2032 | US | 12,330,000 | $12,525,945.77 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 6,535,000 | $65.35 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 3,850,000 | $3,852,731.58 | |
| OXFORD FIN LLC/CO-ISS II 6.37500 02/01/2027 | US | 9,005,000 | $8,435,978.55 | |
| PCG 2023 1 NOTE MTG 11.31685 07/25/2029 | US | 4,492,146.2 | $4,491,475.34 | |
| PEDIATRIX MEDICAL GROUP 5.37500 02/15/2030 | US | 14,530,000 | $12,754,908.99 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 4,355,000 | $4,241,735.12 | |
| PRA GROUP INC 8.37500 02/01/2028 | US | 14,200,000 | $13,869,043.44 | |
| PS MARINE MIDCO LTD 10.00000 04/19/2027 | BM | 6,800,000 | $6,857,653.12 | |
| PUFFIN FINANCE SARL 15.00000 09/11/2025 | LU | 5,330,000 | $5,488,554.07 | |
| RINGCENTRAL INC 8.50000 08/15/2030 | US | 12,543,000 | $12,776,531.22 | |
| SIRIUSPOINT LTD 7.00000 04/05/2029 | BM | 8,375,000 | $8,384,780.58 | |
| STAPLES INC 10.75000 04/15/2027 | US | 9,515,000 | $8,801,375.00 | |
| STAR PARENT INC 9.00000 10/01/2030 | US | 7,980,000 | $8,343,033.02 | |
| STARWOOD PROPERTY TRUST 7.25000 04/01/2029 | US | 8,000,000 | $7,907,770.64 | |
| STONEX GROUP INC 7.87500 03/01/2031 | US | 12,655,000 | $12,823,633.95 | |
| TELENET FINANCE LUX NOTE 5.50000 03/01/2028 | LU | 12,600,000 | $11,932,137.50 | |
| TENGA INC 4.62500 03/15/2028 | US | 13,084,000 | $11,874,436.01 | |
| TUTOR PERINI CORP 11.87500 04/30/2029 | US | 14,665,000 | $15,013,870.23 | |
| UBER 8.08110 03/04/2030 | US | 4,764,717.96 | $4,793,020.38 | |
| UNISYS CORP 6.87500 11/01/2027 | US | 13,925,000 | $12,111,170.58 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 3,397,750.68 | $3,246,769.52 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 5,129,438.08 | $4,723,853.62 | |
| VENTURE GLOBAL LNG INC 9.50000 02/01/2029 | US | 18,915,000 | $20,340,018.08 | |
| VERDE PURCHASER LLC 10.50000 11/30/2030 | US | 11,944,000 | $12,586,414.49 | |
| VIASAT INC 7.50000 05/30/2031 | US | 8,520,000 | $6,013,244.58 | |
| VISTAJET MALTA/VM HOLDS 9.50000 06/01/2028 | MUL | 14,225,000 | $12,718,469.51 | |
| VISTRA OPERATIONS CO LLC 6.87500 04/15/2032 | US | 9,210,000 | $9,186,538.45 | |
| VMED 02 UK FINAN 4.75000 07/15/2031 | GB | 9,300,000 | $7,769,455.48 | |
| WESTJET AIRLINE 9.16990 02/14/2031 | CA | 13,140,000 | $13,157,739.00 |
Investments will change over time.
A Word About Risk
All investments involve risks, including possible loss of principal. 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. Investments in derivatives can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.
Daily Price
$9.70
Daily $ Change
-$0.01
Daily % Change
-0.10%
as of 05/09/2024
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 | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
Investment Objective
To provide a high level of long-term total return by investing principally in non-investment grade fixed income securities that are issued by corporate and government entities.
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
YTD
2.04%
1 Year
11.47%
3 Year
4.09%
5 Year
5.62%
10 Year
5.09%
Inception
(09/14/2009)
6.78%
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 | 0.97% |
| Net | 0.91%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.
| VENTURE GLOBAL LNG INC 9.50000 02/01/2029 | 2.59% |
| IHS HOLDING LTD 6.25000 11/29/2028 | 2.12% |
| LCPR SR SECURED FIN DAC 6.75000 10/15/2027 | 2.11% |
| NEW FORTRESS ENERGY INC 8.75000 03/15/2029 | 2.07% |
| AFFINITY GAMING 6.87500 12/15/2027 | 2.02% |
| GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 | 2.01% |
| FULL HOUSE RESORTS INC 8.25000 02/15/2028 | 2.00% |
| NAVIENT CORP 5.62500 08/01/2033 | 1.97% |
| TUTOR PERINI CORP 11.87500 04/30/2029 | 1.91% |
| PRA GROUP INC 8.37500 02/01/2028 | 1.77% |
Top Ten Investments list is unaudited and excludes cash.
| Cash | 1.79% | |
| Corporate | 95.98% | |
| Mortgage | 2.23% |
| AAA | 1.80% | |
| BBB | 5.74% | |
| BB | 30.71% | |
| B | 44.59% | |
| CCC | 11.50% | |
| D | 0.00% | |
| NR | 5.66% |
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.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ADAMS HOMES INC 9.25000 10/15/2028 | US | 12,340,000 | $12,716,482.79 | |
| ADAPTHEALTH LLC 6.12500 08/01/2028 | US | 12,457,000 | $11,672,851.53 | |
| AFFINITY GAMING 6.87500 12/15/2027 | US | 17,770,000 | $15,858,343.03 | |
| AIRSWIFT GLOBAL AS 10.00000 02/28/2029 | NO | 6,800,000 | $6,834,000.00 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 1,476,618.64 | $1,490,410.65 | |
| ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 | GB | 10,263,000 | $9,243,041.82 | |
| ATP TOW / AND TELECOM 4.05000 04/27/2026 | MUL | 12,135,000 | $11,290,907.00 | |
| BAUSCH HEALTH COS INC 4.87500 06/01/2028 | CA | 11,900,000 | $7,613,390.33 | |
| BGC GROUP INC 8.00000 05/25/2028 | US | 8,000,000 | $8,314,895.12 | |
| BORR IHC LTD 10.00000 11/15/2028 | MUL | 11,515,000 | $11,911,856.64 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 11,809,944 | $8,311,778.24 | |
| BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 | US | 8,245,000 | $7,970,377.27 | |
| C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 | US | 14,850,000 | $11,386,798.38 | |
| CABLE ONE INC 4.00000 11/15/2030 | US | 16,875,000 | $12,917,099.70 | |
| CALDERYS FINANCING LLC 11.25000 06/01/2028 | US | 5,590,000 | $5,919,062.84 | |
| CCO HLDGS LLC/CAP CORP 4.25000 02/01/2031 | US | 10,000,000 | $7,847,873.80 | |
| CHS/COMMUNITY HEALTH SYS 5.25000 05/15/2030 | US | 15,135,000 | $12,395,944.89 | |
| COINBASE GLOBAL INC 3.37500 10/01/2028 | US | 9,771,000 | $8,198,372.30 | |
| CVR PARTNERS/ CVR NITROGE 6.12500 06/15/2028 | US | 9,130,000 | $8,635,436.48 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 6,500,000 | $6,121,506.43 | |
| DRAX FINCO PLC 6.62500 11/01/2025 | GB | 6,794,000 | $6,794,000.00 | |
| DREYFUS GVT CSH MANAGEMENT | US | 14,288,324.59 | $14,288,324.59 | |
| DYE & DURHAM LIMITED 8.62500 04/15/2029 | CA | 12,670,000 | $12,785,658.86 | |
| ENCORE CAPITAL GROUP INC 9.25000 04/01/2029 | US | 12,110,000 | $12,373,758.46 | |
| ENDEAVOR MINING PLC 5.00000 10/14/2026 | GB | 7,575,000 | $7,115,611.85 | |
| ENDO FINANCE HOLDINGS 8.50000 04/15/2031 | US | 5,710,000 | $5,809,856.94 | |
| FULL HOUSE RESORTS INC 8.25000 02/15/2028 | US | 16,498,000 | $15,715,331.91 | |
| GEO GROUP INC 8.62500 04/15/2029 | US | 12,540,000 | $12,684,504.56 | |
| GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 | US | 16,548,000 | $15,782,020.55 | |
| IEA ENERGY SERVICES LLC 6.62500 08/15/2029 | US | 12,285,000 | $11,695,226.39 | |
| IHEARTCOMMUNICATIONS INC 6.37500 05/01/2026 | US | 14,601,000 | $12,336,149.97 | |
| IHS HOLDING LTD 6.25000 11/29/2028 | KY | 19,250,000 | $16,651,321.61 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 5,455,000 | $5,173,751.66 | |
| INEOS FINANCE PLC 7.50000 04/15/2029 | GB | 8,440,000 | $8,495,657.24 | |
| INFRABUILD AUTRALIA PTY 14.50000 11/15/2028 | AU | 12,150,000 | $12,551,614.36 | |
| JANE STREET GRP/JSG FIN 7.12500 04/30/2031 | US | 7,700,000 | $7,760,301.16 | |
| JEFFERSON CAPITAL HOLDING 9.50000 02/15/2029 | US | 13,480,000 | $13,712,888.97 | |
| KEHE DIST/FIN/NEXTWAVE 9.00000 02/15/2029 | US | 10,805,000 | $10,923,434.58 | |
| LADDER CAP FIN LLLP/CORP 4.75000 06/15/2029 | US | 9,535,000 | $8,492,178.12 | |
| LCPR SR SECURED FIN DAC 6.75000 10/15/2027 | IE | 17,820,000 | $16,527,394.40 | |
| LD HOLDINGS GROUP 6.12500 04/01/2028 | US | 6,000,000 | $4,574,178.30 | |
| LIFEPOINT HEALTH INC 9.87500 08/15/2030 | US | 11,475,000 | $11,978,348.01 | |
| MCGRAW-HILL EDUCATION 5.75000 08/01/2028 | US | 12,867,000 | $11,942,098.55 | |
| MIDAS OPCO HOLDINGS LLC 5.62500 08/15/2029 | US | 2,270,000 | $2,033,419.24 | |
| MILLICOM INTL CELLULAR 4.50000 04/27/2031 | LU | 8,835,000 | $7,379,059.85 | |
| MINERAL RESOURCES LTD 9.25000 10/01/2028 | AU | 11,555,000 | $12,115,691.58 | |
| MINERVA LUXEMBOURG SA 4.37500 03/18/2031 | LU | 14,061,000 | $11,434,756.73 | |
| MRT MID PART/MRT MID FIN 11.50000 02/15/2028 | US | 8,860,000 | $9,470,146.91 | |
| NAVIENT CORP 5.62500 08/01/2033 | US | 19,471,000 | $15,481,305.26 | |
| NEW FORTRESS ENERGY INC 8.75000 03/15/2029 | US | 16,655,000 | $16,231,566.28 | |
| NEWCASTLE COAL INFRASTRU 4.70000 05/12/2031 | AU | 5,748,278.92 | $5,096,526.70 | |
| NGL ENERGY PARTNERS LP 8.37500 02/15/2032 | US | 12,330,000 | $12,525,945.77 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 6,535,000 | $65.35 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 3,850,000 | $3,852,731.58 | |
| OXFORD FIN LLC/CO-ISS II 6.37500 02/01/2027 | US | 9,005,000 | $8,435,978.55 | |
| PCG 2023 1 NOTE MTG 11.31685 07/25/2029 | US | 4,492,146.2 | $4,491,475.34 | |
| PEDIATRIX MEDICAL GROUP 5.37500 02/15/2030 | US | 14,530,000 | $12,754,908.99 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 4,355,000 | $4,241,735.12 | |
| PRA GROUP INC 8.37500 02/01/2028 | US | 14,200,000 | $13,869,043.44 | |
| PS MARINE MIDCO LTD 10.00000 04/19/2027 | BM | 6,800,000 | $6,857,653.12 | |
| PUFFIN FINANCE SARL 15.00000 09/11/2025 | LU | 5,330,000 | $5,488,554.07 | |
| RINGCENTRAL INC 8.50000 08/15/2030 | US | 12,543,000 | $12,776,531.22 | |
| SIRIUSPOINT LTD 7.00000 04/05/2029 | BM | 8,375,000 | $8,384,780.58 | |
| STAPLES INC 10.75000 04/15/2027 | US | 9,515,000 | $8,801,375.00 | |
| STAR PARENT INC 9.00000 10/01/2030 | US | 7,980,000 | $8,343,033.02 | |
| STARWOOD PROPERTY TRUST 7.25000 04/01/2029 | US | 8,000,000 | $7,907,770.64 | |
| STONEX GROUP INC 7.87500 03/01/2031 | US | 12,655,000 | $12,823,633.95 | |
| TELENET FINANCE LUX NOTE 5.50000 03/01/2028 | LU | 12,600,000 | $11,932,137.50 | |
| TENGA INC 4.62500 03/15/2028 | US | 13,084,000 | $11,874,436.01 | |
| TUTOR PERINI CORP 11.87500 04/30/2029 | US | 14,665,000 | $15,013,870.23 | |
| UBER 8.08110 03/04/2030 | US | 4,764,717.96 | $4,793,020.38 | |
| UNISYS CORP 6.87500 11/01/2027 | US | 13,925,000 | $12,111,170.58 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 3,397,750.68 | $3,246,769.52 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 5,129,438.08 | $4,723,853.62 | |
| VENTURE GLOBAL LNG INC 9.50000 02/01/2029 | US | 18,915,000 | $20,340,018.08 | |
| VERDE PURCHASER LLC 10.50000 11/30/2030 | US | 11,944,000 | $12,586,414.49 | |
| VIASAT INC 7.50000 05/30/2031 | US | 8,520,000 | $6,013,244.58 | |
| VISTAJET MALTA/VM HOLDS 9.50000 06/01/2028 | MUL | 14,225,000 | $12,718,469.51 | |
| VISTRA OPERATIONS CO LLC 6.87500 04/15/2032 | US | 9,210,000 | $9,186,538.45 | |
| VMED 02 UK FINAN 4.75000 07/15/2031 | GB | 9,300,000 | $7,769,455.48 | |
| WESTJET AIRLINE 9.16990 02/14/2031 | CA | 13,140,000 | $13,157,739.00 |
Investments will change over time.
Distributions
A Word About Risk
All investments involve risks, including possible loss of principal. 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. Investments in derivatives can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.