Mutual Fund
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
$7.52
Daily $ Change
$0.01
Daily % Change
0.13%
as of 06/07/2023
Ticker
MNHAX
CUSIP
56382P195
Inception Date
08/01/2012
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans 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
3.22%
1 Year
0.47%
3 Year
7.14%
5 Year
4.94%
10 Year
4.83%
Inception
(08/01/2012)
6.58%
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.
Inception performance is based on the High Yield Bond Series Class S inception of 09/14/2009. For periods through 08/01/2012 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.
Expense Ratio
| Gross | 0.70% |
| Net | 0.66%* |
*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.
| TUTOR PERINI CORP 6.87500 05/01/2025 | 2.64% |
| GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | 2.60% |
| SLM CORP 3.12500 11/02/2026 | 2.51% |
| AMERICAN TANKER INC 7.75000 07/02/2025 | 2.50% |
| IHS HOLDING LTD 6.25000 11/29/2028 | 2.12% |
| VENTURE GLOBAL LNG INC 8.12500 06/01/2028 | 2.11% |
| CALDERYS FINANCING LLC 11.25000 06/01/2028 | 2.09% |
| TALEN ENERGY SUPPLY LLC 8.62500 06/01/2030 | 2.07% |
| RADIAN GROUP INC 4.87500 03/15/2027 | 2.07% |
| NAVIENT CORP 5.62500 08/01/2033 | 2.05% |
Top Ten Investments list is unaudited and excludes cash.
| Cash | 6.35% | |
| Corporate | 91.09% | |
| Mortgage | 2.56% |
| AAA | 6.35% | |
| BBB | 16.83% | |
| BB | 35.87% | |
| B | 24.13% | |
| CCC | 8.26% | |
| D | 0.00% | |
| NR | 8.56% |
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) |
|---|---|---|---|---|
| ADAPTHEALTH LLC 4.62500 08/01/2029 | US | 6,898,000 | $5,304,909.45 | |
| AFFINITY GAMING 6.87500 12/15/2027 | US | 6,250,000 | $5,471,094.81 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 2,153,484.59 | $2,182,916.40 | |
| ALLWYN ENTERTAINMENT FIN 7.87500 04/30/2029 | GB | 5,575,000 | $5,621,908.22 | |
| AMER AIRLINES 21-1B PTT 3.95000 07/11/2030 | US | 2,391,320 | $2,071,920.36 | |
| AMERICAN TANKER INC 7.75000 07/02/2025 | US | 9,355,000 | $8,990,254.63 | |
| ARDAGH PKG FIN/HLDGS USA 5.25000 08/15/2027 | MUL | 4,270,000 | $3,584,026.25 | |
| ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 | GB | 5,306,000 | $4,770,678.24 | |
| ATP TOW / AND TELECOM 4.05000 04/27/2026 | MUL | 6,277,000 | $5,402,293.40 | |
| BAUSCH HEALTH COS INC 4.87500 06/01/2028 | CA | 5,500,000 | $3,320,926.79 | |
| BGC PARTNERS INC 4.37500 12/15/2025 | US | 2,225,000 | $2,070,398.59 | |
| BGC PARTNERS INC 8.00000 05/25/2028 | US | 5,680,000 | $5,653,261.80 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 6,885,765 | $5,915,961.74 | |
| BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 | US | 5,950,000 | $5,506,544.30 | |
| C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 | US | 7,000,000 | $5,499,877.18 | |
| CALDERYS FINANCING LLC 11.25000 06/01/2028 | US | 7,425,000 | $7,521,896.25 | |
| CCO HLDGS LLC/CAP CORP 4.25000 02/01/2031 | US | 6,715,000 | $5,383,419.80 | |
| CHS/COMMUNITY HEALTH SYS 5.25000 05/15/2030 | US | 4,755,000 | $3,576,827.64 | |
| CLEARWATER PAPER CORP 4.75000 08/15/2028 | US | 4,245,000 | $3,776,273.81 | |
| COINBASE GLOBAL INC 3.37500 10/01/2028 | US | 5,850,000 | $3,687,745.93 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 6,000,000 | $5,350,003.74 | |
| DRAX FINCO PLC 6.62500 11/01/2025 | GB | 3,739,000 | $3,668,611.19 | |
| DREYFUS GVT CSH MANAGEMENT | US | 24,343,070.47 | $24,343,070.47 | |
| ECO MATERIAL TECH INC 7.87500 01/31/2027 | US | 4,250,000 | $4,032,998.87 | |
| ELCORADO GOLD CORP 6.25000 09/01/2029 | CA | 6,140,000 | $5,510,481.46 | |
| ENDEAVOR MINING PLC 5.00000 10/14/2026 | GB | 6,025,000 | $5,282,363.26 | |
| EVOLUTION WELL SERVICES 12.49070 03/04/2027 | US | 3,872,727.27 | $3,742,022.72 | |
| FORD MOTOR CREDIT CO LLC 7.35000 03/06/2030 | US | 5,500,000 | $5,549,460.07 | |
| FULL HOUSE RESORTS INC 8.25000 02/15/2028 | US | 5,918,000 | $5,547,509.94 | |
| GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 9,520,000 | $9,361,988.18 | |
| GLOBAL INFRASTRUCTURE SO 5.62500 06/01/2029 | US | 4,350,000 | $3,595,921.71 | |
| GRAFTECH FINANCE 4.62500 12/15/2028 | US | 2,910,000 | $2,326,925.77 | |
| GUARA NORTE SARL 5.19800 06/15/2034 | LU | 7,125,210.25 | $5,959,106.04 | |
| HESS MIDSTREAM OPERATION 4.25000 02/15/2030 | US | 6,315,000 | $5,473,173.18 | |
| HILLENBRAND INC 3.75000 03/01/2031 | US | 6,437,000 | $5,328,599.77 | |
| IEA ENERGY SERVICES LLC 6.62500 08/15/2029 | US | 6,800,000 | $6,357,836.46 | |
| IHEARTCOMMUNICATIONS INC 6.37500 05/01/2026 | US | 5,910,000 | $4,483,169.98 | |
| IHS HOLDING LTD 6.25000 11/29/2028 | KY | 9,500,000 | $7,625,389.80 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 5,455,000 | $4,672,146.08 | |
| INTL FC STORE INC 8.62500 06/15/2025 | US | 3,170,000 | $3,202,651.29 | |
| LD HOLDINGS GROUP 6.12500 04/01/2028 | US | 4,900,000 | $3,166,361.67 | |
| LOGAN MERGER SUB INC 5.50000 09/01/2027 | US | 6,950,000 | $3,989,714.36 | |
| MGIC INVESTMENT CORP 5.25000 08/15/2028 | US | 4,000,000 | $3,791,778.20 | |
| MIDCAP FINANCIAL ISSR TR 6.50000 05/01/2028 | US | 6,500,000 | $5,714,643.16 | |
| MRT MID PART/MRT MID FIN 11.50000 02/15/2028 | US | 3,625,000 | $3,416,422.32 | |
| NAVIENT CORP 5.62500 08/01/2033 | US | 10,295,000 | $7,375,227.95 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 6,535,000 | $653.50 | |
| NRG ENERGY INC 3.37500 02/15/2029 | US | 8,750,000 | $7,203,236.34 | |
| ODFJELL DRILLING LTD 9.25000 05/31/2028 | BM | 5,600,000 | $5,628,000.00 | |
| OPEN TEXT HOLDINGS INC 4.12500 12/01/2031 | US | 6,853,000 | $5,622,717.23 | |
| ORGANON & CO/ORG 4.12500 04/30/2028 | US | 3,060,000 | $2,723,894.71 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 3,850,000 | $3,819,988.87 | |
| PEDIATRIX MEDICAL GROUP 5.37500 02/15/2030 | US | 3,744,000 | $3,460,529.14 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 4,355,000 | $4,079,971.12 | |
| PING PETROLEUM UK 12.00000 07/29/2024 | GB | 1,700,000 | $1,573,711.37 | |
| POPULAR INC 6.12500 09/14/2023 | PR | 3,880,000 | $3,860,600.00 | |
| PRA GROUP INC 8.37500 02/01/2028 | US | 5,595,000 | $4,963,517.92 | |
| RADIAN GROUP INC 4.87500 03/15/2027 | US | 7,815,000 | $7,468,224.61 | |
| SIRIUS XM RADIO INC 4.00000 07/15/2028 | US | 4,250,000 | $3,561,250.78 | |
| SLM CORP 3.12500 11/02/2026 | US | 10,550,000 | $9,056,270.55 | |
| STAPLES INC 10.75000 04/15/2027 | US | 5,070,000 | $3,118,506.91 | |
| SUMMIT MID HLDS LLC/ FI 9.00000 10/15/2026 | US | 5,865,000 | $5,541,917.38 | |
| SYNCHRONOSS TECH | US | 67,719 | $1,252,801.50 | |
| TALEN ENERGY SUPPLY LLC 8.62500 06/01/2030 | US | 7,320,000 | $7,469,699.12 | |
| TELENET FINANCE LUX NOTE 5.50000 03/01/2028 | LU | 4,000,000 | $3,721,716.40 | |
| TEVA PHARMACEUTICALS NE 8.12500 09/15/2031 | NL | 7,000,000 | $7,273,963.34 | |
| TRINET GROUP INC 3.50000 03/01/2029 | US | 4,100,000 | $3,530,919.39 | |
| TTM TECHNOLOGIES INC 4.00000 03/01/2029 | US | 3,900,000 | $3,326,185.67 | |
| TUTOR PERINI CORP 6.87500 05/01/2025 | US | 12,456,000 | $9,516,125.04 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 4,059,329.05 | $3,820,634.78 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 5,648,602.89 | $5,094,774.83 | |
| UNITED WHOLESALE MTGE LL 5.50000 04/15/2029 | US | 4,234,000 | $3,546,587.45 | |
| VENTURE GLOBAL LNG INC 8.12500 06/01/2028 | US | 7,575,000 | $7,610,836.49 | |
| VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 | US | 8,230,000 | $7,204,319.95 | |
| VITERRA FINANCE BV 3.20000 04/21/2031 | NL | 6,693,000 | $5,336,205.82 |
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
$7.52
Daily $ Change
$0.01
Daily % Change
$0.13
as of 06/07/2023
Ticker
MNHAX
CUSIP
56382P195
Inception Date
08/01/2012
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans 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
3.22%
1 Year
0.47%
3 Year
7.14%
5 Year
4.94%
10 Year
4.83%
Inception
(08/01/2012)
6.58%
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.
Inception performance is based on the High Yield Bond Series Class S inception of 09/14/2009. For periods through 08/01/2012 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.
Expense Ratio
| Gross | 0.70% |
| Net | 0.66%* |
*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.
| TUTOR PERINI CORP 6.87500 05/01/2025 | 2.64% |
| GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | 2.60% |
| SLM CORP 3.12500 11/02/2026 | 2.51% |
| AMERICAN TANKER INC 7.75000 07/02/2025 | 2.50% |
| IHS HOLDING LTD 6.25000 11/29/2028 | 2.12% |
| VENTURE GLOBAL LNG INC 8.12500 06/01/2028 | 2.11% |
| CALDERYS FINANCING LLC 11.25000 06/01/2028 | 2.09% |
| TALEN ENERGY SUPPLY LLC 8.62500 06/01/2030 | 2.07% |
| RADIAN GROUP INC 4.87500 03/15/2027 | 2.07% |
| NAVIENT CORP 5.62500 08/01/2033 | 2.05% |
Top Ten Investments list is unaudited and excludes cash.
| Cash | 6.35% | |
| Corporate | 91.09% | |
| Mortgage | 2.56% |
| AAA | 6.35% | |
| BBB | 16.83% | |
| BB | 35.87% | |
| B | 24.13% | |
| CCC | 8.26% | |
| D | 0.00% | |
| NR | 8.56% |
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) |
|---|---|---|---|---|
| ADAPTHEALTH LLC 4.62500 08/01/2029 | US | 6,898,000 | $5,304,909.45 | |
| AFFINITY GAMING 6.87500 12/15/2027 | US | 6,250,000 | $5,471,094.81 | |
| ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 | US | 2,153,484.59 | $2,182,916.40 | |
| ALLWYN ENTERTAINMENT FIN 7.87500 04/30/2029 | GB | 5,575,000 | $5,621,908.22 | |
| AMER AIRLINES 21-1B PTT 3.95000 07/11/2030 | US | 2,391,320 | $2,071,920.36 | |
| AMERICAN TANKER INC 7.75000 07/02/2025 | US | 9,355,000 | $8,990,254.63 | |
| ARDAGH PKG FIN/HLDGS USA 5.25000 08/15/2027 | MUL | 4,270,000 | $3,584,026.25 | |
| ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 | GB | 5,306,000 | $4,770,678.24 | |
| ATP TOW / AND TELECOM 4.05000 04/27/2026 | MUL | 6,277,000 | $5,402,293.40 | |
| BAUSCH HEALTH COS INC 4.87500 06/01/2028 | CA | 5,500,000 | $3,320,926.79 | |
| BGC PARTNERS INC 4.37500 12/15/2025 | US | 2,225,000 | $2,070,398.59 | |
| BGC PARTNERS INC 8.00000 05/25/2028 | US | 5,680,000 | $5,653,261.80 | |
| BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 | AE | 6,885,765 | $5,915,961.74 | |
| BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 | US | 5,950,000 | $5,506,544.30 | |
| C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 | US | 7,000,000 | $5,499,877.18 | |
| CALDERYS FINANCING LLC 11.25000 06/01/2028 | US | 7,425,000 | $7,521,896.25 | |
| CCO HLDGS LLC/CAP CORP 4.25000 02/01/2031 | US | 6,715,000 | $5,383,419.80 | |
| CHS/COMMUNITY HEALTH SYS 5.25000 05/15/2030 | US | 4,755,000 | $3,576,827.64 | |
| CLEARWATER PAPER CORP 4.75000 08/15/2028 | US | 4,245,000 | $3,776,273.81 | |
| COINBASE GLOBAL INC 3.37500 10/01/2028 | US | 5,850,000 | $3,687,745.93 | |
| DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 | US | 6,000,000 | $5,350,003.74 | |
| DRAX FINCO PLC 6.62500 11/01/2025 | GB | 3,739,000 | $3,668,611.19 | |
| DREYFUS GVT CSH MANAGEMENT | US | 24,343,070.47 | $24,343,070.47 | |
| ECO MATERIAL TECH INC 7.87500 01/31/2027 | US | 4,250,000 | $4,032,998.87 | |
| ELCORADO GOLD CORP 6.25000 09/01/2029 | CA | 6,140,000 | $5,510,481.46 | |
| ENDEAVOR MINING PLC 5.00000 10/14/2026 | GB | 6,025,000 | $5,282,363.26 | |
| EVOLUTION WELL SERVICES 12.49070 03/04/2027 | US | 3,872,727.27 | $3,742,022.72 | |
| FORD MOTOR CREDIT CO LLC 7.35000 03/06/2030 | US | 5,500,000 | $5,549,460.07 | |
| FULL HOUSE RESORTS INC 8.25000 02/15/2028 | US | 5,918,000 | $5,547,509.94 | |
| GENWORTH MORTGAGE HLDING 6.50000 08/15/2025 | US | 9,520,000 | $9,361,988.18 | |
| GLOBAL INFRASTRUCTURE SO 5.62500 06/01/2029 | US | 4,350,000 | $3,595,921.71 | |
| GRAFTECH FINANCE 4.62500 12/15/2028 | US | 2,910,000 | $2,326,925.77 | |
| GUARA NORTE SARL 5.19800 06/15/2034 | LU | 7,125,210.25 | $5,959,106.04 | |
| HESS MIDSTREAM OPERATION 4.25000 02/15/2030 | US | 6,315,000 | $5,473,173.18 | |
| HILLENBRAND INC 3.75000 03/01/2031 | US | 6,437,000 | $5,328,599.77 | |
| IEA ENERGY SERVICES LLC 6.62500 08/15/2029 | US | 6,800,000 | $6,357,836.46 | |
| IHEARTCOMMUNICATIONS INC 6.37500 05/01/2026 | US | 5,910,000 | $4,483,169.98 | |
| IHS HOLDING LTD 6.25000 11/29/2028 | KY | 9,500,000 | $7,625,389.80 | |
| IIP OPERATING PARTNER 5.50000 05/25/2026 | US | 5,455,000 | $4,672,146.08 | |
| INTL FC STORE INC 8.62500 06/15/2025 | US | 3,170,000 | $3,202,651.29 | |
| LD HOLDINGS GROUP 6.12500 04/01/2028 | US | 4,900,000 | $3,166,361.67 | |
| LOGAN MERGER SUB INC 5.50000 09/01/2027 | US | 6,950,000 | $3,989,714.36 | |
| MGIC INVESTMENT CORP 5.25000 08/15/2028 | US | 4,000,000 | $3,791,778.20 | |
| MIDCAP FINANCIAL ISSR TR 6.50000 05/01/2028 | US | 6,500,000 | $5,714,643.16 | |
| MRT MID PART/MRT MID FIN 11.50000 02/15/2028 | US | 3,625,000 | $3,416,422.32 | |
| NAVIENT CORP 5.62500 08/01/2033 | US | 10,295,000 | $7,375,227.95 | |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 6,535,000 | $653.50 | |
| NRG ENERGY INC 3.37500 02/15/2029 | US | 8,750,000 | $7,203,236.34 | |
| ODFJELL DRILLING LTD 9.25000 05/31/2028 | BM | 5,600,000 | $5,628,000.00 | |
| OPEN TEXT HOLDINGS INC 4.12500 12/01/2031 | US | 6,853,000 | $5,622,717.23 | |
| ORGANON & CO/ORG 4.12500 04/30/2028 | US | 3,060,000 | $2,723,894.71 | |
| OXFIN 2023-1A A2 6.71600 02/15/2031 | US | 3,850,000 | $3,819,988.87 | |
| PEDIATRIX MEDICAL GROUP 5.37500 02/15/2030 | US | 3,744,000 | $3,460,529.14 | |
| PELORUS FUND REIT 7.00000 09/30/2026 | US | 4,355,000 | $4,079,971.12 | |
| PING PETROLEUM UK 12.00000 07/29/2024 | GB | 1,700,000 | $1,573,711.37 | |
| POPULAR INC 6.12500 09/14/2023 | PR | 3,880,000 | $3,860,600.00 | |
| PRA GROUP INC 8.37500 02/01/2028 | US | 5,595,000 | $4,963,517.92 | |
| RADIAN GROUP INC 4.87500 03/15/2027 | US | 7,815,000 | $7,468,224.61 | |
| SIRIUS XM RADIO INC 4.00000 07/15/2028 | US | 4,250,000 | $3,561,250.78 | |
| SLM CORP 3.12500 11/02/2026 | US | 10,550,000 | $9,056,270.55 | |
| STAPLES INC 10.75000 04/15/2027 | US | 5,070,000 | $3,118,506.91 | |
| SUMMIT MID HLDS LLC/ FI 9.00000 10/15/2026 | US | 5,865,000 | $5,541,917.38 | |
| SYNCHRONOSS TECH | US | 67,719 | $1,252,801.50 | |
| TALEN ENERGY SUPPLY LLC 8.62500 06/01/2030 | US | 7,320,000 | $7,469,699.12 | |
| TELENET FINANCE LUX NOTE 5.50000 03/01/2028 | LU | 4,000,000 | $3,721,716.40 | |
| TEVA PHARMACEUTICALS NE 8.12500 09/15/2031 | NL | 7,000,000 | $7,273,963.34 | |
| TRINET GROUP INC 3.50000 03/01/2029 | US | 4,100,000 | $3,530,919.39 | |
| TTM TECHNOLOGIES INC 4.00000 03/01/2029 | US | 3,900,000 | $3,326,185.67 | |
| TUTOR PERINI CORP 6.87500 05/01/2025 | US | 12,456,000 | $9,516,125.04 | |
| UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 | US | 4,059,329.05 | $3,820,634.78 | |
| UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 | US | 5,648,602.89 | $5,094,774.83 | |
| UNITED WHOLESALE MTGE LL 5.50000 04/15/2029 | US | 4,234,000 | $3,546,587.45 | |
| VENTURE GLOBAL LNG INC 8.12500 06/01/2028 | US | 7,575,000 | $7,610,836.49 | |
| VISTRA OPERATIONS CO LLC 4.37500 05/01/2029 | US | 8,230,000 | $7,204,319.95 | |
| VITERRA FINANCE BV 3.20000 04/21/2031 | NL | 6,693,000 | $5,336,205.82 |
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.