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High Yield Bond Series
High Yield Bond Series
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
$8.69
Daily $ Change
-$0.01
Daily % Change
-0.12%
as of 04/24/2018
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 that are not discretionary investment clients of the Advisor or its affiliates.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms | |
| XBRL-05/11/17 |
Annualized Performance
As of 03/31/2018
YTD
-0.67%
1 Year
4.54%
3 Year
5.27%
5 Year
4.89%
10 Year
---
Inception
(09/14/2009)
7.61%
Market Cycle
---
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. Performance data quoted represents past performance and does not guarantee future results. 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 | 0.68% |
| 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 prior to the expiration date (04/30/2018) without the approval of the Fund’s Board of Directors.
Top Ten Investments
As of 03/31/2018
| ABENGOA YIELD PLC 7.00000 11/15/2019 | 2.71% |
| HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | 2.64% |
| MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | 2.58% |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | 2.57% |
| CSC HOLDINGS LLC 5.25000 06/01/2024 | 2.15% |
| GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | 2.12% |
| ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 | 2.11% |
| C&S GROUP ENTERPRISES 5.37500 07/15/2022 | 2.07% |
| OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | 2.05% |
| DAVITA INC 5.00000 05/01/2025 | 2.05% |
Top Ten Investments list is unaudited and excludes cash.
Sector Allocation
As of 03/31/2018
| Cash | 0.69% |
| Corporate | 99.31% |
Credit Quality Distribution
As of 03/31/2018
| AAA | 0.70% |
| BBB | 1.75% |
| BB | 43.11% |
| B | 41.05% |
| CCC | 4.84% |
| NR | 8.55% |
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.
March Fund Holdings
As of 03/31/2018
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00163UAB2 | AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 | US | 1,205,000 | $1,189,937.50 | |
| 00289XAA7 | ABENGOA YIELD PLC 7.00000 11/15/2019 | GB | 2,820,000 | $2,911,650.00 | |
| 00928QAK7 | AIRCASTLE LTD 6.25000 12/01/2019 | BM | 680,000 | $707,200.00 | |
| 009563AD9 | AIRXCEL INC 8.50000 02/15/2022 | US | 1,489,000 | $1,609,981.25 | |
| 01748XAA0 | ALLEGIANT TRAVEL CO 5.50000 07/15/2019 | US | 1,115,000 | $1,131,725.00 | |
| 02005NAT7 | ALLY FINANCIAL INC 3.50000 01/27/2019 | US | 1,095,000 | $1,096,368.75 | |
| 02155EAA6 | CEQUEL COM HLDG I/ CAP CP 7.75000 07/15/2025 | US | 1,195,000 | $1,263,712.50 | |
| 02155FAC9 | ALTICE US FINANCE I CORP 5.50000 05/15/2026 | US | 1,085,000 | $1,060,479.00 | |
| 12467AAD0 | C&S GROUP ENTERPRISES 5.37500 07/15/2022 | US | 2,365,000 | $2,228,705.05 | |
| 126307AH0 | CSC HOLDINGS LLC 5.25000 06/01/2024 | US | 2,430,000 | $2,311,537.50 | |
| 156504AH5 | CENTURY COMMUNITIES 5.87500 07/15/2025 | US | 2,305,000 | $2,195,512.50 | |
| 159864AC1 | CHARLES RIVER LABORITORIES 5.50000 04/01/2026 | US | 1,000,000 | $1,013,750.00 | |
| 16411QAA9 | CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 | US | 1,195,000 | $1,178,568.75 | |
| 16412XAD7 | CHENIERE CORP CHRISTI HD 7.00000 06/30/2024 | US | 990,000 | $1,095,187.50 | |
| 19238VAG0 | COGECO CABLE INC 4.87500 05/01/2020 | CA | 660,000 | $661,650.00 | |
| 22663AAA7 | ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 | US | 1,170,000 | $1,140,750.00 | |
| 23311RAC0 | DCP MIDSTREAM OPERATING 9.75000 03/15/2019 | US | 660,000 | $696,300.00 | |
| 23918KAR9 | DAVITA INC 5.00000 05/01/2025 | US | 2,285,000 | $2,208,566.75 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 751,762.76 | $751,762.76 | |
| 26780TAA5 | DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 | MH | 1,735,000 | $1,743,675.00 | |
| 315419AA9 | FERROGLOBE / GLOBE SPEC 9.37500 03/01/2022 | GB | 1,680,000 | $1,747,200.00 | |
| 35802XAA1 | FRESENIUS MED CARE US 6.50000 09/15/2018 | US | 680,000 | $690,207.11 | |
| 37953TAB1 | GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | MH | 2,270,000 | $2,279,080.00 | |
| 39807UAB2 | GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 | US | 1,720,000 | $1,715,700.00 | |
| 40412CAC5 | HCA HEALTHCARE INC 6.25000 02/15/2021 | US | 480,000 | $504,000.00 | |
| 410345AL6 | HANESBRANDS INC 4.87500 05/15/2026 | US | 1,200,000 | $1,164,000.00 | |
| 431318AQ7 | HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 | US | 1,700,000 | $1,683,000.00 | |
| 431475AB8 | HILL-ROM HOLDINGS INC 5.00000 02/15/2025 | US | 1,120,000 | $1,110,200.00 | |
| 44053FAA8 | HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 | US | 1,650,000 | $1,757,250.00 | |
| 444454AD4 | HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | US | 2,895,000 | $2,837,100.00 | |
| 45031UCD1 | ISTAR INC 5.25000 09/15/2022 | US | 1,675,000 | $1,620,562.50 | |
| 45763PAE6 | INMARSAT FINANCE PLC 4.87500 05/15/2022 | GB | 1,670,000 | $1,624,075.00 | |
| 459745GH2 | INTL LEASE FINANCE CORP 6.25000 05/15/2019 | US | 1,170,000 | $1,210,157.93 | |
| 46115HAT4 | INTESA SANPAOLO SPA 5.01700 06/26/2024 | IT | 1,100,000 | $1,084,982.83 | |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 2,335,000 | $2,101,500.00 | |
| 497864AA6 | KISSNER GR HLDG 8.37500 12/01/2022 | CA | 1,375,000 | $1,402,500.00 | |
| 50212YAB0 | LPL HOLDINGS INC 5.75000 09/15/2025 | US | 1,100,000 | $1,085,920.00 | |
| 505742AD8 | LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 | US | 1,140,000 | $1,159,904.40 | |
| 55933JAB0 | MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 | US | 1,780,000 | $1,713,250.00 | |
| 59001ABA9 | MERITAGE HOMES CORP 5.12500 06/06/2027 | US | 1,175,000 | $1,110,375.00 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 2,775,000 | $2,771,531.25 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 2,715,000 | $2,769,300.00 | |
| 69145LAA2 | OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | US | 2,160,000 | $2,208,600.00 | |
| 70014LAC4 | PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 | KY | 1,730,000 | $1,639,175.00 | |
| 733174AJ5 | POPULAR INC 7.00000 07/01/2019 | US | 1,665,000 | $1,698,300.00 | |
| 77340RAK3 | ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 | US | 2,190,000 | $2,266,671.90 | |
| 78442FET1 | SLM CORP 6.12500 03/25/2024 | US | 1,120,000 | $1,115,800.00 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 1,945,000 | $1,964,450.00 | |
| 81663AAD7 | SEMGROUP CORP 6.37500 03/15/2025 | US | 2,200,000 | $2,101,000.00 | |
| 81783QAC9 | SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 | CA | 1,140,000 | $1,088,700.00 | |
| 822538AE4 | SHELF DRILL HOLD LTD 8.25000 02/15/2025 | KY | 1,180,000 | $1,182,950.00 | |
| 82967NAY4 | SIRIUS XM RADIO INC 3.87500 08/01/2022 | US | 1,145,000 | $1,096,910.00 | |
| 845467AL3 | SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 | US | 1,285,000 | $1,247,092.50 | |
| 852061AK6 | SPRINT COMMUNICATIONS 9.00000 11/15/2018 | US | 480,000 | $495,000.00 | |
| 852061AR1 | SPRINT COMMUNICATIONS 7.00000 08/15/2020 | US | 480,000 | $499,200.00 | |
| 85571BAJ4 | STARWOOD PROPERTY TRUST 4.75000 03/15/2025 | US | 1,190,000 | $1,160,250.00 | |
| 87243QAB2 | TENET HEALTHCARE CORP 6.00000 10/01/2020 | US | 660,000 | $682,275.00 | |
| 87470LAA9 | TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 | US | 1,630,000 | $1,658,525.00 | |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 1,395,000 | $1,185,750.00 | |
| 896356AE2 | TRINIDAD DRILLING LTD 6.62500 02/15/2025 | CA | 1,770,000 | $1,650,525.00 | |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 1,715,000 | $1,766,450.00 | |
| 90320MAA3 | UPCB FINANCE IV LTD 5.37500 01/15/2025 | KY | 2,194,000 | $2,117,210.00 | |
| 948565AC0 | WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 | US | 1,545,000 | $1,537,275.00 | |
| 94856TAA2 | WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 | US | 1,620,000 | $1,599,750.00 | |
| 962178AL3 | TRI POINTE HOLDINGS INC 4.37500 06/15/2019 | US | 1,105,000 | $1,107,762.50 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 1,300,000 | $1,319,110.00 | |
| 98416JAE0 | XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 | US | 1,320,000 | $1,359,600.00 | |
| AN7903213 | SONGA BULK ASA 6.58875 06/13/2022 | NO | 1,200,000 | $1,197,528.00 | |
| AP0787667 | MPC CONTAINER SHIPS FLT 6.99814 09/22/2022 | NL | 1,800,000 | $1,814,544.00 | |
| AP8694550 | BOREALIS FINANCE LLC 7.50000 11/16/2022 | MH | 1,750,000 | $1,745,625.00 | |
| BD82246 | EAGLE BULK SHIPCO 8.25000 11/28/2022 | MH | 1,000,000 | $1,022,500.00 | |
| BF955D8 | TELENET FINANCE LUX NOTE 5.50000 03/01/2028 | LU | 1,800,000 | $1,721,250.00 | |
| G37585AC3 | GASLOG LTD 8.87500 03/22/2022 | BM | 1,680,000 | $1,743,000.00 |
Investments will change over time.
Daily Price
$8.69
Daily $ Change
-$0.01
Daily % Change
-0.12%
as of 04/24/2018
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 that are not discretionary investment clients of the Advisor or its affiliates.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms | |
| XBRL-05/11/17 |
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
Annualized Performance
As of 03/31/2018
YTD
-0.67%
1 Year
4.54%
3 Year
5.27%
5 Year
4.89%
10 Year
---
Inception
(09/14/2009)
7.61%
Market Cycle
---
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. Performance data quoted represents past performance and does not guarantee future results. 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 | 0.68% |
| 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 prior to the expiration date (04/30/2018) without the approval of the Fund’s Board of Directors.
Top Ten Investments
As of 03/31/2018
| ABENGOA YIELD PLC 7.00000 11/15/2019 | 2.71% |
| HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | 2.64% |
| MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | 2.58% |
| NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | 2.57% |
| CSC HOLDINGS LLC 5.25000 06/01/2024 | 2.15% |
| GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | 2.12% |
| ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 | 2.11% |
| C&S GROUP ENTERPRISES 5.37500 07/15/2022 | 2.07% |
| OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | 2.05% |
| DAVITA INC 5.00000 05/01/2025 | 2.05% |
Top Ten Investments list is unaudited and excludes cash.
Sector Allocation
As of 03/31/2018
| Cash | 0.69% | |
| Corporate | 99.31% |
Credit Quality Distribution
As of 03/31/2018
| AAA | 0.70% | |
| BBB | 1.75% | |
| BB | 43.11% | |
| B | 41.05% | |
| CCC | 4.84% | |
| NR | 8.55% |
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.
March Fund Holdings
As of 03/31/2018
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00163UAB2 | AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 | US | 1,205,000 | $1,189,937.50 | |
| 00289XAA7 | ABENGOA YIELD PLC 7.00000 11/15/2019 | GB | 2,820,000 | $2,911,650.00 | |
| 00928QAK7 | AIRCASTLE LTD 6.25000 12/01/2019 | BM | 680,000 | $707,200.00 | |
| 009563AD9 | AIRXCEL INC 8.50000 02/15/2022 | US | 1,489,000 | $1,609,981.25 | |
| 01748XAA0 | ALLEGIANT TRAVEL CO 5.50000 07/15/2019 | US | 1,115,000 | $1,131,725.00 | |
| 02005NAT7 | ALLY FINANCIAL INC 3.50000 01/27/2019 | US | 1,095,000 | $1,096,368.75 | |
| 02155EAA6 | CEQUEL COM HLDG I/ CAP CP 7.75000 07/15/2025 | US | 1,195,000 | $1,263,712.50 | |
| 02155FAC9 | ALTICE US FINANCE I CORP 5.50000 05/15/2026 | US | 1,085,000 | $1,060,479.00 | |
| 12467AAD0 | C&S GROUP ENTERPRISES 5.37500 07/15/2022 | US | 2,365,000 | $2,228,705.05 | |
| 126307AH0 | CSC HOLDINGS LLC 5.25000 06/01/2024 | US | 2,430,000 | $2,311,537.50 | |
| 156504AH5 | CENTURY COMMUNITIES 5.87500 07/15/2025 | US | 2,305,000 | $2,195,512.50 | |
| 159864AC1 | CHARLES RIVER LABORITORIES 5.50000 04/01/2026 | US | 1,000,000 | $1,013,750.00 | |
| 16411QAA9 | CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 | US | 1,195,000 | $1,178,568.75 | |
| 16412XAD7 | CHENIERE CORP CHRISTI HD 7.00000 06/30/2024 | US | 990,000 | $1,095,187.50 | |
| 19238VAG0 | COGECO CABLE INC 4.87500 05/01/2020 | CA | 660,000 | $661,650.00 | |
| 22663AAA7 | ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 | US | 1,170,000 | $1,140,750.00 | |
| 23311RAC0 | DCP MIDSTREAM OPERATING 9.75000 03/15/2019 | US | 660,000 | $696,300.00 | |
| 23918KAR9 | DAVITA INC 5.00000 05/01/2025 | US | 2,285,000 | $2,208,566.75 | |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 751,762.76 | $751,762.76 | |
| 26780TAA5 | DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 | MH | 1,735,000 | $1,743,675.00 | |
| 315419AA9 | FERROGLOBE / GLOBE SPEC 9.37500 03/01/2022 | GB | 1,680,000 | $1,747,200.00 | |
| 35802XAA1 | FRESENIUS MED CARE US 6.50000 09/15/2018 | US | 680,000 | $690,207.11 | |
| 37953TAB1 | GLOBAL SHIP LEASE INC 9.87500 11/15/2022 | MH | 2,270,000 | $2,279,080.00 | |
| 39807UAB2 | GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 | US | 1,720,000 | $1,715,700.00 | |
| 40412CAC5 | HCA HEALTHCARE INC 6.25000 02/15/2021 | US | 480,000 | $504,000.00 | |
| 410345AL6 | HANESBRANDS INC 4.87500 05/15/2026 | US | 1,200,000 | $1,164,000.00 | |
| 431318AQ7 | HILCORP ENERGY I/HILCORP 5.75000 10/01/2025 | US | 1,700,000 | $1,683,000.00 | |
| 431475AB8 | HILL-ROM HOLDINGS INC 5.00000 02/15/2025 | US | 1,120,000 | $1,110,200.00 | |
| 44053FAA8 | HORIZON PHARMA INC/HORIZ 8.75000 11/01/2024 | US | 1,650,000 | $1,757,250.00 | |
| 444454AD4 | HUGHES SATELLITE SYSTEMS 5.25000 08/01/2026 | US | 2,895,000 | $2,837,100.00 | |
| 45031UCD1 | ISTAR INC 5.25000 09/15/2022 | US | 1,675,000 | $1,620,562.50 | |
| 45763PAE6 | INMARSAT FINANCE PLC 4.87500 05/15/2022 | GB | 1,670,000 | $1,624,075.00 | |
| 459745GH2 | INTL LEASE FINANCE CORP 6.25000 05/15/2019 | US | 1,170,000 | $1,210,157.93 | |
| 46115HAT4 | INTESA SANPAOLO SPA 5.01700 06/26/2024 | IT | 1,100,000 | $1,084,982.83 | |
| 47987LAA9 | JONAH NRG LLC/FINANCE 7.25000 10/15/2025 | US | 2,335,000 | $2,101,500.00 | |
| 497864AA6 | KISSNER GR HLDG 8.37500 12/01/2022 | CA | 1,375,000 | $1,402,500.00 | |
| 50212YAB0 | LPL HOLDINGS INC 5.75000 09/15/2025 | US | 1,100,000 | $1,085,920.00 | |
| 505742AD8 | LADDER CAP FIN LLLP/CORP 5.87500 08/01/2021 | US | 1,140,000 | $1,159,904.40 | |
| 55933JAB0 | MAGNACHIP SEMICONDUCTOR 6.62500 07/15/2021 | US | 1,780,000 | $1,713,250.00 | |
| 59001ABA9 | MERITAGE HOMES CORP 5.12500 06/06/2027 | US | 1,175,000 | $1,110,375.00 | |
| 62426EAA3 | MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 | CA | 2,775,000 | $2,771,531.25 | |
| 66727WAA0 | NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 | CA | 2,715,000 | $2,769,300.00 | |
| 69145LAA2 | OXFORD FIN LLC/CO-ISS II 6.37500 12/15/2022 | US | 2,160,000 | $2,208,600.00 | |
| 70014LAC4 | PARK AEROSPACE HOLDINGS 4.50000 03/15/2023 | KY | 1,730,000 | $1,639,175.00 | |
| 733174AJ5 | POPULAR INC 7.00000 07/01/2019 | US | 1,665,000 | $1,698,300.00 | |
| 77340RAK3 | ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 | US | 2,190,000 | $2,266,671.90 | |
| 78442FET1 | SLM CORP 6.12500 03/25/2024 | US | 1,120,000 | $1,115,800.00 | |
| 78442PGC4 | SLM CORP 5.12500 04/05/2022 | US | 1,945,000 | $1,964,450.00 | |
| 81663AAD7 | SEMGROUP CORP 6.37500 03/15/2025 | US | 2,200,000 | $2,101,000.00 | |
| 81783QAC9 | SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 | CA | 1,140,000 | $1,088,700.00 | |
| 822538AE4 | SHELF DRILL HOLD LTD 8.25000 02/15/2025 | KY | 1,180,000 | $1,182,950.00 | |
| 82967NAY4 | SIRIUS XM RADIO INC 3.87500 08/01/2022 | US | 1,145,000 | $1,096,910.00 | |
| 845467AL3 | SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 | US | 1,285,000 | $1,247,092.50 | |
| 852061AK6 | SPRINT COMMUNICATIONS 9.00000 11/15/2018 | US | 480,000 | $495,000.00 | |
| 852061AR1 | SPRINT COMMUNICATIONS 7.00000 08/15/2020 | US | 480,000 | $499,200.00 | |
| 85571BAJ4 | STARWOOD PROPERTY TRUST 4.75000 03/15/2025 | US | 1,190,000 | $1,160,250.00 | |
| 87243QAB2 | TENET HEALTHCARE CORP 6.00000 10/01/2020 | US | 660,000 | $682,275.00 | |
| 87470LAA9 | TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 | US | 1,630,000 | $1,658,525.00 | |
| 87854WAA1 | TECHNIPLAS LLC 10.00000 05/01/2020 | US | 1,395,000 | $1,185,750.00 | |
| 896356AE2 | TRINIDAD DRILLING LTD 6.62500 02/15/2025 | CA | 1,770,000 | $1,650,525.00 | |
| 901109AF5 | TUTOR PERINI CORP 6.87500 05/01/2025 | US | 1,715,000 | $1,766,450.00 | |
| 90320MAA3 | UPCB FINANCE IV LTD 5.37500 01/15/2025 | KY | 2,194,000 | $2,117,210.00 | |
| 948565AC0 | WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 | US | 1,545,000 | $1,537,275.00 | |
| 94856TAA2 | WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 | US | 1,620,000 | $1,599,750.00 | |
| 962178AL3 | TRI POINTE HOLDINGS INC 4.37500 06/15/2019 | US | 1,105,000 | $1,107,762.50 | |
| 962178AN9 | TRI POINTE GROUP / HOMES 5.87500 06/15/2024 | US | 1,300,000 | $1,319,110.00 | |
| 98416JAE0 | XERIUM TECHNOLOGIES INC 9.50000 08/15/2021 | US | 1,320,000 | $1,359,600.00 | |
| AN7903213 | SONGA BULK ASA 6.58875 06/13/2022 | NO | 1,200,000 | $1,197,528.00 | |
| AP0787667 | MPC CONTAINER SHIPS FLT 6.99814 09/22/2022 | NL | 1,800,000 | $1,814,544.00 | |
| AP8694550 | BOREALIS FINANCE LLC 7.50000 11/16/2022 | MH | 1,750,000 | $1,745,625.00 | |
| BD82246 | EAGLE BULK SHIPCO 8.25000 11/28/2022 | MH | 1,000,000 | $1,022,500.00 | |
| BF955D8 | TELENET FINANCE LUX NOTE 5.50000 03/01/2028 | LU | 1,800,000 | $1,721,250.00 | |
| G37585AC3 | GASLOG LTD 8.87500 03/22/2022 | BM | 1,680,000 | $1,743,000.00 |
Investments will change over time.
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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